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WealthBank

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About bank

Founded in 1967, Wealth Development Bank (WealthBank) is a thrift bank that offers online banking, loan funding, corporate financing, and money lending services. WealthBank provides people and businesses with the resources they need to improve themselves, grow their businesses, and reach their financial goals.

The Wealth Development Bank was founded as Danao City Development Bank in 1967. It was authorized and licensed by the Philippine Central Bank to operate as a thrift bank. Upon acquiring Danao City Development Bank in 2001, VICSAL Development Corporation changed its name to Wealth Development Bank.

In 2002, WealthBank opened its first branches in the Visayas and Mindanao regions. In 2016, Woori Bank, South Korea's oldest and second-largest bank, acquired a majority stake in Wealthbank. Wealthbank now has a global reach thanks to the merger with Woori Bank as a local thrift bank. Wealthbank currently operates 24 branches throughout the country, with more opening soon.

Features

Wealth Development Bank offers a variety of financial products and services. These include savings, deposits, loans for government teachers, housing, auto, commercial loans for SMEs, and Instant Pay-Out Receivable Financing. Additionally, the bank offers an Internet Banking Service (IBS) online and through its mobile app.

Pros and cons

Wealth Development Bank serves individuals and businesses looking to grow their wealth. It provides a wide range of products and services to help you invest, save, and grow your money. However, there are some disadvantages that you should be aware. Therefore, WealthBank's advantages and disadvantages include:

Pros

Wealth Development Bank is PDIC insured for up to ₱500,000 per account holder. Therefore, if something happens to your money, it will be returned to you.

Wealth Development Bank provides online access to your accounts at any time. Additionally, you can manage your accounts through their mobile app on your smartphone.

Cons

  • The minimum balance of ₱1,000 is required for Individual Regular Savings accounts and ₱20,000 for Corporate Regular Checking accounts.

  • The teacher's loan is available only to government teachers.

Product and services

The following products and services are available at WealthBank:

Deposits

  • Savings account. You can open an interest-bearing regular savings account with a ₱1,000 minimum initial deposit and balance to earn interest. You can also use this account to withdraw cash, shop, pay bills, reload prepaid transfer funds, and enquire about your balance. To save for a future project, you can apply for the Wealth Aspire Fund Booster and save for 12-48 months. If your children are seven years old or younger, you can educate them on how to save by opening a Wealth Kiddie Savers account.

  • Checking accounts. PowerMax checking accounts are available through ATMs, record books, and check books. PowerMax allows you to make contactless payments using an ATM. The PowerPlus has a personalized check book and record book holder. On the other hand, Regular Checking is a non-interest-bearing account that can only be withdrawn by check.

  • Time deposit. WealthBank offers three options for time deposit accounts. There is the Wealth Builder option, which requires a minimum investment of ₱100,000, maturing after five years and one day. The Wealth Premium Plus is another option, which requires a minimum initial investment of ₱50,000 and matures in 1-5 years. Finally, is the Special Savings Account which requires a minimum daily balance of ₱10,000 over a 30–180-day period.

Loans

  • Consumer loans. Depending on your needs, you may be able to obtain a personal loan like a home, auto, or a teacher salary credit facility.

  • Commercial loans. SMEs can grow their businesses with commercial loans, whether short-term, medium-term, or long-term. Invoices can also be converted into cash via Instant Pay-Out Receivable Financing.

Online banking

You can access internet banking services via online banking or a mobile app. Internet banking allows customers to do fund transfers via InstaPay and PESONet, pay their bills, view account balances, and view transaction history.

FAQ

What is WealthBank?

Wealth Development Bank is a thrift bank that provides commercial and personal banking products. The bank offers various services, including deposits, savings, home, commercial, auto, and personal loans.

Who owns the WealthBank?

WealthBank is a subsidiary of Woori Bank, a South Korean international bank, and is majority owned by the Vicsal Development Corporation (VDC).

Is WealthBank legitimate?

Yes. WealthBank is a legitimate bank registered with the Securities and Exchange Commission (SEC).

What is the minimum down payment for an auto loan?

Minimum down payments for an auto loan starts from as low as 20% of purchase price.

For what period can I take out a WealthBank auto loan?

You can pay back a WealthBank auto loan for up to 60 months.

What is the longest home loan term?

The maximum term of a home loan is 10 years.

Company documents

Customer Protection Policy
Data Privacy Policy

We are the preferred bank of middle income individuals and small & medium enterprises that delivers distinct products and timely services through technology and provides a pleasant and memorable banking experience.

© Wealth Development Bank

Financial products

WealthBank
Time deposit
Rating by Finanso®
i

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from ₱10,000
Term
i

Loan term for the financial product

up to 60 months
WealthBank
Savings account
Rating by Finanso®
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from ₱1,000
WealthBank
Checking accounts
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

WealthBank
Consumer loans
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Recommended FinScore™
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300
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1000
WealthBank
Commercial loans
Rating by Finanso®
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Recommended FinScore™
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All WealthBank’s reviews by december 2022
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