4 Best Banks That Will Save You Time in Opening an Account

 

When the pandemic struck the country, Filipinos were put on lockdown for a long time, causing them to be on their phones more frequently than usual. Given that the Philippines has broad access to the internet, you can now do anything online. Food delivery, shopping, and opening a bank account are all in the comfort of your home.

Minutes to read: 10 minutes

Age Bracket: 21 – 40 years old

 

Online banking saves you time from going to the bank to the long queues. It also helps you to “social distance” from people by having some banking services with just a few clicks without the need to interact with the banking personnel. However, some Filipinos are still not familiar with this new concept of banking. Here are some things you must know if you need guidance on opening a bank account on your phone or laptop.

 

 

What is online banking?

 

Going to the bank can be exhausting, and doing all your work requires a lot of energy. Sometimes you don’t have a slot on your schedule to include your bank errands and wish to have bank services on the go. Thanks to the technology’s innovative products, access to online banking were made.

 

Online banking allows customers to access bank services and conduct financial transactions via the internet. Services such as online bill payments, deposits, transfers, and even opening an account that can be done in the bank’s branch are now available on your phone or laptop. This way, customers are not required to visit the bank’s branch to complete their financial transactions. All they need is a device (a phone or a laptop) and an internet connection to do everything at their convenience, whenever and wherever they want.

 

Different banking institutions offer these bank transactions that you can access online in the Philippines. However, services offered online vary from each bank. Most banks offer primary services such as bill payments and transfers. Some banks allow customers to apply for a credit card or open an account through their online bank application or web portal. According to McKinsey&Company, the Philippines has to lowest-digital banking penetration in Asia, with only 12% of Filipinos who tried internet banking compared to 28% in other developing countries, and only 9% of Filipinos has used their smartphone to the bank compared with the 26% in developing Asia.

 

 

 

UnionBank Digital Account Opening

 

Banking in your pajamas is made easy with UnionBank’s Digital Account Opening! You can now open a bank account online within minutes by just uploading your ID, taking a selfie, and you’ll get a UnionBank Account instantly. You can choose from their variety of savings that will suit your lifestyle, and here’s the best part, no maintaining balance is required. If you’re worried about how you will get your card, you can request a card and have it delivered right to your doorstep and activate it instantly through the bank’s app. Sounds easy, right?

 

Savings Account Available

 

• PlayEveryday
  • No Maintaining Balance Required
  • Annual Fee: ₱500
  • Earn 1 play point for every ₱20 spent that can be used to redeem exclusive rewards
• Personal Savings Account
  • No initial deposit required
  • No Maintaining Balance Required
  • Interest Rate: 0.10%
  • Minimum Balance to earn interest: ₱10,000
• Go Rewards Debit Card
  • No initial deposit required
  • No Maintaining Balance Required
  • Earn 1 Go Reward point for every ₱400 spent thru Visa and Bancnet
  • 1 Go Reward point = ₱1 that you can redeem in Cebu Pacific, Robinsons Retail Stores, Caltex, and more.
• Savings+
  • No initial deposit required
  • Maintaining balance requirement: ₱25,000
  • Interest Rate: 0.10%
  • Minimum Balance to earn interest: ₱100,000

 

Requirements

Opening an account with UnionBank doesn’t require you a lot of requirements. All you need is one (1) valid Government-issued ID you must provide for scanning and verification. Please refer below to see the accepted IDs.

 

1. Passport
2. Driver’s License
3. SSS
4. UMID
5. PRC ID
6. Postal ID

 

 

Opening an Account

1. Download the UnionBank App. Open the application once downloaded, then tap “OPEN AN ACCOUNT.”
2. The app will direct you to the Choose an Account page. Click “Savings Account with Debit Card”
3. Select your preferred savings account. You can see their product details by clicking View Product Details.
4. Before the verification process, you will be directed to the reminders page. Kindly read the reminders before proceeding. Click “Next” on the upper right corner of the page.
5. The Customer Declaration, Terms & Conditions, and Privacy will be shown on your screen. Read them and click “Accept” once you’re done.
6. The creation of your account will now start. Input your active Email Address and Mobile Number. You will receive an OTP to verify your number.
7. Please enter your name as it appears on your ID.
8. You will be directed to the Create Profile page. Sign up using your chosen Username and password to create your profile.
9. If your device allows touch ID, click “ENABLE” to register Touch ID.
10. Input all the necessary information, such as Personal Information, Address, and Financial Information.
11.  ID options will be presented to you. Choose your chosen ID that you will upload.
12. Take a clear photo of your ID. Make sure all the essential data are clear and visible. Click “Retake” if the picture is not clear or blurry. Click “Submit” when you’re satisfied with the image you took.
13. Take a selfie. Make sure you’re wearing appropriate clothing.
14. Affix your signature three times.
15. A summary of your application will be shown on your screen. Review and make sure all the data you entered are complete and accurate. Once done, click “Submit.”
16. Once you’re done with the application process, you will receive an email confirmation on your email address.
17. You will receive an email when your application is approved with an activation link. Click on the link to activate your account.
18. If you encounter issues with your application, you will receive an email instructing you to visit a branch to continue your application.

