Philippine Banks Savings Accounts with Zero Maintaining Balance

27 November 2022

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Let's face it, half of all Filipino adults still don't have bank accounts. For obvious reasons, this is due to people's inability to access funds and their widespread notion that banks need a sizable starting balance in order to operate. The latter isn't always the case, however.

As it happens, many low-cost banking solutions that don't require an average daily balance are available to Filipinos today, and some of them are even close to Lumina Homes communities!

There are different types of bank accounts that let you save with a low maintaining balance or no initial deposit and no minimum balance requirement, so you don't have to worry about your account being closed because you don't have enough money in it.

List of Savings Account With No Maintaining Balance

The savings accounts listed below provide perks and features suitable for anyone's needs, whether it's their first time creating an account or they just need a backup fund. All of them have your back since they're protected by the Philippine Deposit Insurance Corporation or PDIC.

Lumina Homes Partnered-Banks

The best benefit of opening a saving account is safeguarding your hard-earned money. Below are the banks with best savings accounts that have partnerships with Lumina Homes for easier saving and more convenient investment for a house and lot in the Philippines.

1. AUB Starter Savings

Starter Savings is a no-maintenance savings account at Asia United Bank (AUB). Yes, it is a helpful instrument for saving money, particularly for people who have not yet established a savings account.

Your money is readily available at ATMs and through the internet and mobile banking apps provided by AUB. In order to save you time and effort, all of your financial data will be sent to you in the form of electronic statements of accounts (e-SOA).

2. GSave Account

GSave, the in-app or digital savings account for GCash, is managed by CIMB Bank Philippines. A fully authenticated GCash user is all that is required to start a savings account that requires no minimum deposit.

GSave also offers free life insurance with coverage of up to Php 250, 000, based on the average daily amount in your account. You must keep a monthly average balance of Php 5, 000 or more to qualify for this bonus.

The GCash app is used for all aspects of the GSave account, from establishing the account to making withdrawals, making it one of the most hassle-free no-minimum-balance savings accounts in the Philippines. Money transfers are only possible between the user's GSave account and their own GCash wallet.

3. PNB TAP Mastercard Account

TAP Mastercard from Philippine National Bank (PNB) comes with PNB-PAL Mabuhay Miles Debit Mastercard for cash withdrawals and purchases at any location that accepts Mastercard or Maestro. You may accumulate points toward a Mabuhay Miles award. 500 Mabuhay Miles are included with your PNB TAP Mastercard for use at Philippine Airlines (PAL) during the first three months after the card issue.

Account type: ATM | Initial Deposit: None | Interest Rate: 0.100% per year| Interest-earning Balance: Php 10, 000 | Monthly account fee: Php 15

4. UnionBank Personal Savings Account

Just one UnionBank account has no minimum balance, and that's the Personal Savings Account. You may use the included Visa debit card at any ATM accepting Visa, which includes UnionBank and BancNet machines throughout the Philippines.

This no-minimum-balance checking account may be opened in person at any UnionBank location, or via the bank's mobile app. You can manage your finances and make purchases whenever you choose, all via the same convenient app. It also has lesser transfer fees.

Account type: Digital | Daily Withdrawal Limit: Php 20, 000 | Initial Deposit: None | Interest Rate: 0.10% per year| Interest-earning Balance: Php 10, 000

5. UnionDigital Bank Account

UnionDigital, a wholly digital banking subsidiary of UnionBank, aims to serve the unbanked and underserved Filipino population. Therefore, it provides a bank account that requires neither a starting amount nor a maintaining balance requirement.

UnionDigital is an app-only bank that is exclusively available account online. Quick submissions are possible because of the relaxed application process. Your Pitaka account will be activated as soon as they have approved your application.

Account type: ATM | Initial Deposit: None | Interest Rate: 2.5% per year| Interest-earning Balance: None

Other best savings account with no maintaining balance

China Bank Savings Easi-Save Basic

The low open an account deposit and no minimum balance of Easi-Save Basic make this savings account ideal for first-time savers.

Account type: ATM | Account Opening Fee: Php 100 | Initial Deposit: None | Interest Rate: 0.125% per year| Interest-earning Balance: Php 1, 000

CIMB Bank UpSave Account

In the Philippines, CIMB Bank is an innovative digital bank with a high-interest rate for its UpSave account. Since CIMB is an internet bank, creating a savings account with no minimum balance is performed entirely in the digital realm.

Account type: Digital | Daily Transfer Limit: Php 500, 000 | Initial Deposit: None | Interest Rate: 2.5% per year| Interest-earning Balance: None

DBP EC Card Account

This zero-balance checking account is available to overseas Filipino employees, migrant workers currently working abroad, and their dependents. The combination of the card and the bank account so created is ideal for sending money abroad.

Account type: ATM | Daily Withdrawal Limit: Php 20, 000 | Initial Deposit: None | Interest Rate: 0.10% per year| Interest-earning Balance: Php 500

Komo

EastWest Bank developed the digital-only banking service Komo. Customers may establish and manage their zero-balance savings accounts digitally. Free and unlimited withdrawals at EastWest ATMs and four free withdrawals each month at other BancNet ATMs complement the account's ease of opening and competitive interest rates.

Account type: Digital | Initial Deposit: None | Interest Rate: 2.5% per year

Maya Savings

Maya (formerly known as PayMaya) has released a financial institution named Maya Bank, which provides savings accounts that need no minimum balance. Due to the fact that Maya Bank is an online institution, opening an account is a simple process. To create an account, you need only provide a single form of acceptable identification. Along with opening an account, you'll be rewarded with Php 20.

Account type: Digital | Initial Deposit: None | Interest Rate: 4.5% per year| Interest-earning Balance: Up to Php 5 million

Turn Your Savings Into A Solid Investment with Lumina Homes

When picking among the various options for savings accounts that need no minimum balance, it all comes down to finding a financial institution that fits your specific requirements. You should choose a Philippine savings account that will assist you to get where you want to go financially.

If your objective is not just to conveniently pay bills but as well to make a profitable investment while saving, then make sure to open savings account with no maintaining balance from Lumina Homes partnered banks!

By opening a savings account at any of the following Philippine institutions such as PNB, Security Bank, Banco de Oro (BDO), Asia United Bank (AUB), AllBank, Unionbank, AllEasy, or GCash, you may easily put away money for your future and take advantage of the affordable house and lot for sale.

You can even pay your monthly amortization or mortgage for your affordable house and lot wherever you are through our Lumina Homes Online Payment channels.

Be wise in choosing where to open your savings account with no maintaining balance and start your affordable home investment today!