Growing OFW savings

One heartening development concerning the Philippines’ unsung heroes—the millions of Filipinos working overseas—is that a recent survey has found many of them to be saving part of their earnings. This can reverse the familiar story line among many Filipinos who toiled for years abroad and came back with no investments or savings to speak of.

They have indeed come a very long way since the 1980s when the then Manila International Airport was swamped by boxes of big television sets and Marantz, Pioneer and Sansui hi-fi sound systems. There were, of course, the few who were wise enough to put their earnings in real investments such as houses and lots and small-scale businesses.

A recent survey by the Bangko Sentral ng Pilipinas shows that the proportion of OFWs who are saving money in banks instead of spending it all on basic and nonessential goods grew to 42.1 percent in the fourth quarter of 2014, from 39.7 percent in July to September. This is significantly higher than the 7 percent of OFW families that saved money in banks in 2007.

Apart from saving, there is also an increase in the number of OFW families that invested their cash in financial instruments to 6.8 percent from 6.3 percent in the previous quarter, and 2.3 percent in 2007 when the survey was first conducted. The survey, which is part of the BSP’s quarterly assessment of consumer expectations, asked OFW families to list down where their remittances are usually spent.

At an estimated $25 billion in 2014, money sent by the 10 million or so Filipinos overseas contributes much to the Philippine economy. Remittances are the economy’s biggest source of foreign currencies that local firms and the government need to transact with the rest of the world. Remittances also boost domestic consumption, which accounts for about two-thirds of gross domestic product. Last September, remittances rose to $2.11 billion, the highest single-month remittance since December of last year.

The government and the private sector are agreed on the need to help OFWs and their families become familiar with financial investments. Many Filipinos working abroad can return here for good only if their savings grow big enough for them to live comfortably.

Nongovernment organizations and even financial institutions have programs aimed at educating OFWs and their beneficiaries on investments. One project that could have helped change the behavior among OFWs is that launched in October 2013 that aims to teach them the value of saving and growing their hard-earned dollars. Through funding from the European Union and the Swiss Agency for Development and Cooperation, several agencies of the United Nations partnered with the Commission on Filipinos Overseas (CFO) for the three-year initiative to change the spending habits of remittance-dependent Filipino families through financial literacy training. Under the program, UN agencies and the CFO worked with local government units to institutionalize financial literacy programs and pass local legislation that could spur local development through migrant workers’ remittances.

This changing behavior among Filipinos working abroad indeed opens up a number of good possibilities for the OFWs and their families here. There are many options for them to make their savings grow. Reputable banks have financial advisers who can help them increase their savings, which will only be eaten up by inflation if kept in ordinary savings accounts. Mutual funds and other investment funds that earn more than bank savings rates are a good example.

Then there are those advisers who can help them chart a financial program for them—by putting part in financial investment instruments such as treasuries and corporate notes and part in real estate with big price appreciation prospects.

They just have to be careful. Vultures prey on the financially illiterate. Remember those pyramiding scams that victimized people mainly in the provinces, many of them dependents of OFWs? A timely word of advice to OFWs and their dependents here is that basic financial literacy is not that complicated. Many of the banks provide such financial advice for free. One simply has to visit a branch near them or, for the computer-savvy, go online for assistance.

OFWs and their dependents deserve to advance their economic lives. Financial literacy is the best starting point.


EARN MONEY NOW

EARN MONEY NOW

How to Earn Dollars in the Philippines

How to earn dollars in the Philippines? Millions of Filipinos have left our country to work abroad. They sacrifice the opportunities to live with their loved ones just to earn higher salaries and wages offered by foreign employers.

One reason is that our currency, the Philippine Peso, is quite low in value compared to foreign currencies, such as the US dollar, European euro, UAE dirham, Saudi riyal, British pound, etcetera. Another reason is that most Filipinos are more reliant on labor and employment instead of entrepreneurship. They always think that starting a business is only feasible when there is substantial amount of money to be used as starting capital. Accordingly, they go abroad to find that capital. What they probably don’t know is that we can earn dollars even without leaving our valued country and our beloved families.

