You can always invest your money in stocks, mutual fund, and even government bonds. If you have enough capital, you can even put up your own business and stay in the Philippines for good. Before you achieve your goals, you need to start with one thing: a savings account.
Check out the savings account offered by major banks and find out which one suits you best:
1) BPI Savings
One of the largest banks in the Philippines, BPI offers variety of savings products for Overseas Filipino Workers. You can start with opening a BPI Express Teller account, an ATM-savings account that allows you to remit money anywhere in the world.
If you want faster returns on deposits and higher interest rates, you can open BPI Advance Savings Account or Maxi-Saver. The BPI Pamana Savings is also ideal because it comes with free insurance for up to P2 million.
You can monitor your savings through online banking system or mobile banking to make things more convenient for you.
2) BDO Kabayan Savings
If you are coursing your remittances through BDO Remit, then it’s time to open BDO Kabayan savings account. With only P100 or $100 initial deposit, you get to save and enjoy the benefits offered by the bank specifically for OFWs. You may also qualify for zero maintaining balance as long as you remit at least once a year. Boost your savings too, so you can qualify for free life and accident insurance.
In case you might need a loan, having a BDO Kabayan Savings could help increase your chances if you apply in BDO.
3) Metrobank OFW Peso Savings
If you want no initial deposit and zero maintaining balance when opening an account, then Metrobank could help. The OFW Peso Savings account allows you to open an account without any money in your pocket. Plus, your savings account earns money through interest and allows you to access it anytime, anywhere.
Don’t worry. You get to enjoy other benefits such as make fund transfer, pay the bills, or check your account.
4) PSBank Overseas Filipino Savings
A subsidiary of Metrobank, PS Bank also offers savings products for OFWs through the Overseas Filipino Savings. It is a fixed interest bearing account with no initial minimum and maintaining balance. Remitting money to your loved ones back home is easy and checking your account is convenient through its PSBank online facility. You get to earn interest at P5,000, unlike other banks that need P10,000 amount on your account.
5) PNB OFW Savings Account
PNB may be one of the oldest and most stable banks in the country, but they are able to prove that they can adapt to the changing times, including having a savings account facility for OFWs. The OFW Savings Account has zero opening and maintaining balance and provides special ATM card for the OFW and beneficiaries.
In case you need to open an account fast, avail of their Take One Kit. It contains the ATM card and forms you need to fill out so you don’t have to wait for your ATM to arrive.
6) Chinabank Overseas Kababayan Savings
The Overseas Kababayan Savings is another options you need to consider when opening a savings account. Apart from the no initial deposit and no maintaining account, you only need P1,000 balance to be able to earn interest. You can also course your remittances through this account since you can access it in all BancNet POS, apart from the branch, mobile, and online services.
7) Bank of Commerce Sikap Pinoy OFW Account
This type of facility is offered specifically for OFWs and their beneficiaries. Initial deposit and maintaining balance are waived while P5,000 minimum balance is required to earn interest in your account. You also get a customized ATM card and can access your account in all BancNet ATMs.
What are you waiting for? Take your pick!