SeaBank Philippines Peso Savings Account – MoneySmart Review 2022

seabank philippines review

Looking for ways to grow your hard-earned money? What if we told you there’s a local bank that offers 5.00% per annum interest? Say hello to the SeaBank Peso savings account.

SeaBank is a rural bank with digital banking features. It means you can open a savings account without visiting a branch. Let’s take a closer look at the fees, interest rates, and key benefits, and find out if it’s worth opening an account.

SeaBank Peso savings account features

Type of Account Peso Savings Account
Interest rate 5.00% per annum
Initial deposit Zero
Minimum balance required None
Maintaining balance required to earn interest None
Dormancy fees Free
Check deposit Not supported
ATM withdrawals Not supported
ATM card  Not supported

SeaBank Philippines Inc is a rural bank regulated by Banko Sentral ng Pilipinas. All deposits are insured by the PDIC for up to ₱500,000 per depositor.

The bank is a part of Sea Limited, a global consumer internet company based in Singapore, which also runs Shopee. The bank is 100% branchless that allows users to open a Peso savings account via its mobile app.

Like other digital banks, depositors can download the SeaBank app on App Store and Google Play Store. Registration, verification, and confirmation can be done in a few minutes.

You may also use your Shopee login details to open a savings account. There’s no minimum initial deposit, but you can transfer money from other local banks and e-wallets to top up your savings.

Currently, it doesn’t support virtual and physical cards. So the only way to deposit and withdraw funds is by transferring to and from local banks within the app.

You can use InstaPay and PESONet for sending and receiving funds. If you use the latter, you will receive the money within one banking day.

Withdrawing cash is possible by transferring funds to other bank accounts or e-wallets that support ATM withdrawals. For example, you can transfer ₱10,0000 from SeaBank to your BPI account and withdraw the money at any ATM or over the counter.

Keep in mind that whether you’re sending via InstaPay, PESONet, or SeaBank network, the maximum amount you can transfer per transaction a day is ₱ 1 million.

SeaBank Peso savings account interest rate vs. other banks

SeaBank offers 5.00% interest per annum, and earnings are credited daily. There’s no maximum deposit, but there’s a daily limit of up to ₱1 million on outgoing transactions like sending money from SeaBank to other local banks. For incoming transfers to your SeaBank account, there’s no limit.

For example, you can receive ₱5 million from a local bank straight to your SeaBank account. But you can only transfer to other local banks and e-wallets up to ₱1 million. The savings account is straightforward. If you save more, then you earn more. The total interest earnings are calculated based on the depositor’s available balance, net of tax deductions.

According to SeaBank’s calculator, here’s how much interest you will earn. Your earnings are subject to 20% withholding tax.

seabank review by moneysmart philippines
[Image credit: SeaBank website]
If you have ₱5 million, you can already build a passive income of ₱16,438.36 per month. In a nutshell, the interest rate that SeaBank offers is higher than other digital and commercial banks. Let’s check out the other interest rates below.

Bank Interest Rate (per annum) Minimum Initial Deposit (depending  on the type of Savings Account)
  • 5.00% 
Tonik Bank
  • 1.00% (Regular)
  • 4.00% (Stashes)
Komo Bank
  • 2.50%
CIMB Bank Philippines
  • 0.50% – 0.75% Fast & Fast Plus Account
  • 2.50% UpSave Account
  • 2.60% GSave Account
Bank of Philippine Islands (BPI)
  • 0.0625% to 0.125%
₱100 – ₱2 million
Banco De Oro (BDO)
  • 0.0625%
₱100 – ₱30,000 +
Security Bank
  • 0.0625%
₱5,000 –₱100,000 +
China Bank Corporation
  • 0.125%
₱2,000 –₱20,000 +
  • 0.75% to 2.04%
₱50,000 – ₱2 million

What are the requirements to open a SeaBank account?

Opening an account is pretty straightforward. Download the SeaBank app to your mobile device and follow the instructions. The quickest way to do it is to register via a Shopee account. Simply link your account, and the mobile app will walk you through the verification process.

You may open an account if you’re

  • 18 years old and above
  • A resident of the Philippines

The requirements are:

  • One (1) government-issued ID (e.g., driver’s license, passport, Unified Multipurpose ID)
  • One (1) document as proof of address (e.g., recent utility bill, credit card statement, certification of voter’s registration, driver’s license, condominium dues bill)

Other things you should know about SeaBank savings

It doesn’t matter how much you will put in your account, whether it’s ₱500 or ₱5 million. SeaBank gives you a daily payout of interest earned to your savings account. It doesn’t charge dormancy fees, and you can request a bank statement for free.

What’s more, there is no lock-in period on your funds. You can withdraw them anytime using a mobile bank transfer. 

SeaBank has six branches located in Laguna. You can visit them anytime if you wish to avail of other branch services such as farmer’s loans, personal loans, and business loans.

Final thoughts

SeaBank is one of the few rural banks in the Philippines with digital banking features. If you have extra money that you want to grow, there’s no harm in depositing the funds to SeaBank. But if you want to make sure your funds are insured, then just deposit up to ₱500,000. 

Most commercial banks offer less than a 2.00% interest rate per annum. SeaBank’s 5.00% interest rate is worthy of consideration. However, keep in mind that after your verification process, your account will still be under review. This means that you need to wait for at least one banking day before you can make transfers.

Having no physical debit card also lessens the temptation of withdrawing funds. However, make sure you don’t exceed the daily limit transfers to ensure you can transfer funds to and from other banks and e-wallets.

Have you tried SeaBank services? Let us know in the comments below your experience.