The Window To The World

We know that the typical Overseas Filipino Worker (OFWs) earns foreign money abroad by working with foreign employers. Fortunately, we can work with foreign employers without leaving our native land. Thanks to the power of the Internet, the world becomes just one click away. The Internet is a window that lets people connect to anyone in the world anytime and anywhere. This edge gives us the opportunities to earn dollars online not only through foreign employment, but also through foreign business relations. In fact, there are already a number of innovative Filipinos who are making money online. They enjoy it while having enough time and physical presence to nurture their families or children.

Two Ways To Earn Money Online

There are two ways or categories of making money online. These are online employment and online business. Online employment is when you become an employee to a foreign employer, whom you give your employment online. There is an employer-employee relationship that exists between you and your superior abroad. Your employer compensates your labor through wages, which can be paid hourly, weekly, semi-monthly or monthly. On the other hand, online business is serving customers or clients, rather than employers abroad. Here, you are your own boss. You also decide your time and schedule of work unlike an online employee who may work at a specified time instructed by his or her employer.

Online Employment

Online employment offers opportunity for Filipinos to work at home while earning dollars. Online employees work with foreign employees like OFWs, but the difference is that they don’t need to go out of our country to provide employment for them. However, online jobs require knowledge in Internet, emails and the like. Most online jobs require skills, such as data entry, graphic designing, business processing, accounting, online marketing and content writing. They can be full time or part time depending on the requirements of the employer. You may visit Odesk.com to find online works that will suit you best. Remember that foreign companies are sensitive with deadlines. Hence, “Filipino time” should be transformed to “on time”.

Online Business

I prefer online business instead of online employment because it offers more flexibility in time and unlimited income opportunities. Furthermore, you can be your own boss. Having an online business involves dealing with customers or clients over the Internet. This also means you should have products or services to be offered to them. You should be innovative, creative, passionate and unique to succeed in online entrepreneurship. One of the most popular ways to earn money online is through blogging. Many Filipinos are already enjoying dollars through their blogs. You may visit Top Blogs Philippines to see the most successful Filipino blogs today in different interests and categories. You may also observe and analyze them and learn how they monetize their blog and make money online. To start as a blogger, you can choose the interest you are most passionate of or where your best expertise is.

A useful blog with lots of visitors and traffic can be monetized in many ways. You can earn dollars through advertising, affiliate marketing (earning commission by selling other products), selling your own products, offering your own services, accepting paid reviews, forming membership clubs and other systems you can implement to maximize revenue and profit from your blog. A blog, if developed properly, can give you authority and influence in media on the interest you’re blogging. Remember that fame can help you get a fortune. Just think of how the offline media (newspapers and TV networks) are making money. You don’t need to invest lots of cash to gain authority in online and social media. You just need to invest hard work, passion, expertise and your willingness to help people to gain followers. For more information about earning from a blog, please read our article titled “How can a Filipino earn and make money online”.

EARN MONEY NOW
EARN MONEY NOW

Financial Tips for New OFWs

First Tip: Before leaving the Philippines, open a savings account in a reputable bank and enroll that account to Internet banking.

Personally, I recommend Bank of the Philippine Islands or BPI because they have one of the best products and services among the banks in our country. I also do have other bank accounts like ChinaBank and Metrobank. It is very important to have your own savings account because it is where you should put your hard-earned money or use when sending money to the Philippines. You should select a popular and established bank so that you can have a guarantee that it will not bankrupt easily.

Your savings account should be enrolled to Internet banking the moment you open a new bank account so that you can monitor your balance and remittances through the Internet and anywhere you are. It will give you much comfort when you can view your account even though you are outside the Philippines.

Second Tip: Arrange a way on how you can give money to your family with out giving them your ATM or bank account.

There are many OFWs that ask questions to me about how to open an account from abroad. Sadly, our banking system does not allow that kind of situation so it is very important to open one before leaving the country. When you are there working for quite some time, there will come a time when you need to send money to Philippines especially if you have a family that is depending on you. In this case, you should send money to your own savings account in the Philippines and not to other people’s accounts.

Since you have online banking, you will know the result of your remittance if it is already credited to your account. I used BPI Express Cash as a way to give money to my parents and siblings during emergency and regular giving even though I have my own family. You can apply Express Cash in their own name or to any person you want. The application cost is only P100.