 

 

 

BDO Online Account Opening

 

Enjoy BDO’s features and services without stepping out of your home. You can now access it quickly and open an account online via Online Banking. All you have to do is submit your online application instead of visiting a branch. Meet a BDO Representative via Zoom call for account opening evaluation and choose any BDO branch as your home branch where you’ll pick up your BDO Debit Card, Passbook, or Checkbook that you will use to make future transactions.

 

Savings Accounts Available

 

• ATM Savings
  • Minimum Initial Deposit: ₱2,000
  • Minimum Balance Required: ₱2,000
  • Interest Rate per Annum: 0.0625%
  • Minimum Balance to earn interest: ₱5,000
• Kabayan Savings
  • No Maintaining Balance Requirement
  • Initial Deposit: ₱100 (For PH Account) or $100 (For USD Account)
• Passbook Savings
  • Minimum Initial Deposit: ₱5,000
  • Minimum Balance Requirement: ₱10,000
  • Interest Rate per Annum: 0.0625%
  • Minimum Balance to earn interest: ₱10,000
• Optimum Savings
  • Minimum Initial Deposit: ₱30,000 (Personal) or ₱50,000 (Business)
  • Minimum Balance Requirement: ₱30,000 (Personal) or ₱50,000 (Business)
  • Interest Rate per Annum: call or visit a BDO Branch for the latest interest rates
  • Minimum Balance to earn interest: ₱30,000 (Personal) or ₱50,000 (Business)
• Prime Savers
  • Minimum Initial Deposit: ₱2,000
  • Minimum Balance Required: ₱2,000
  • Interest Rate per Annum: 0.0625%
  • Minimum Balance to earn interest: ₱5,000
• US Dollar Savings
  • Minimum Initial Deposit: $200
  • Minimum Balance Requirement: $500
  • Minimum Balance to earn interest: $500

 

Requirements

In opening an account with BDO, two (2) valid IDs with your photo and signature are needed, except for Kabayan Savings which only requires one (1) valid ID. IDs that are provided must be original and within their period of validity. However, after further evaluation, you may be asked to submit additional documents at the nearest BDO Branch. For the list of acceptable IDs, please refer to the list below.

 

Philippine Government-Issued IDs

1. Passport
2. Unified Multi-purpose ID (UMID)
3. Driver’s License issued by the Land Transportation Office (LTO)
4. Government Service and Insurance System (GSIS) e-Card
5. Tax Identification Number (TIN) ID
6. Philippine Identification System (PhilSys) ID
7. New Social Security System (SSS) ID
8. PhilHealth Card
9. Senior Citizen ID
10. Voter’s ID
11. Philippine Postal ID
12. Professional Regulations Commission (PRC) ID

 

Private and Foreign Government-Issued IDs

1. School ID (For minors)
2. Company ID
3. Integrated Bar of the Philippines (IBP) ID
4. Foreign Passport (provide English Translation and Philippine address)

 

 

Opening an Account

 

1. Visit Online Account Opening | BDO Unibank, Inc. and choose a savings account.
2. You will be asked to upload a photo of your Valid ID, a selfie while holding your valid ID, and a picture of your three signatures.
3. An appointment will be set for you to meet a BDO Representative. If you’re a foreign applicant who wishes to request language assistance, schedule your appointment between Monday to Friday, 9 AM to 5 PM.
4. Attend your Zoom Appointment for your account opening evaluation.
5. Once your application is approved, fund your account within seven days of approval to avoid account closure. Here are some options to fund your account:
   1. Cardless Deposit at any BDO Cash Deposit Machine
   2. Deposit at any BDO Branch. If you’re outside the Philippines, you can remit via BDO remit offices or remittance partners.
   3. Send money online.

