Available on demand, a savings account allows you to save money depending on a consumer’s pace. Also known as passbook savings in the Philippines, it is available on a wide range of currencies, peso and dollar being the most popular. The savings account is considered as highly-liquid cash with limits dictated by a financial institution’s standard procedure.
Checking account is a form of deposit that allows the depositor to withdraw an unlimited amount of deposit amount thru numerous withdrawals, checks and electronic debits being the popular methods. Typically, checking accounts do not offer interest rates in exchange for its liquidity.
A debit card is a plastic card issued by banks to its depositors to access their deposits. It is for convenience because it is an accessory used in ATMs for depositors to debit or credit money from their accounts. Because it is electronic, a debit card’s strength is also secure, it is protected by a Personal Identification Number or PIN only known by the depositor. Debit cards are also used to pay for good and services through a use of a POS Terminal.
Why is it necessary to compare bank accounts? The mere fact that a depositor is entrusting a bank of their hard-earned money is already a valid reason. Savings account, like most products in the market differs by the provider, factors like interest rates, branches near the consumer, initial deposit and balance to earn interest are important for consumers to consider to make bank accounts helpful.
Opening a savings account in the Philippines requires the depositor to visit their desired bank. This requires the depositor to carry a specific sum of money, and identification to open a savings account.
It depends on the consumer. Some prefer getting a passbook savings account for better discipline in saving money. Withdrawing money from passbook savings require the depositor to visit a bank branch, wait for the bank tellers call out their names and perform the transaction. Whereas in a debit card, the consumer can visit any ATM (which has more accessibility) and more often than not, saves the depositor time.
The best bank to open a savings account will depend on the consumer’s judgement of what is best. Most of the time, a savings account is rated depending on the number of branches or ATMs that bank provides and the interest rate. But for some, the initial deposit is more important due to their cash flow situation. Use our savings account comparison table for a better reference to all savings account options available in the Philippines.