Sterling Bank of Asia savings accounts for march 2023

Sterling Bank savings accounts are a primary type of bank account that allows you to deposit funds and withdraw them; the bank pays compounded interest on the balances of these accounts. A savings account is intended to be a safe place to store money you do not use for regular spending.

Types of Sterling Bank of Asia savings account

1. Solo savings account. This savings account gives you the convenience you want. You can access your online account with this account and it comes with the ShopNPay Visa debit card. Interest is credited monthly.
2. Solo Dollar Savings Account. This account lets you own a dollar account. With this account, USD notes with a low initial deposit are immediately available on request. Interest is paid monthly.
3. Solo Basic Savings Account. This interest-bearing savings account option is considered the best choice for new bank account openings because of its ease of use and its competitive price. In addition to ShopNPay Visa Debit Card, customers can also earn high interest rates by setting up a Neo Savings Account - a saving account for those under the age of 25. Any amount can be deposited in the initial deposit, and interest rates are high. Passbook and Neo Visa debit Card are included.
4. Solo Yuan Savings Account. This account is the latest addition to the bank's portfolio of deposit options for both individual and business customers. Easy-to-store RMB notes are available on request immediately. Interest is credited monthly.
5. Bayani OFW Savings Account. Bayani OFW Savings Account is a bank savings account for overseas Filipino workers that can be accessed through an ATM. No initial deposit is required. Comes with a Bayani OFW Visa Debit card.

How to apply?

The application could be made both online and offline, but in the online one, you may be required to go to a bank branch close to you to activate your account.

To open a savings account online;

• Visit the Sterling Bank website and Navigate to the Savings bank.
• Click on Open account and fill out the downloaded form.
• Wait for the reference number to be sent to you through SMS
• Visit your closest branch and deposit the specified opening balance to activate your account.

Requirements

• The minimum ADB requirement is ₱5,000.00
• Can be opened with any amount
• Must be a Filipino citizen.
• Your current employer must provide you with an employment certificate (EC), which should include both your information and the information of the company. Since this is a requirement for opening an account with any bank or firm in the Philippines, ensure you have it with you whenever you go to open an account.

Pros and cons

Here are some pros and cons of using the savings account services offered by Sterling bank.

Pros

• Sterling Bank savings accounts accept cash deposits, so you don't need to worry about selling investments or making other complicated moves to access your money.
• You can open an account with no money in it.

Cons

• Sterling Bank's savings account interest is compounded monthly, if not even annually, so the full potential of your money may not be realized, particularly when compared to other investment opportunities.
• They offer low interest rates.