Lately, I have been writing and blogging the procedure on how to open a savings account at different Philippine banks. For this post, I would like to discuss the procedures on applying a savings account at United Coconut Planters Bank or UCPB.
UCPB was known for as coconut farmers’ bank before. However, today, it has diversified its products and services so it can cater to all types and classes of people. Like many other commercial banks in the Philippines, it is offering products and services like savings account, checking account, loans, investments in the form of UITF, and many more.
UCPB is a member of Philippine Deposit Insurance Corporation (PDIC) and MegaLink. In this article, I would like to give you the basic information on opening a savings account at UCPB so keep on reading!
Features of UCPB Savings Account
The features mentioned here is for UCPB regular savings account for personal account. Some of the important features and benefits that you can get from this type of account are the following:
1. You can withdraw money through any UCPB ATMs or any Megalink ATM nationwide.
2. If you have an access to UCPB Internet banking (UCPB Connect) or UCPB Telebanking, you can perform online transactions such as paying bills, checking your balance or you can do fund transfer online.
3. As a UCPB customer, you can access your money through any branches of UCPB nationwide. You don’t need to visit your own branch just to withdraw your money or do any transactions.
4. Your deposited money is insured up to P500,000 by PDIC so you are protected from any future bankruptcy or any unforeseen events that may happen in the future. Therefore, it is very important here to deposit money within this insurance limit.
This features are just few of the things that you can get from UCPB. If you have big amount of money, you can open bank accounts to different banks that you think stable and will not go to bankruptcy to diversify your money.
Deposit Balance and Interest Rates for UCPB
Below you can see the deposit balances and interest rates for UCPB savings account (personal account) so you can prepare the enough money when opening a regular savings account and the interest rates that you can receive from your account.
|Type of Account||Initial Deposit||Minimum Monthly Balance to Earn Interest||Interest Rate|
|Regular Saving Account (ATM)||P2,000.00||P10,000.00||0.25%|
|Regular Savings Account||P10,000.00||P10,000.00||0.25%|
|U-remit ATM Savings Account||None||P500.00||0.25%|
|U-remit Passbook Savings Account||P100.00||P500.00||0.25%|
Procedure on Opening UCPB Savings Account
In general, opening a savings account at UCPB is simple. Similar with other Philippine banks, you have to submit certain IDs and documents during your application.
You can see here the requirements when opening an account at UCPB for personal, business or corporate savings account. Actually, if the bank like UCPB will follow the BSP Circular, only one valid ID is needed when opening an account. You can see the BSP circular that I’m talking about in this post.
Once, you have already have the ID, billing statement and the initial deposit, you can go to the nearest UCPB in your area so can start the application. It may take just one hour or less the application depending on the number of people present in the bank. I suggest you go to the bank during Thursday not on Monday because I think more people are going to bank at the beginning of the week.
When you are inside the bank, you can go directly to the new account section where you need to fill out some forms for opening an account. After completing all the forms, you can submit it to the bank employee so she can check it together with your other requirements.
You should ask the bank employee the date when you can receive your ATM and/or passbook. Usually, based on the experience of other people, it may take 3-5 banking days before they get their ATM.
The process of savings account application at UCPB is not difficult once you have prior knowledge about the necessary ID, documents and the initial deposit. In this post, you can get all that information so I hope you can have a smooth application process.
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