In terms of Accessibility
The best banks where you can easily access your accounts, withdraw or deposit money, or do other banking transactions are those banks that that have the largest number of branches. Those banks are:
- Banco de Oro (BDO) - BDO is the country’s largest bank in terms of total resources, capital, customer loans, total deposits, and assets under management. You can find BDO banks in almost all major cities and municipalities in the Philippines. Henry Sy owns both BDO and SM mall. That's why when you shop at any SM mall, you can find BDO ATM machines where you can withdraw money, pay bills, or do other banking transactions.
- Bank of the Philippines Islands (BPI) - BPI is one of the banks with the largest number of ATM's throughout the Philippines. When you shop at any Ayala malls, you can find BPI atm machines. Ayala corporation has an ownership both with BPI and Ayala malls.
- Metrobank - is also one of the largest banks in the Philippines with a large number of branches and ATM (machines) network.
- LandBank - owned by the Philippine government and regarded as the largest formal credit institution in the rural areas.
- Philippine National Bank (PNB) - is the first universal bank in the Philippines.
You can easily access this bank if you are located in the major cities in the Philippines.
In terms of Convenience
Not all accessible banks are convenient to bank with. Some banks have a large number of customers. You might experience that you've waited for several minutes transacting with the bank because of the long-line or long que of customers waiting to be served. So you may choose a bank that's convenient to you where you can easily deposit, withdraw money or do banking transaction without wasting time.
Banks that are convenient to transact with are:
- Rizal Commercial Banking Corporation (RCBC)
- China Bank
- East West Bank
Most branches of these banks have fewer customers/clients compared to other banks. So, you get served faster.
In terms of Innovation
Banks with highly innovative services bring more convenience to its customers. These services include online banking, mobile banking, servicing outlets through partnership with other financial or commercial institutions.
Banks that lead the innovation in the banking industry are:
- BPI - its online banking features include free online balance inquiry, fund transfer, bills payment, electronic load for mobile phone/tablet, etc.
- BDO - its online banking features include free online balance inquiry, fund transfer, bills payment, electronic load for mobile phone/table, etc.
- Metrobank - its online banking features include free online balance inquiry, fund transfer, bills payment, etc.
- Unionbank - its EON account can be linked to your Paypal account which facilitates online payment for online merchants. So, you can buy products or service online with the help of an EON account.
In terms of Account Opening
Almost all banks require you to bring valid id's, photo, and initial deposit upon opening a savings account. Most banks have the same amount of initial deposit and minimum maintaining balance requirement. Since you already have an idea of the best banks in the Philippines, let's dive quickly to the initial deposit and minimum maintaining balance of the basic savings account of these top banks:
- BPI - Php 3,000 initial deposit and minimum maintaining balance for ATM and Php 10,000 for Passbook
- BDO - Php 5,000 initial deposit and minimum maintaining balance for Passbook with ATM card
- Metrobank - Php 10,000 initial deposit and minimum maintaining balance for Passbook with or without ATM card
- Unionbank - Php 25,000 initial deposit and minimum maintaining balance for Passbook with or without ATM card. It has an EON account that requires Php 350 only as initial deposit and no minimum maintaining balance.
- China Bank - Php 5,000 initial deposit and minimum maintaining balance for both Passbook and ATM card
Thus, in choosing the best bank for your saving account, you may choose the one that is very accessible, convenient, innovative and has lesser initial deposit or balance requirement.
I know that there are some banks that you feel should be included in the list above. Do you know other banks that you think is the best bank where you can apply for savings account? And tells us why it's the best?