Opening a savings account in the Philippines is not really hard especially for those people having complete requirements like IDs, proof of billing and initial deposit when opening an account. There are many Philippine banks that you can choose if you want to own your savings account and one of those that you can select is Land Bank of the Philippines (LBP).
LBP is a government-owned bank with a primary goal of helping common people like farmers, fishermen, and small business owners on acquiring loans and help them have a good income from their businesses and farms. It is one of the Philippine banks that have many branches in rural areas across the country. LBP is also the official depository bank of the Republic of the Philippines.
Features of Land Bank Savings Account
A savings account is the most popular bank product which a customer can use to get a safer place for their money and earn an interest at the same time. You can get a Land Bank savings account in the form of ATM or passbook.
Usually, the typical interest rate of LBP savings account with ATM access is around 0.50% per year. If you notice it is only a small amount, for example in P1,000, you can only get a P5.0 interest in one year.
The minimum initial deposit requirement for opening a savings account with ATM access is only P500. The maintaining balance and the balance to earn interest should be also P500.
For regular savings account which requires passbook for deposit and withdrawal of money, the initial deposit, maintaining balance, and the balance to earn interest is P10,000. The interest rate you can earn from this type of account is 0.5% per year.
How to Apply for Savings Account
Basically, applying for a savings account is not that hard. You only have to be patient when going directly to the bank. There are several requirements you should obtain prior going to the branch where you want to open an account.
The requirements you must have are one valid photo-bearing ID, proof of billing, 1”x1” picture and money for initial deposit. You can see in this post the list of ID you can use when opening an account, just click here.
You can see in this post the minimum initial deposit that you should put into your account depending on the type of savings account you like to open.
If you have the requirements mentioned above, you are definitely ready getting a savings account. Go to the nearest branch of Land Bank in your area. When you arrived at the bank, you should ask the guard where you can open a new savings account. He will tell the counter where you should go.
Then, ask the bank employee that you want to open a new account. She will give you application forms and signature cards that you need to fill out completely. After finishing the forms, you have to submit these forms together with the photocopy of your ID, proof of billing, picture ID and the money.
It will be checked and verified by the employee for correctness and authenticity. If there are no problems with your forms, it will be approved easily and you can get your ATM or passbook after 3-5 banking days. You can confirm this to the employee assisting you so you’re sure when you will return to the bank.
My Suggestion to You
In these times, there are many banks that are closing because of bankruptcy; the recent one is the case of Export & Industry Bank. So it is better to choose a bank which is a PDIC member like Land Bank and don’t deposit more than P500, 000 because it is the maximum insurance you can get when the bank closes and to protect the money you have on your savings account.
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