The day you say goodbye to milk teas and samgyeopsals will also be the day you can finally start building good financial habits.
We know how hard it is to say no when friends invite you to eat out. But this time, why not strive to save more and consider preparing for your future?
Before you start exploring every nook and cranny of various investment opportunities, make sure you have enough savings and emergency funds first.
For starters, check out the different peso savings accounts offered by Security Bank. They can certainly help you in your financial journey.
What are the types of Security Bank Peso Savings Accounts?
|Product||Minimum Initial Deposit||Maintaining Balance||Minimum Balance to Earn Interest|
|All Access Savings & Checking Account||P5,000||P25,000||P100,000|
|Easy Savings Account||P5,000||P5,000||P100,000|
|Money Builder Savings Account||P10,000||P10,000||P10,000|
|eSecure Online Savings Account (exclusive for existing Security Bank Easy or All Access account)||P5,000 – P5 million||Varies
(see chart below)
|Build Up Savings (Regular)||P5,000||P5,000||P10,000|
|Build Up Savings (Premium)||P50,000||P50,000||P50,000|
Security Bank offers 5 types of peso savings accounts where you can open an account with at least a minimum initial deposit of P5,000.
The interest rate per annum starts at 0.10%, subject to a 20% withholding tax.
Security Bank All Access Savings & Checking Account
With Security Bank’s All Access Savings and Checking account, you get to enjoy the perks of having these two in one account, plus free life insurance up to 3x three times your average daily balance (up to P3M).
The All Access account makes your banking simplified. It’s a savings and checking account in one.
You can choose whether you want a passbook, checkbook, or Everyday Debit/ATM Mastercard, depending on what you need. Avail of one, a combination of two, or all the three facilities (checkbook, passbook, and ATM card).
The initial deposit is P5,000 and the maintaining balance is P25,000. To earn an interest of 0.10% per annum, you must have a balance of P100,000.
One of the benefits of getting the ATM Debit Mastercard is you can use it to pay participating merchants to get discounts and perks. You can also use it for in-store and online purchases anywhere.
Meanwhile, you and your family also get to enjoy free life insurance provided by FWD Life Insurance Corporation (FWD Life).
Check the terms and conditions and find out more about the requirements and eligibility.
Security Bank Easy Savings Account
If you want a low-maintaining balance with a debit card, the Easy Savings account is a great option.
It’s good for your everyday essentials and savings. You can access your account, transact, and monitor your funds online via the Security Bank Online portal.
Open an account for as low as P5,000 and maintain P5,000 balance, which is lower than the All Access mentioned above.
To earn an interest of 0.10% per annum, you must have a balance of P100,000.
It comes with an ATM Debit and Mastercard in one, which you can use when you shop, dine, book tickets, pay bills, and more.
With your ATM Debit Mastercard, you can check participating merchants to enjoy discounts and perks for your in-store purchases.
From the name itself, it’s an easy and hassle-free savings account because you can get the Everyday ATM Debit MasterCard and Security Bank Online Access the same day you open an account.
But the card activation takes 24 hours. There’s no annual fee for this card, and you can renew it upon expiry.
Keep in mind that if you fall below the minimum balance per month after two consecutive months, you will be charged P300. Meanwhile, the over-the-counter withdrawal fee is P100.
Security Bank MoneyBuilder Savings Account
Here’s another savings account that offers competitive interest rates. The MoneyBuilder Savings account builds your money as you deposit more and refrain from withdrawing, which gives you up to 1% interest rate per annum with no lock-in period.
Open an account with a minimum initial deposit of P10,000. The maintaining balance to earn an interest of 0.10% (as base interest rate per annum) is P10,000.
Under favorable circumstances where you’re able to maintain your balance, you get 0.50% as your monthly bonus rate (per annum), and a quarterly bonus interest of 0.40% (per annum) if you don’t make any withdrawals within a certain period.
Here’s a screengrab from the official MoneyBuilder Savings page to illustrate how you will earn interest.
[Image screenshot 06 February 2020]
You can track your funds via ATM, Security Bank, or online banking. When you open an account, you also receive your Everyday ATM Debit MasterCard.
Security Bank eSecure Online Savings Account
The eSecure Online Savings account is available for existing Security Bank Easy and All Access accounts depositors.
It provides higher interest rates with customizable savings goals. You can open up to 10 accounts and track the progress of your savings goals.
If you have any of the savings accounts mentioned above, you can open an eSecure account online. The maintaining balance is P500. If you want to earn a higher interest, you must have a maintaining balance of P5,000.
Here are the tier savings and interest rates per annum.
|Tier||Interest Rates (per annum)|
|P5,000 – P49,999||0.500%|
|P50,000 – P99,999||1.000%|
|P100,000 – P999,999||1.100%|
|1M – 4.99M||1.200%|
|5M and above||1.200%|
Keep in mind that if you have more than one withdrawal in a month, your interest rate will be at 0.10% instead of the corresponding yields.
For example, instead of earning 0.500% interest for your P30,000 (which falls within tier 1), the interest rate will go down to 0.10% if you have more than one withdrawal in a month. The interest rate will return to the original rate the following month.
If you use your account to pay bills through the eSecure Savings account, there are no penalties. Such transactions aren’t considered as withdrawals, so you can still use this account to settle bills without affecting the interest rates.
But you must be an existing Security Bank depositor to enjoy the perks of this savings account.
Security Bank Build-Up Savings Account (Regular & Premium)
The Security Bank Regular Build-up Savings account offers an opening balance of P5,000. The maintaining balance is P5,000. For you to enjoy the base interest rate of 0.50% per annum, you have to maintain P10,000.
The Premium Build-up Savings account offers a higher opening balance of P50,000. Below is the table for your comparison.
|Regular Build Up Savings||Premium Build Up Savings|
|Balance to Earn Interest||P10,000||P50,000|
|Base Interest Rate||0.50%||1.00%|
There’s no lock-in period for your funds, and you can access or track your progress via online banking.
You can withdraw your money up to 3 times in a quarter in case of emergencies without penalty. However, if you exceed the maximum allowed withdrawal, your account’s interest will become 0.10% instead.
When you open a Build-Up Savings account, you’ll have the Everyday Mastercard that you may use for withdrawals, POS and online purchases. You can also withdraw from any ATM that accepts Mastercard.
Which Security Bank Peso Savings Account is right for you?
For serious and ambitious savers, the Build-Up Savings and MoneyBuilder Accounts are great options, whether you’re single, married, or just want to grow your personal funds.
Depending on your opening balance, these savings accounts offer higher interest rates compared to the Security Bank savings accounts.
Both are quite flexible as well as you can earn up to 1.00%, depending on how much you save.
You gain monthly and quarterly bonus rates in MoneyBuilder if you’re not withdrawing funds.
It’s ideal for moneysmart folks who are saving up for the long-term and who want to build good saving habits.
The Easy Account is a good option for starters who would like to have a savings account that they can use everyday essentials and cashless transactions.
The All-Access Savings and Checking Account is ideal for practical savers who would also like to enjoy the perks of having free life insurance.
However, the All-Access Savings and Checking Account has the highest maintaining balance at P25,000.
If you have more funds and would like to have both savings and insurance, why not take advantage of the benefits, right? Just make sure you read the fine print regarding coverage and claims.
The bottom line is saving money should be a lifestyle and not just an obligation. Whether you’re looking for something short-term or long-term, your savings account should suit your needs and financial goals.
What do you think of these savings options from Security Bank? Let us know in the comments!