China Bank Peso Savings Account – MoneySmart Review 2020

China Bank peso savings account

Thinking about where to put your hard-earned money? Start the year right and build good financial habits by saving your money.

Check out China Bank’s Peso Savings Accounts and see whether they fit your money-saving goals.

What are the types of China Bank Peso Deposit Accounts?

China Bank offers 4 types of Peso Deposit Accounts to meet your basic banking needs.

You can even open an account without an initial deposit via the Overseas Kababayan Savings Account.

The interest rate per annum is 0.125%, and it’s subject to a 20% withholding tax.

Product Minimum Initial Deposit Minimum MADB Requirement Minimum Balance to Earn Interest
ATM Savings P2,000 P2,000 P10,000
MoneyPlus Savings P20,000 P20,000 P50,000
Overseas Kababayan Savings Waived Waived P1,000
Passbook Savings P5,000 P5,000 P10,000

China Bank Peso ATM Savings Account Features

If you’re after convenience and 24/7 ease of access, you can start with the Peso ATM Savings Account.

It meets your basic banking needs by giving you an account that is as mobile as your lifestyle.

You can open an account with an initial deposit of P2,000 and earn an interest rate of 0.125% per annum.

Keep in mind that you need to maintain a minimum balance of P10,000 to earn interest.

The minimum monthly average daily balance (MADB) is P2,000.

One of the perks of having an ATM savings account is banking convenience. In case of emergencies, you can easily access your funds and go to any ATM to make a withdrawal.

You get a TellerCard ATM once you open an account and submit all the required documents.

Other perks include access to China Bank Online and TellerPhone, as well as transactions via BancNet POS and at any China Bank branch.

China Bank MoneyPlus Savings Account Features

You can also consider the MoneyPlus Savings if you want more flexibility and liquidity when it comes to your funds.

With an initial deposit of P20,000 you can open an account and get bonus earnings.

The advantage of having this type of savings account is that it forces you to save more because you need to maintain the MADB (Minimum Average Daily Balance) of P20,000.

Interests may vary based on your ADAB (Average Daily Available Balance) and the number of withdrawals you make every month, which is subject to certain conditions.

The minimum balance to earn interest is P50,000.

MoneyPlus Savings comes with a passbook and an optional Tellercard. You can also enjoy China Bank’s services such as ATM, TellerPhone, China Bank Online, BancNet POS, and BancNet Online for your other transactions.

Overseas Kababayan Savings Account Features

Here’s a good deal for OFWs who want to save money and use the same account to send and receive remittances.

The Overseas Kababayan Savings is a no-initial deposit and no maintaining balance Peso account with an interest rate of 0.125% per annum, subject to a 20% withholding tax.

The minimum balance to earn interest is P1,000. When you open an account, you also get the OKS Peso Account ATM card and a monthly statement of account.

Passbook Peso Savings Account Features

If you’re serious about saving for your future, you may want to explore the Passbook Savings Account that allows you to easily monitor your savings via China Bank Online.

The initial deposit requirement is P5,000. The minimum monthly average daily balance (ADB) requirement is P5,000.

And if you want to earn interest, a minimum balance of P10,000 must be maintained.

Just like the other Peso Savings Accounts mentioned, the interest rate is also 0.125% per annum, which is subject to a 20% withholding tax.

One of the benefits of having a passbook savings account is that you are less likely to get tempted to withdraw your money, unlike an ATM savings account where you can access funds anytime and anywhere.

Which China Bank Peso Savings Account is for you?

You can choose the right savings account based on your financial goals, whether they’re short-term or long-term goals, and how you want to use your savings account to manage your cash flow.

The MoneyPlus Savings Account and Passbook Savings Account are great options if you want to save more than P5,000 and if you can maintain accounts with funds from P10,000 and up.

For OFWs who want to save their hard-earned money, the Overseas Kababayan Savings is a good option.

Not only is it suitable for your savings goals, but you can also conveniently send and receive remittances.

What’s also great about this type of Peso account is the waived minimum initial deposit and MADB requirements.

Which of these China Bank Peso Savings Accounts do you think will help you become more moneysmart for 2020? Let us know in the comments below.