After I received my remittance to my own account, I will just transfer a certain balance to Express Cash and then the beneficiary can withdraw it anytime after I successfully transferred the money.

Third Tip: If you possibly can, learn how to save and invest.

Since you have your own savings account, it is easier now for you to save money from your salary. Normally, if you are working in a company, you will be given a local bank account in your current country and use it for your banking needs in that place. You can schedule the frequency of sending money to your Philippine bank so that you could save money on remittance fees. In that way, you can start saving money in your savings account in the Philippines.

While working abroad, you could start investing so your money will also work for you. You may begin investing in low-risk or high-risk investments such as UITFs, mutual funds, stocks, apartments, online and other types of business.

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EARN MONEY NOW

open a Philippine bank account while abroad

There are at least three ways for OFWs and other foreign-based Filipinos to open a Philippine bank account while abroad:

1.  Open an account at the foreign branches or subsidiaries of Philippine banks with branches or subsidiaries abroad such as:
       Philippine National Bank
       Bank of Philippine Islands
       Metrobank

PNB Japan

You can apply for a Philippine-based peso savings account at PNB Tokyo or Nagoya. Bring your passport, residence card and two 1x1 ID photo. Deposit in yen. Minimum initial deposit is the equivalent of 10,000 pesos in yen.

PNB Tokyo Branch 1st Floor Mita43MT Building 3-13-16 Mita Minato-ku, Tokyo 108-0073 Japan Phone: (813) 6858-5910 Free Dial: 0120-86-6382 Fax (24 hrs): (03) 6858-5920 Auto Email Reply for Rates Info: rate@pnbtokyo.co.jp Phone for Rates Info: (03) 6858-5940 / (03) 6858-5950 PNB Nagoya Sub-Branch 7th Floor Nishiki 324 Building 3-24-24 Nishiki, Naka-Ku Nagoya-shi, Aichi-ken 460-0003 Japan Phone: (8152) 968-1800

PNB Los Angeles, California

You can open a Philippine-based peso or dollar savings account, peso checking account, peso or dollar time deposit.  Minimum initial deposit for a peso savings account is the dollar equivalent of 10,000 pesos.

For those in the U.S. who cannot go to the PNB Los Angeles branch in person, read this info:
 Open a Philippine Bank Account in the U.S.

PNB Los Angeles Branch
316 W. 2nd Street, Ste. 700
Los Angeles, CA 90012
(Between Broadway & Hill Streets)
Phone: 213-401-1800 ext 201, 202 or 206
Fax:  213-401-1803
Email: losangeles@pnb.com.ph

PNB Canada and PNB Europe
You can ask these branches if they're already offering assistance in opening Philippine-based PNB accounts.

PNB Global Filipino Card
At most PNB locations abroad, you can apply for a Global Filipino Card (GFC) or Global Filipino Money Card (GFMC) for your beneficiary. This is a prepaid atm card that your beneficiary can use to withdraw your remittance from PNB and Bancnet atms. Your beneficiary can pick up the card at the nearest PNB branch. Valid IDs are needed to claim the card. You can apply for more than 1 card.
A GFC can only be funded abroad; it cannot accept a deposit over-the-counter in the Philippines.

List of PNB Bank Branches and Subsidiary Banks Abroad

BPI Europe
Go to the branch in person and ask for assistance in opening a Philippine-based peso or foreign-currency account. The documents they require for UK-based accounts might be the same documents they require for Philippine-based accounts:
 -  Passport or UK photocard driving license
 -  Proof of address, such as billing statements
 -  1 ID picture
 -  Initial deposit of 50 pounds

BPI Europe PLC in London:

BPI Europe, London (Earl's Court)
26A & 27A Earl's Court Gardens
Phone: (+44) 207-8350088
Fax: (+44) 207-3731848
Email: bpinoy@bpieuropeplc.com
   
BPI Europe, London (Threadneedle)
4th Floor, 28/29 Threadneedle St.
Phone: (+44) 207-6389100
Fax: (+44) 207-6386838

List of BPI Bank Branches and Subsidiary Banks Abroad

Metrobank Japan
Ask the Tokyo and Osaka branches if they're still offering Philippine-based savings accounts and World Cash Cards for your beneficiaries.

