7 Types of Bank Accounts Every Filipino Should Open in 2026

Only 25.6% of Filipino households reported having savings in late 2024, the lowest in over three years.

At the same time, digital bank deposits in the Philippines surpassed ₱102.3 billion in early 2025, as more people chased higher interest rates and better apps. The gap is clear: many Filipinos still don’t have the right types of bank accounts for their real, day‑to‑day financial needs.

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If you are still using just one savings account for everything, it is not a failure on your part; it is just the system you grew up with. A lot of us were never taught that having different accounts for different financial goals actually makes it easier to save, curb spending, and see where your money really goes.

Think of this guide as a menu, not a mandate. You do not need to open all seven at once. You can start with your first bank account, then add more as your income, responsibilities, and confidence grow.

Account Type	Best For	Top 2026 Pick
1. High-interest savings	Long-term wealth building	Maya Bank (up to 15% p.a.)
2. Short-term savings	Goals & emergency fund	GoTyme Bank (3.5% p.a.)
3. Online transaction	Bills & e-commerce	GCash / Maya
4. Health & insurance fund	Medical expenses	BPI (auto-debit feature)
5. Checking account	Business & rent payments	EastWest / BDO
6. OFW account	Overseas workers & remittances	OFBank / BDO Kabayan
7. Kid’s savings	Children’s financial future	PSBank Kiddie Savings

1. A high-interest rate bank account for long-term goals

A high-interest savings account is where you park funds for bigger dreams: a down payment on a house, a few months’ emergency fund, or that “I can quit this job one day” buffer. Unlike a basic standard savings account, this account type pays a much higher yield when you meet certain conditions.

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Digital financial institutions and some traditional banks now:

• Pay more interest if you regularly deposit money or keep a fixed amount in your account balance.
• Give bonus interest earned when you use their debit card, paying bills, or doing direct deposit of your salary.

The trade-off: a higher minimum balance or behaviour rules. That is not “bad”; it just means this account is for money you are purposely parking to grow, not for daily transactions.

For big financial goals, look for:

• PDIC insurance and clear terms on market conditions and promo interest.
• Apps that let you track progress without making it too effortless to withdraw funds on a random weekend.

If you want more structure, you can combine this with time deposit or money market accounts to balance growth and discipline.

2. Short-term savings account for near-future goals

A separate regular savings account for short-term goals is your “soon, but not today” parking lot. This is where you store money for the next 3–12 months: trips or vacation, gadgets, annual insurance premiums, or school fees.

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Compared to your long-term account, this one usually:

• Has a lower minimum deposit and minimum balance.
• Comes with an ATM card or debit card so you can withdraw cash when the future goal is due.
• Offers modest interest, but with much easier access to your funds.

Many banks and digital players let you:

• Open with a low or even zero initial deposit.
• Make free ATM withdrawals up to a limit each month.

This is also a gentle way to build your emergency fund. You can start with one month of expenses, then keep adding. No shaming if you need to tap it—life happens. The win is you had a cushion at all.

Some of the accounts are worthy of checking out with minimum maintaining balance:

• The BDO Peso ATM Savings account has a ₱2,000 minimum opening and maintaining balance and comes with a debit/ATM card for easy access to your funds. You can start the application online and complete the process with a banking officer, then visit a branch to make your first deposit if required.
• UnionBank’s Personal Savings account does not require an initial deposit or maintaining balance, making it beginner-friendly. It offers 0.10% p.a. interest if you keep at least ₱10,000 average daily balance, charges a ₱350 annual fee (waived for the first year), and comes with a debit card plus full online and mobile banking access, and you can open an account entirely online.
• RCBC’s Basic Savings Account only requires a ₱100 minimum initial deposit, has no maintaining balance requirement, and comes with an ATM card for withdrawals and balance checks. Interest is minimal on this entry-level product, so it works best as a starter account for building the habit of saving money before you upgrade to higher‑interest options.

3. Online transaction account for bills and everyday spending

An online bank account for payments is your money hub. Your salary comes in, and daily transactions go out: groceries, GCash top-ups, subscriptions, and paying bills.

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Most banks and digital providers offer:

• A physical or virtual debit card you can use online and in‑store.
• Scheduled transfers so you can automatically deposit money into your other bank accounts (like savings or time deposit).
• Apps that show your account number and account balances in a few taps.

Because you are constantly taking money in and out, this is not the place to obsess over higher interest or the perfect maintaining balance. Instead, use it as:

• Your “allowance” account, where you move a fixed amount from payday, then spend from there.
• A buffer that helps control yourself, so you do not keep dipping into your emergency fund.

Even one simple change, separating this from your savings, can make you feel more in control of your personal finances, without complicated budgeting apps.