 

 

 

BPI Online Account Opening

 

 

Opening an account online using BPI Mobile Application is now easy. Apply for an account wherever you are, whenever you want. Be connected with BPI’s vast network of merchants and users. You can also save and earn #Coins to play and win a chance to win various monthly prizes.

 

 

Savings Account Available

 

• Regular Savings
  • Minimum Initial Deposit: ₱3,000
  • Minimum Required Monthly Balance: ₱3,000
  • Interest Rate per Annum: 0.0625%
  • Minimum Daily balance to earn interest: ₱5,000
• #SaveUp
  • Minimum Required Initial Deposit: ₱1 (Account balance must not be zero after the opening date to avoid auto-closure)
  • Minimum required monthly balance: ₱3,000
  • Interest Rate per Annum: 0.0925%
  • Minimum Daily Balance to earn interest: ₱5,000
• #MySaveUp
  • Minimum Required Initial Deposit: ₱1 (Account balance must not be zero after the opening date to avoid auto-closure)
  • Minimum required monthly balance: ₱3,000
  • Interest Rate per Annum: 0.0925%
  • Minimum Daily Balance to earn interest: ₱5,000
• Saver Plus
  • Minimum Required Initial Deposit: ₱50,000
  • Minimum Required Monthly Balance: ₱50,000
  • Interest Rate per Annum: 0.0925%
  • Minimum Daily Balance to earn interest: ₱50,000
• US Dollar Savings
  • Minimum Required Initial Deposit: $500
  • Minimum Required Monthly Balance: $500
  • Interest Rate per Annum: 0.050%
  • Minimum Daily Balance to earn interest: $500
• Pamana Padala
  • Minimum Required Initial Deposit: ₱500
  • Minimum Required Monthly Balance: ₱0 (As long as there are at least 4 remittances yearly)
  • Interest Rate per Annum: 0.0625%
  • Minimum Daily Balance to earn interest: ₱5,000 or $500 (for USD Accounts)
• Padala Moneyger
  • Minimum Required Initial Deposit: ₱0 (As long as there are at least 4 remittances yearly)
  • Minimum Required Monthly Balance: ₱0 (As long as there are at least 4 remittances yearly)
  • Interest Rate per Annum: 0.0625%
  • Minimum Daily Balance to earn interest: ₱5,000
• Jumpstart
  • Minimum Required Initial Deposit: ₱100
  • Minimum Required Monthly Balance: ₱1,000 (waived for one year)
  • Interest Rate per Annum: 0.0625%
  • Minimum Daily Balance to earn interest: ₱2,000

Requirements

After visiting BPI’s website to look for the requirements to open an account online, there’s no list of their requirements. However, the only thing that their website mentioned is a BPI-Approved Valid ID. In this case, we can assume that these approved valid IDs are government-issued. To see a list of government-issued valid IDs, refer to the list below.

 

1. Passport
2. Unified Multi-purpose ID (UMID)
3. Driver’s License issued by the Land Transportation Office (LTO)
4. Government Service and Insurance System (GSIS) e-Card
5. Tax Identification Number (TIN) ID
6. Philippine Identification System (PhilSys) ID
7. New Social Security System (SSS) ID
8. PhilHealth Card
9. Senior Citizen ID
10. Voter’s ID
11. Philippine Postal ID
12. Professional Regulations Commission (PRC) ID

 

          Opening an Account

 

1. Download the BPI Mobile App on Appstore or Google Play Store. Online applications are only available to the Mobile App. Once you create an account through the mobile app, you can access BPI Online Banking on their website.
2. Once the application is downloaded, open the app and click “Open a New Account,” and choose “Create a Bank Account.”
3. Input all the personal details and account options that are needed. You must also submit a photo of your BPI-Approved Valid ID and take a selfie. Fill in the additional information asked.
4. A summary of your application will be shown on your screen. Review and look for errors before clicking “Confirm” to create your account.
5. After approval of your application, you must fund your account within 7 days. Here are some options to fund your account:
   1. Cardless Deposit via CAM
   2. Online transfer from another local bank using Instapay
   3.  Over-the-counter at the nearest BPI Branch. Additional charges may apply.