Metrobank Japan - Tokyo Branch Kandabashi Park Building 1-19-1 Kanda Nishiki-Cho Chiyoda-Ku, Tokyo 101-0054 Japan Phone: 81 (3) 5281-7281 / 81 (3) 5281-7210 Fax: 81 (3) 5281-7282 Email: mbtokyo@metrobank.co.jp Metrobank Japan - Osaka Sub-Branch 1st Floor, Honmachi Central Bldg 4-2-5, Honmachi, Chuo-ku Osaka, 541-0053 Japan Phone: 81 (6) 6252-1333 Fax: 81 (6) 6252-2226 Email: mbosaka@metrobank.co.jp

Metrobank New York, USA

10 East 53rd Street
New York, NY 10022
Phone: (212) 832-0855
Toll-free for US only: (800) 863-8762
Fax: (212) 832-0993 / (212) 223-0916
Email: customerservice@metrobankny.com

Other Metrobank branches abroad are in:
  China, Korea, Taiwan and the Bahamas.
There are Metrobank remittance companies in:
Hong Kong, Singapore, Canada and the UK

Foreign-Based Accounts -- Foreign Branches of Philippines Banks

At any of these foreign branches, you can open a foreign-currency account which is based in the country where you opened the account. It will not be covered by the PDIC, and it may or may not be covered by insurance in that foreign country. 

If you have an online bank account and you transfer money from your foreign account to your account in the Philippines, the transfer will pass through a remittance system, so there will be a remittance charge.

The advantages of opening an account with a foreign branch or subsidiary of a Philippine bank are the lower cost and the faster processing due to the relationship between the Philippine bank and its foreign branch or subsidiary.

Most ATM cards issued abroad (with Mastercard, Visa, China Union Pay logos) can be used to withdraw from ATMs in the Philippines. The charge per ATM withdrawal is 200 pesos, more or less.

2.  Open a Philippine-based BDO Kabayan Savings accountor a BDO Remit cash card account in countries where there are BDO Remit offices.  There are also many BDO remittance partners that offer these accounts.

Here are some lists of BDO remittance partners:
Abu Dhabi, UAE
Bahrain
Brunei
California
Ireland
Japan
New York
Qatar
Saudi Arabia
Switzerland, Norway, Netherlands
Taiwan

This BDO Kabayan account is a passbook-and-atm savings account. It does not require a maintaining balance, as long as it receives at least one foreign remittance within a 12-month period.
Warning:  If this account does not receive a foreign remittance in 12 months, it will be automatically converted into a regular passbook account, and it will require a 5,000-peso maintaining balance. This will become 10,000 pesos starting May 1, 2014.  On the last day of the 2nd consecutive month that the account is below maintaining balance, 300 pesos will be deducted as penalty, and another 300 pesos on the last day of the 3rd month, and so on, if the account remains below the maintaining balance requirement.   

When you open your account at a remittance office, only a few are able to give you immediately your passbook and atm card; most others ask you to return on a certain date because they need to get your passbook and atm card from BDO Philippines.  After getting your passbook and atm card, you can start sending money to your account, but you cannot use yet your atm card. You will need to activate your atm card in the Philippines.

A BDO Remit cash card is a reloadable atm card that your beneficiary can use to withdraw your remittance from an ATM in the Philippines. It is not a savings account and it does not require a maintaining balance.
It can contain a maximum of 100,000 pesos at any one time. Regular BDO cash cards can contain only 10,000 pesos (generic) and 25,000 pesos (with embossed name).
The Remit cash card can also be used as a debit card to pay purchases at SM supermarkets, stores and affiliates.

3. Open a deposit account online with BPI Direct Savings Bank

BPI Direct Savings Bank is the online bank of the Bank of Philippine Islands (BPI). It is an Internet bank. As of today, as far as I know, it's the only Internet bank in the Philippines. Wala itong branches na pisikal na makikita at pupuntahan ng mga depositors, pero BPI Direct customers can use BPI ATM machines and cash deposit machines to make deposits, withdrawals and other transactions.

For over-the-counter transactions, you will choose and designate your BPI branch during enrollment.

You will also enroll in BPI Internet banking (bpiexpressonline.com) to do online banking.

