Free to open Savings account in Philippines
Savings account without initial deposit and maintaining balance needed.
I think the reason you’re searching about how to open a free savings account because now a day to open a regular savings account you need to have at least PhP2, 000 to PhP5, 000 with a Minimum Maintaining Balance of PhP2, 000 to PhP3, 000 that you needed to maintain. If not you will be change Service Fee for (falling below maintaining balance) the fee is around PhP300 to PhP500 monthly. That is why I make this, to give you options or tips on how to get a free saving account without initial deposit and maintaining balance needed.
PSBank Online Account - This account is very easy to open just a click on your phone you can open it straight away here our the step.
What is PSBank Online Account Opening?
PSBank Online Account Opening is a digital functionality in PSBank Mobile App which enables users to open a PSBank Peso Deposit Account.
How do I open a PSBank account via PSBank Mobile?
A. FOR NEW-TO-PSBANK CUSTOMERS, download the PSBank Mobile App on your phone from Apple App Store or Google Play Store.
Step 1: On the log-in page, select the “Open a New Deposit Account” button.
Step 2: Read and accept the Terms and Conditions for PSBank Mobile App and Online Account Opening.
Step 3: Choose and take a photo of one (1) valid/unexpired ID from the list below:
Philippine Passport
Driver’s License
Unified Multipurpose ID (UMID)
Social Security System (SSS) ID
Professional Regulations Commission (PRC) ID
Phil ID (National ID)
Postal ID with QR Code
Step 4: Provide the following information and take a live photo of yourself/selfie:
(1) Full Name
(2) Birth Date
(3) Birth Place
(4) Mobile Number
(5) Email Address
(6) Address
(7) Source of Funds
(8) Nature of Work
(9) Employer / Business Name
(10) Answer questions related to PEP (Politically Exposed Person) and FATCA (Foreign Account Tax Compliance Act) Declaration
Tap on the “Submit” button.
Step 5: Create your PSBank Mobile App username and password, and then enter your One-Time Password (OTP).
Step 6: If you would like to avail of a PSBank ATM card, choose how you want to receive your ATM card from the following options:
Deliver to my Mailing Address
A fee of PhP200 will be deducted from your account to cover courier charges.
Pick up from any PSBank Branch
Present your Transaction Reference Number and the original copy of the primary ID you uploaded in the Online Account Opening facility when you visit the branch.
Step 7: You will be notified via SMS and email to schedule a video call appointment with us within three banking/working days. Using the link provided in the SMS and email, you will be directed to an Appointment Module in the PSBank Website. Enter your OTP and then choose your preferred date and time for the video call.
Step 8: A PSBank representative will further verify the details of your application during your scheduled video call.
Step 9: Once approved, you may start funding your account through interbank fund transfer via InstaPay/PESONet or by over-the-counter deposit at any PSBank branch near you.
You see it’s very easy just nine easy step, You have your free savings account. I highly suggested if you have time to go to near branch to pick up your PSBank ATM much better because it has no fee. No need to pay PhP200 for deliver but if you don’t have time to go to the branch then just deliver it to you house.
I also suggest that you deposit at least PhP100 to PhP500 because if you don’t deposit within six months your account will be close.
Based on my experience I open my account Tuesday evening I finish signing up within 5 minutes and after that a got a text and email that my account is being processed. The next day I got a email from PSBank for video call verification that call is around 11:30 am and it take 2 minutes. Then around 01:30 pm I get a text and email that my account is approved. After that I go to the nears branch on our town, bring 1 valid ID and the reference number. After 30 minutes of wait I got my ATM. I also deposit PhP500 on it before living the branch. It just took me one day to open the account.
Thank you all, I hope this helps you.
This is my video about PSBank: Click Me!