UnionBank savings accounts for march 2023

With a UnionBank Savings Account, you can keep your money safe while still having access to it when needed.

Types of UnionBank savings bank accounts

The bank offers numerous savings accounts. We will look at them in this section:

• Savings+ account. You may build your savings while receiving free group life insurance, and you can start an online account with UnionBank. The initial deposit is ₱0, the minimum ADB requirement is ₱25,000, the ADB required to earn interest is ₱100,000, and the interest rate is 0.10%.
• First Savings. With this account, you may teach your children to save from an early age. The initial deposit is ₱100, the minimum ADB requirement is ₱100, the ADB required to earn interest is ₱5,000, and the interest rate is 0.10%.
• Personal Savings account. With a Visa EMV debit card, you may enjoy the benefits of a savings account without worrying about keeping a particular amount of money in your account. The initial deposit is ₱0, the minimum ADB requirement is ₱0, the ADB required to earn interest is ₱10,000, and the interest rate is 0.10%.
• Regular Savings account. If you require quick access to your money, create a UnionBank ordinary savings account, and you can transact anytime, anywhere. The initial deposit is ₱10,000, the minimum ADB requirement is ₱10,000, the ADB required to earn interest is ₱25,000, and the interest rate is 0.10%.
• US Dollar Savings account. Traveling overseas with a US dollar debit card may earn interest on your dollars while also enjoying the ease of cashless transactions. The initial deposit is $500, the minimum ADB requirement is $500, the ADB required to earn interest is $1,000, and the interest rate is 0.05%.
• Dollar Access account. If you have funds that give you more limits than benefits, a UnionBank Dollar Access account can help you have more access to your money. The initial deposit is $10,000, the minimum ADB requirement is $10,000, the ADB required to earn interest is $25,000, and the interest rate is 0.05%.

• Third currency Savings account. You can keep your foreign currency safe while also earning interest on it. The initial deposits are £2,000, €3,000, ¥400,000, and A$3,000. The minimum ADB requirements are £2,000, €3,000, ¥400,000, and A$3,000. The minimum ADB to earn interest is £2,000, €3,000, ¥400,000, and A$3,000. The Interest rates are:

  • £ = 0.05%
  • € = 0.0%
  • ¥ = 0.0%
  • A$ = 0.05%

How to apply for a UnionBank savings bank account?

You can apply for peso savings accounts using the Unionbank mobile app, but you can only apply in branches for dollar accounts. To apply using the app, follow the steps below:

1. Download the UnionBank mobile app for your preferred operating system following the steps in this article.

2. Select the peso savings account you wish to open.

3. Fill out the forms that will be shown and follow the onscreen steps, providing your IDs, to complete your application.

Requirements

Below are the requirements to open a savings bank account:

General requirements

• At least one valid identification document (ID) with the applicant's photo and signature that is not expired.

• Affidavit of tax exemption notarized by the applicant/depositor.

• Tax exemption certification (RDO) from the revenue district office.

• Identification papers, for example:

  • Driver's license

  • SSS/GSIS cards

  • Company ID cards

  • Passport, etc.

For OFW applicants

• ​At least one government-issued valid ID card.
• Consularized certificate of employment compensation, COEC with original six-month remittances.
• Consularized certificate of employment compensation, COEC with an original six-month payslip.

For sole proprietorship

• Registration of a business name with the Department of Trade and Industry (DTI).

• Mayor's permit for the city or municipality.

• A minimum of one genuine, original ID with a photo issued by a government agency.

For partnership

• Partnership articles.

• Registration certificate from the Securities and Exchange Commission (SEC).

For corporation

• Constitutional documents.

• SEC certificate of registration or a similar document from another suitable agency.

• By-laws.

For minors

• Authentic and legible copy of NSO birth certificate.

• Guardian or supervisor, or an original and readable copy of the court order designating them.

Pros and cons

If you are interested in opening a UnionBank savings account, read through the pros and cons.

Pros

• There are a variety of savings accounts to choose from.

• There's an account for all major currencies.

Cons

• The interest rates are lower compared to competitors.

• UnionBank's savings account interest is compounded on a regular, if not annual, basis, the full potential of your money may not be realized, especially when compared to alternative investment alternatives.