To open a BPI Direct Savings account while abroad, go to bpidirect.com. You will fill up a form online and you will be given instructions via email on how to complete your account opening.

As of now, opening a BPI Direct account while abroad is open to OFWs and other Filipinos in:

• Bahrain
• HongKong
• Italy
• Spain
• United Arab Emirates 
• United States 

Every BPI Direct deposit account owner is insured by the PDIC up to a maximum of 500,000 pesos.

What types of BPI Direct Savings accounts are available?

• Express Teller Savings
• BPInoy Savings
• Save-Up Automatic Savings + Insurance
• Maxi-Saver Savings
• Maxi-One Checking
• Time Deposits

For OFWs, the BPInoy Savings account is recommended, as this account was designed for Pinoys abroad.

Advantages:

• No initial deposit required
• No maintaining balance, but you must make at least one remittance every 6 months
• You can enroll it in Internet banking
• You earn interest if you maintain a daily balance of at least 500 pesos
• Annual interest rate of 1% is higher than many other regular deposit accounts

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EARN MONEY NOW

Savings accounts for kids in the Philippines

Let's teach our children how to earn, save and handle money. Let's introduce them to the world of banking and personal finance. Who knows, you might trigger in them the desire to learn how to become rich.

                 Savings accounts for kids in the Philippines

Children in the Philippines who are at least 7 years old and who can read and write can legally open savings and time deposit accounts, deposit and withdraw, using their own names and signatures, according to Presidential Decree No. 734, issued in 1975.

The most common requirements needed to open savings accounts for your children are one or more of the following. If you have them, just bring all of them, in case the bank officers ask for them.

• Birth certificate of your child (This is the Number One requirement, and can be the sole requirement in certain banks.)
• School ID or enrollment card, for students
• Photos of child, usually two 1x1 pictures, just in case
• Parent's IDs and photos for In-Trust-For (ITF) accounts for younger children
• Baptismal certificate, just in case
• Proof of address, just in case; can be a recent utility bill or credit card statement

Here are savings accounts designed by banks in the Philippines especially for kids:

BANCO DE ORO BDO

BDO Junior Savers Club

• For children 12 years old and younger
• Minimum initial deposit is 500 pesos
• Maintaining average daily balance is 100
• Minimum balance to earn interest is 500
• Annual interest rate is 0.25 %, subject to 20% withholding tax
• Specially designed passbook
• Shopping card for use at SM Department Stores and affiliate shops
• ATM card for kids 7 years to 12 years old, with balance of 2,000 pesos or more
• ID card for kids 6 years old and younger

BDO Power Teens Club

• For children older than 12 years old up to 19 years old
• Minimum initial deposit is 2,000 pesos
• Minimum average daily balance is 2,000
• Minimum balance to earn interest is 2,000
• Annual interest rate is 0.25 %, subject to 20% withholding tax
• Specially designed passbook
• ATM card, which can also be used as shopping card at SM Department Stores and affiliate shops
• Special discounts at selected affiliate shops

BANK OF THE PHILIPPINE ISLANDS and BPI FAMILY

BPI Family Jumpstart Savings

• For children 10 to 17 years old
• This is an ATM savings account
• Minimum initial deposit is 500 pesos
• Maintaining average daily balance is 
   - 500 for a BPI Family account    - 1,000 for a BPI account
• Minimum average daily balance to earn interest is:
   - 1,000 for a BPI Family account    - 2,000 for a BPI account
• Annual interest rate is 0.50 % for BPI Family and 0.25 % for BPI
• Free 4 withdrawals per month (for controlled spending)
• Can set aside a Guaranteed Savings amount, which you cannot easily withdraw and you can use only when really needed
• Can set regular automatic fund transfer from parents' BPI account
• ATM can be used as shopping card at BPI Express Payment System (EPS) stores
• Special discounts at selected EPS shops
• Can be used to reload cellphones via BPI ATM, BPI phone 89-100, BPI Express Mobile, or BPI Online Banking 

