Nowadays, it is very important to have a savings account especially if you want a secure place for the money you want to save. Perhaps you already know that you can get a savings account by applying for it in your chosen bank.
All Philippine banks offer this type of bank account with some differences in features and benefits for the account holder. The differences could be in terms of interest rate, the initial opening deposit, maintaining balance of the account and the minimum balance to earn interest. On the other hand, most or all of the savings account in the Philippines have similarity in the way you open an account.
In this post, I will discuss some tips and guide on how to open a Metrobank savings account and some of the benefits you can get from it.
Initial Opening Deposit, Interest Rate and Maintaining Balance
Prior applying for an account to your chosen branch, you must know some features and advantages that you can get from Metrobank. In order to prepare for enough money, you should know how much is the initial deposit and the maintaining balance of their savings account. You could see the post I published about it to learn more:
Procedures on Opening a Metrobank Savings Account
In general, opening a savings account in the Philippines is not really hard especially if you are going to popular banks in the country since they have already established a fast and systematic approach on handling new account.
In order to speed up the processing of your application, I would suggest to consider the following tips so that you can get easily your new bank account.
1. Prepare the necessary ID and documents
As per Bangko Sentral ng Pilipinas (BSP) circulation, one valid photo-bearing ID is enough to be able to open a new account. However, most of the banks still requires new customers to submit two (2) ID. To see the list of valid IDs you can submit to the bank, you can go here: List of Valid ID for Opening a Bank Savings Account in the Philippines
A billing statement is also required to submit. When I applied for an account before, Metrobank required me to submit a billing statement (MERALCO bill) to verify my address. In spite of this, I only assume the bank may not require this if you can present a valid ID with your indicated address.
2. Have enough money for initial opening deposit
The initial deposit is the money you need to put in your new savings account. This is a mandatory requirement so you must raise an enough money before opening an account.
Some banks require only low initial deposit for their ATM savings account which ranges from P500 to P2000. In case of Metrobank, the lowest initial deposit for applying an ATM savings account is P2000. Visit here to learn more: Metrobank Interest Rates
3. Choose the Metrobank branch you want to open an account
When you choose a branch for opening an account, you should select a branch nearest your residence or perhaps in the vicinity of your workplace. The reason for this is that sometimes you need to go to your branch to fix some problems about your account, thus, it will be best if it is near where you are.
4. Submit application forms and requirements
If you can’t get application forms for opening a savings account in the Internet, you could have it in the bank. Make sure to fill out the forms completely and neatly. In addition, I would suggests to apply for an Internet banking so you could monitor your account online. There’s an option in the forms for this one.
After that, submit it together with the photocopy of your valid ID and billing statement. You need to present the originals for checking and verification.
5. Wait for the announcement of the status of your application
If there’s no problem with your application forms and requirements, your savings account will be easily approved. After that, you should place an initial deposit on your account to make it active.
Normally, after three to five banking days, you will be able to claim your ATM card and/or passbook. Confirm this to the bank employee before leaving the bank. You may also change the PIN of your account after receiving your ATM card.