 

 

 

Security Bank Online Account Opening

 

Savings have never been this easy, thanks to Security Bank. If you’re planning to start saving but have no time to visit a bank to open a savings account, Security Bank’s Online Account opening has your back. You can choose from their wide range of deposit products. The application will only take around 15 minutes with only one (1) valid primary ID or two (2) valid secondary IDs! Apply online now with Security Bank, with no interbranch fees, secured transactions, and exclusive perks from partner merchants.

 

 

Savings Account Available

 

• All Access Checking Account
  • Minimum Required Initial Deposit: ₱5,000
  • Minimum Required Monthly Balance: ₱25,000
  • Interest Rate per Annum: 0.0675%
  • Minimum Daily Balance to earn interest: ₱100,000
• Easy Savings Account
  • Minimum Required Initial Deposit: ₱5,000
  • Minimum Required Monthly Balance: ₱10,000
  • Interest Rate per Annum: 0.0675%
  • Minimum Daily Balance to earn interest: ₱100,000
• Junior One Account
  • Minimum Required Initial Deposit: ₱100
  • Minimum Required Monthly Balance: ₱5,000
  • Interest Rate per Annum: 0.0675%
  • Minimum Daily Balance to earn interest: ₱5,000
• Money BuilderSavings Account
  • Minimum Required Initial Deposit: ₱10,000
  • Minimum Required Monthly Balance: ₱10,000
  • Interest Rate per Annum: 0.0675%
  • Minimum Daily Balance to earn interest: ₱10,000
• eSecure Online Savings Account
  • Minimum Required Monthly Balance: ₱500
  • Interest Rate per Annum: 0.0675%
  • Minimum Daily Balance to earn interest: ₱5,000
• Build Up Savings Account
  • Minimum Required Initial Deposit: ₱5,000 (Regular) or ₱50,000 (Premium)
  • Minimum Required Monthly Balance: ₱5,000 (Regular) or ₱50,000 (Premium)
  • Interest Rate per Annum: 0.074% (Regular) or 0.17% (Premium)
  • Minimum Daily Balance to earn interest: ₱10,000 (Regular) or ₱50,000 (Premium)

 

Requirements

 

You only need your valid ID to open an account with Security Bank. Please refer below to see the complete list of their acceptable valid IDs.

 

• For Resident Citizens, Non-Resident Citizens, and Resident Alien
  1. One (1) Primary Valid ID (Any IDs below)
     1. i) ACR / ICR
     2. ii) Digitized Persons with Disabilities (PWD) ID

• iii) Driver’s License

1. iv) GSIS e-Card
2. v) Integrated Bar of the Philippines
3. vi) Maritime Industry Authority (MARINA) ID

• vii) NCDA ID
• viii) Passport

1. ix) Philippine Identification (PhilID) Card
2. x) Postal ID (PVC Plastic Card)
3. xi) PRC ID

• xii) School ID
• xiii) Senior Citizen Card
• xiv) Special Resident Retiree’s Visa (SRRV) ID

1. xv) SSS Card

• xvi) Unified Multi-Purpose ID
• xvii) Voter’s ID

1. Two (2) Secondary IDs (Any below)
   1. i) Barangay Certification
   2. ii) City Health Card / Health Certificate Card

• iii) Company ID

1. iv) DSWD Certification
2. v) GOCC ID
3. vi) NBI Clearance

• vii) OFW ID
• viii) OWWA ID

1. ix) Pag-IBIG Loyalty Card
2. x) Digitized / PVC PhilHealth Insurance Card ng Bayan (PHICB)
3. xi) Police Clearance

• xii) Postal ID (Paper Based Card)
• xiii) Seaman’s Book
• xiv) Solo Parent ID

1. xv) Tax Identification Number (TIN)

• For Non-Resident Alien
  1. Passport or
  2. Alien Certification of Registration (ACR) I – Card

 

 

Opening an Account

 

1. Visit Apply for a Bank Account Online | Security Bank Philippines and complete the online application form.
2. After finishing the application, you will receive an email for the confirmation of your online video call appointment via MS Teams. This is for your account opening evaluation.
3. Attend the online video call appointment to finalize the application.

 

Final Thoughts

 

Opening an account in today’s modern and innovative world is now easy. All you need is your device, a stable internet connection, and your valid IDs. This will save you a lot of time and energy, and you can keep track of all your finances anytime you want. Go on and share the beauty of having your bank on the go.

 

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