METROBANK

Metrobank Fun Savers Club

• For children below 18 years old
• Minimum initial deposit is 500 pesos
• Maintaining average daily balance is 500 pesos
• Minimum ADB to earn interest is 4,000
• Annual interest rate is 0.25%
• Welcome gift given at opening of account
• Free educational trust benefit worth 50,000 for accounts reaching a certain minimum average daily balance (ADB) level
• Free personal accident insurance worth twice the average daily balance for accounts reaching a certain minimum ADB (up to 1 million pesos) level
• Special discounts at affiliate shops

For grandparents, parents, other relatives, friends, ninongs and ninangs:

- You can encourage saving in a child you love.
- You can purchase a Fun Savers Club gift check at any Metrobank branch over-the-counter for a minimum of 500 pesos. This gift check is available to all, whether Metrobank depositor or not.
- Your intended recipient should be younger than 18.
- This gift check will be used by your recipient to open a Metrobank Fun Savers Club or add to his/her existing Fun Savers Club account.


RCBC SAVINGS BANK

RCBC WISE Savings Account

WISE means Wise Investors Save Early

• For children 7 to 14 years old 
• For children younger than 7, parents can open a WISE account as an In-Trust-For (ITF) account
• Minimum initial deposit is 500 pesos
• Maintaining balance is 1,000
• Balance to earn interest is 5,000
• Annual interest rate of 0.5 %, subject to the 20% withholding tax
• Can be purely a passbook account, or a passbook account with ATM
• Free one-year personal accident insurance worth 20,000 pesos each for parent and child upon 
• opening a WISE account with an initial deposit of at least 1,000 pesos and with the parent 65 
• years old or below
• Can be set for automatic fund transfer from parents' existing RCBC Savings Bank accounts.

EASTWESTBANK

EastWest Cool Savers Kiddie Account

• For kids 18 years old and younger
• A passbook account
• Minimum initial deposit is 2,000 pesos
• Maintaining average daily balance is 2,000
• Minimum ADB to earn interest is 2,000
• Annual interest rate is 0.25%, subjec to 20% withholding tax
• Charge for below maintaining balance is 500 pesos per month
• Charge for two-year dormancy is 500 pesos per month

UCPB 

UCPB Kiddie Max Account

• For children 18 years old and younger
• Passbook or ATM card
• Minimum initial deposit is 500 pesos
• Minimum ADB to earn interest is 10,000 pesos
• Annual interest rate is 0.25%
• Can be funded from parents' UCPB accounts via online or phone banking

DEVELOPMENT BANK OF THE PHILIPPINES DBP

DBP Young Earners' Savings Accounts (YES)

• For kids ages 12 years and below
• Minimum initial deposit of 500 pesos

DBP In Trust For (ITF) Savings
Opened by parents in behalf of their children younger than 18 years old


MAYBANK PHILIPPINES

Maybank IM Teen Savings Account

• For teenagers between the ages of 13 to 17 years old
(below 18 years old, as posted in their other ads
• Minimum ADB is 500 pesos
• Minimum ADB to earn interest is 5,000
• Annual interest rate is
    - 0.5% for ADB from 5k to 199,999     - 1% for ADB 200k and above     - subject to 20% withholding tax
• Option to get a free ATM card
• With personal accident insurance and medical reimbursement benefit 

Maybank Yippie Savings Account

• For kids 12 years old and younger
• Same requirements and benefits as above IM Teen Savings Account

STANDARD CHARTERED BANK

Standard Chartered DreamSavers Account

For children
Annual interest rates of:
- 1% for balances 25k to 500k
- 1.25% for 500k to 1M
- 1.5% for 1M to 5M
- 1.75% for 5M to 10M
- 2% for 10M and above
Requirements are:
- one valid unexpired primary photo ID, original and clear xerox copy
- student ID should bear signature of school head
- proof of address such as bill, mail, subdivision ID or barangay certificate with seal
- birth certificate


CHINA BANK SAVINGS 

China Bank Savings Easi-Save for Kids 

• Passbook
• For kids 12 years old and younger
• (In-trust-for accounts or ITF accounts are opened 
• for children below 7 years old)
• Initial deposit is 500 pesos
• Minimum Balance to Earn Interest is 500 pesos

ROBINSONS BANK

RobinsonsBank Tykecoon Kiddie Savings Account

• Minimum initial deposit is 2,000 pesos
• Maintaining average daily balance is 2,000
• Minimum ADB to earn interest is 2,000
• Annual interest rate is 0.25%, credited monthly, subject to 20% withholding tax

