ChinaBank Banking Corporation, more commonly known as ChinaBank, is one of the banks registered in the Philippine Stock Exchange (PSE). Other banks included in PSE are BDO, BPI, MetroBank, and Security Bank.
ChinaBank is also one of the banks in the Philippines that don’t offer credit card services to its clients. But it has other products like savings account, checking account, time deposit, UITF, foreign currency exchange, loans and many more.
In this article, I would like to discuss the procedures and give you some tips on how to apply for a new savings account at ChinaBank. Based on my experience, when I applied a savings account, I personally visit a branch at SM North EDSA in January 2010.
Nice Benefits you can Get from ChinaBank Savings Account
Before I give you the step-by-step guide on how to open a new account, you have to learn the features and benefits that you can get from your ChinaBank savings account. Here are the perks and advantages that you can receive from it.
When opening a new account, you need to know the minimum initial deposit, the maintaining balance to avoid penalty, and the account balance to earn interest. You can check all that requirements by visiting this link: http://learninterestrates.com/china-bank-savings-account-interest-rates/
First nice benefit you can get from ChinaBank savings account is your protection. Since it is a PDIC-member bank, your deposited money is insured up to maximum P500, 000. In order to prevent problems in the future, just make sure not to deposit more than this amount. You can spread your money to other banks that you think stable.
Second, it will pay you an interest per year depending on the type of account you opened. The normal interest that you can receive falls between 0.25 to 0.50% per year, not really a big amount especially if you only deposited less than P50,000.
Third feature of ChinaBank savings account is you can access your account online provided you enrolled your account to its online banking facility. It is very advisable to apply savings account and online banking at the same time so you can get this benefit.
Fourth, if you already have a savings account at ChinaBank, you can easily invest your extra money in their time deposit. Simply go to your branch and ask the bank employee on how you could start investing in TD.
The above features are only some of the great features you can receive; there are other things that you can get not mentioned above.
Guide on How to Apply for a New Savings Account at ChinaBank
The application for savings account can be done by going to the branch nearest your place where you are located. It is a lessons learned to me because I applied for an account to the branch far from my current residence so I cannot go there easily. I don’t have also ATM to withdraw my money. But now thankfully you can withdraw to any ChinaBank branch, just bring your passbook in order to withdraw the money in your account.
Another suggestion I can give to you is gather first all the necessary requirements needed in the application so it is complete before you go the branch. The typical requirements are valid-photo bearing ID, proof of billing (this can be from your parents or landlord of the house you are living), 1×1 ID picture, and the money for initial deposit of your account.
Here in this post you will know the list of valid ID that you can use when opening a new bank account. When I opened a new account, I only deposited P3, 000 during that time. It is ChinaBank savings account with passbook only (without an ATM). Click here to learn the complete requirements when opening an account at ChinaBank.
After gathering all requirements, choose a branch near to your residence or the place where you work. Bring all the requirements and tell the bank employee that you want to open a new SA. She will give you application forms and signature cards which are standard for all banks in order to know their customers.
When you are finished filling out all forms and cards, you should give it to the bank employee so she can check it and then she will tell you that you need to wait several days before you can get your ATM and/or passbook.
A savings account is the safest place to put your money but you have to remember that PDIC only insure deposits up to P500, 000. If you have big amount of money, you can spread it to other banks so you have more protection.
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