4. Health and insurance fund account

Medical costs can wipe out years of savings. A dedicated deposit account for health and insurance premiums helps you prepare before things get urgent.

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You can use a passbook savings account or standard savings account here and:

• Set up an automatic transfer from your payroll account each month.
• Use this account only for paying bills related to health insurance, HMO, PhilHealth gaps, or life insurance.

This way, when check‑ups, treatment, or policy renewals come up, you are not scrambling for extra cash or forced into high-interest personal loans. It is a simple habit that quietly protects you and your family in the background.

You can open BPI savings account with an initial deposit of ₱3,000, and it comes with an ATM debit card and online banking features.

If you have health or life insurance with BPI AIA, you can use your account for auto-debit arrangements of premium payments.

In some cases, BPI may waive maintaining balance requirements for specific product setups (such as designated payroll or certain digital accounts), but this is subject to the bank’s current policies and is not guaranteed for every BPI AIA policyholder.

5. Checking or current account for big and regular payments

A checking account (or current account) is not just for business owners or “rich people”. It is useful if you:

• Write checks for rent or tuition.
• Pay suppliers or contractors and want a clear paper trail.

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Most banks require a higher initial deposit, sometimes a higher initial deposit than savings, plus a maintaining balance. In exchange, you get:

• A checkbook, so you do not have to move large cash around.
• A linked debit card for ATM withdrawals and over‑the‑counter access.

This account is not usually where you earn interest; it is about clean records and protection. Keeping this separate from your other bank accounts makes it easier to track business‑related account balances and prepare documents if you ever apply for a personal loan or home mortgage.

Some banks you can consider with low initial deposit and maintaining balance.

• EastWest Bank offers a regular checking account with a minimum initial deposit of P5,000 and a Visa debit card for quick access to your funds.
• BDO also offers a Peso checking account that requires a minimum initial deposit of P5,000 and a maintaining balance of P5,000.
• UCPB has the lowest initial deposit requirement for opening a checking account. For as low as P1,000, you can open a CheckStarter account.

6. OFW or remittance-focused bank account

If you or a loved one works overseas, a dedicated OFW/remittance bank account removes a lot of stress and confusion.

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Many banks offer:

• Lower remittance fees and better foreign currency conversion for regular direct deposit from abroad.
• Dual‑currency deposit accounts so you can hold both pesos and foreign currency.

This account lets:

• The OFW see and controls the big picture, while local account holders can withdraw funds using an ATM card.
• You separate money meant for saving (for a house, down payment, or business) from money meant for daily transactions and bills.

From here, you can send a fixed amount monthly into a high-interest savings account, time deposit, or even money market option so your deposited funds can work harder across the entire term.

7. Kids’ or future goal account

A kids’ or future‑goal savings account is more than a cute add‑on; it is a visual reminder of what you are building toward.

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You can:

• Open a kids’ deposit account with a small minimum deposit and a passbook savings account so they see real numbers.
• Set up a labelled digital savings account (“Education”, “New Car”, “Wedding”) so you see that future goal every time you log in.

Some people also use time deposit or money market accounts here. These have a fixed maturity date, clear terms, and often a higher interest rate, but come with an early withdrawal penalty if you withdraw money before the entire term ends.

That friction is not punishment; it is just a built‑in pause button before you touch money meant for bigger dreams.

If that feels too rigid, you can mix:

• One flexible savings or deposit account for mini emergencies.
• One goal‑based account for larger financial goals like schooling or a future down payment.

How many bank accounts do you really need?

So, how many bank accounts should one person have?

Generally speaking, you do not need all seven right away. Most Filipinos can start with:

• 1 payroll account or main transaction bank account.
• 1 emergency fund or high‑interest savings account.
• 1 short‑term savings account for upcoming expenses.

As your income grows and life gets more complex, you can layer in more account types—like a current account for business or a time deposit for a fixed amount you will not need soon.

The goal is not to “collect” accounts; it is to let each account do a specific job so you are not relying on willpower alone.

If this feels overwhelming, pick just one area that is currently painful (for example, always “kulang” by the 15th of the month) and build an account around fixing that first.

What are the key differences between savings, time deposit, and money market accounts

Before you move funds, it helps to see the key differences between a standard savings account, a time deposit, and a money market account:

Final thoughts

You do not need to have it all figured out today. You just need a better structure than “one bank account for everything”.

Start with what feels doable:

• Pick one new deposit account (maybe a simple emergency fund) that will make the biggest difference to your stress levels.
• Set a small, non‑scary fixed amount to move from your payroll account each payday.
• Add more types of bank accounts only when the first few already feel stable.

Over time, the mix of accounts you build will quietly support your financial goals, even on weeks when life feels messy. And that, honestly, is already a big win.

Let us know which one you need to prioritize this year in the comments below!