CITYSTATE SAVINGS BANK

Citystate Student Savers Account

• For children 7 to 21 years old
• Minimum initial deposit is 100 pesos
• Maintaining average daily balance is 100 pesos
• Minimum ADB to earn interest is 500 pesos
• Interest credited monthly
• Amounts may increase to 500 pesos and 1,000 pesos after the promo period

PHILIPPINE BUSINESS BANK

Philippine Business Bank Campus Savers

• For students from elementary to college
• Passbook account
• Minimum initial deposit is 100 pesos
• Maintaining average daily balance is 100 pesos
• Minimum ADB to earn interest is 500
• Annual interest rate is 0.25%, credited quarterly

SECURITY BANK SAVINGS

Young Savers Savings Account 

• For children aged 7 to 17
• Passbook of SBS CashLink ATM card
• Maintaining balance requirement is 100 pesos
• Interest Rate:
• 100 - 2K: 0.0%
• 2K - 9K: 0.5%
• 10K - 19K: 0.75%
• 20K - 49K: 1.0%
• 50K and above - 1.25%

PLANTERS DEVELOPMENT BANK

SME Kiddie Club

• For children 7 to 12 years of age
• Minimum initial deposit is 500 pesos
• Maintaining balance requirement is 500 pesos
• Balance to earn interest is 1,000 pesos
• Interest rate of 0.5% per annum
• Can have scheduled fund transfer option from a designated source account

SME Teen Club

• For children 13 to 19 years of age
• Minimum initial deposit is 1,000 pesos
• Maintaining balance is 1,000 pesos
• Minimum balance to earn interest is 2,000 pesos
• Interest rate of 0.5% per annum
• May come with a passbook or an ATM card
• Can have scheduled fund transfer option from a designated source account

STERLING BANK OF ASIA

Sterling Bank NEO Savings Account

• For kids ages 17 years old and younger
• Initial deposit: any amount
• No maintaining balance requirement
• Minimum balance to earn interest is 2,000 pesos
• Annual interest rate is 0.375%
• Passbook and Visa debit card

EQUICOM SAVINGS BANK

Equicom Savings Kiddie Builders Savings Account

• For children 13 years and younger
• Minimum initial deposit is 500 pesos
• Maintaining balance is 500 pesos
• Balance to earn interest is 1,000 pesos
• Annual interest rate is 1% 
• Auto Fund Transfer Arrangement (AFTA) option
• Minimum monthly contribution is 100 pesos
• Entitled to free dental and medical benefits from Maxicare 
• or Metro Dental when account balance reaches 15,000 pesos
• Maximum withdrawal limit is 3 times within a month

ONE NETWORK BANK

One Network Bank Young PeraSavers

• Free Emmet the Ant Passbook
• Initial deposit is 50 pesos
• Maintaining balance is 50 pesos
• Interest rate is 0.50% per year, credited monthly

BANK OF MAKATI

Bank of Makati Kidz Savers Account

• For kids and teens ages 7 to 17 years old
• Minimum initial deposit is 100 pesos 
• Interest rate per year is 1%, credited monthly

1ST VALLEY BANK

1st Valley SD Micro

• For children and micro entrepreneurs
• Minimum initial deposit is 20 pesos
• Makes use of the wais box 

1st Valley SBR (Save Build & Read) 

• For students attending public elementary and high schools 
• This savings program helps build the school reading center

BANGKO KABAYAN 

Bangko Kabayan Bibo Kid Savers

• For children ages 7 to 12 
• Passbook 
• Minimum deposit is 100 pesos

WORLD PARTNERS BANK

World Partners Kiddie Savers Club

• For kids 12 years and below
• Comes with a welcome kit and passbook
• Minimum initial deposit is 100 pesos
• Maintaining balance requirement is 100 pesos
• Minimum balance to earn interest is 500 pesos
• Interest rate per year is 2%, credited monthly
• Fee for falling below maintaning balance is 50 pesos

World Partners Teen Savers Club

• For young people 13 to 19 years old 
• Comes with Teen Savers Club giveaway
• Passbook and ATM card
• Minimum initial deposit is 200 pesos
• Maintaining balance requirement is 500 pesos
• Interest rate per year is 2%, posted monthly
• Fee for falling below maintaining balance is 50 pesos

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OFW savings accounts offered by different banks in the Philippines:

Advantages of getting an OFW savings account instead of a regular account:
 - No maintaining balance
 - No initial deposit or low amount of initial deposit

Common requirements in opening an OFW account:

 Requirements vary from bank to bank, but usually these are
  needed:
 - 2 Valid IDs
 - 2 ID pictures
 - Recent receipt of remittance from abroad or proof of being
    an OFW


1.   BDO Kabayan Savings Account 
      - Initial deposit is 50 pesos
      - ATM card and passbook
      - No maintaining balance requirement
        (but must have at least 1 remittance from abroad every
        12 months)
      - Can be opened at selected BDO remittance partner
         companies abroad (but ATM card must be linked to
         account at the BDO Buendia-Paseo Makati branch)
      - Can be enrolled for an auto-debit arrangement for
        the payment of BDO loans and certain insurance policies
      - If you open at a BDO branch, bring proof that you're
        OFW, or if you're an OFW beneficiary, bring any
        receipt of remittance from abroad,
        in addition to 2 valid IDs and 2 Id pictures,

2.   METROBANK OFW Peso Savings Account

      - ATM or passbook
      - No initial deposit
      - No maintaining balance requirement
       (but must have at least one remittance from abroad
         every 12 months)
      - Minimum balance to earn interest is 10,000
      - Account will be converted into a regular passbook
         account after 12 months of no remittance from abroad

3.   BPI PINoy Savings Account from BPI Direct Savings
      - No initial deposit
      - No maintaining balance requirement
        (but must have at least 1 remittance from abroad
         every 3 months)
      - Can be used to withdraw cash in Cirrus-linked
         ATMs abroad
      - Can be used to pay for purchases at stores with
         EPS systems
      - Minimum balance to earn interest is 500 pesos
      - Must be opened online at bpidirect.com
        (ATM card will be released at BPI branch selected by client)

4.   PNB OFW Peso Savings Account 
      - No initial deposit requirement
      - No maintaining balance requirement
      - ATM and passbook
      - Minimum balance to earn interest is 10,000 pesos

5.   CHINABANK Overseas Kababayan Savings 
         (OKS) Account 
      - OKS ATM card
      - No initial deposit
      - No maintaining balance
      - Minimum balance to earn interest is 1,000 pesos.
      - You can enroll this account in China Bank Online for free

6.   PSBANK Overseas Filipino Savings Account
      - No initial deposit requirement
      - No maintaining balance requirement
      - ATM card
      - Minimum balance to earn interest is 5,000 pesos

7.   UCPB U-remit ATM Savings Account
      - No initial deposit requirement (for atm account)
      - Initial deposit of 100 pesos (for passbook account)
      - No maintaining balance requirement
      - Need to present proof of being an active OFW, such as
         working visa, current OEC, Foreign resident ID,
         or overseas employment contract

8.   BANCOM Sikap Pinoy OFW Account
      - ATM card
      - No initial deposit requirement
      - No maintaining balance requirement
      - Minimum balance to earn interest is 500 pesos
      - Can be opened at any Bancom branch

9.   MAYBANK Money2U ATM Savings Account
      - No maintaining balance requirement
      - Minimum balance to earn interest is 10,000 pesos
      - Free interbank fee for the first 2 transactions
      - Can be used to send money via Singapore Regionlink
      - Can be used to transfer money to other Bancnet-member
        banks with interbank transfer fee of 25 pesos

10.   STERLING BANK OF ASIA Bayani OFW Savings 
          Account
       - Bayani OFW Visa Card
       - No initial deposit required
       - No maintaining balance requirement
        (must have remittance from abroad at least once every
          12 months)
       - Minimum balance to earn interest is 2,000 pesos
       - Remittance through IRemit offices or through wire transfer

11.   FIRST CONSOLIDATED BANK PITAKard  
          Savings Account
       - PITAKArd atm card
       - No initial deposit requirement
       - No maintaining balance requirement
       - Minimum balance to earn interest is 501 pesos

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EARN MONEY NOW