Are you looking for savings account with no maintaining balance in the Philippines?
Lots of Filipinos don’t open bank accounts in the Philippines, because they think you need to have a lot of money for the maintaining balance.
The truth is, there are actually tons of Philippine banks that let you open and maintain a bank account — even with zero balance in your savings account.
Savings Accounts with No Maintaining Balance (Updated)
Let’s talk about the banks with no maintaining balance in the Philippines below.
1. ING Savings Account
When I first started learning about online banking, ING Philippines was the first bank I got interested in.
Back then, it was one of the most popular digital banks in the Philippines, so I started to get my own bank account with them back in 2020.
At first, their higher interest rates attracted me to their offer so I opened a saving account with no maintaining balance with ING. It took me like 10 minutes to get through the whole bank account opening process in their app.
Now, I’m still a loyal customer (not sponsored in any way! :)) because their customer service is good — just have to follow up with them regularly, and their app is online most of the times I want to check my bank account.
All these features make ING savings account one of the best savings accounts with no maintaining balance in the Philippines.
Benefits of ING Savings Account
- No minimum and maintaining balance
- No lock-in period
- No transfer fees (my favorite ING feature, since I regularly transfer funds to my loved ones)
- Fund your account online via InstaPay, PESONet, or mobile check deposit
- No minimum daily balance required (you earn interest with every peso you save)
- No charge for ordering ING debit card (just order from the ING app!)
Cons of ING Savings Account
- At the ING official website, they said you need at least a Philippine passport, Philippine driver’s license, or Unified multipurpose ID (UMID) to open an ING bank account (if you don’t have them, you may have a hard time opening a bank account with ING)
2. UnionBank Personal Savings Account
UnionBank is famous in the world of crypto-traders and crypto-investors because the bank’s usually crypto-friendly.
So if you’re into the world of crypto-currency, you may want to consider opening a bank account with no maintaining balance with UnionBank.
UnionBank Personal Savings account also comes with a Visa debit card you can use at UnionBank and Bancnet ATMs nationwide and at Visa ATMs worldwide.
Benefits of UnionBank Personal Savings Account
- Zero initial deposit
- No maintaining balance
Cons of UnionBank Personal Savings Account
- Personal Savings Annual Fee: ₱350 (some depositors can get turned off with this annual fee, since other banks like ING don’t have those)
- You need minimum ₱10,000 to earn interest
3. GSave Account
Do you have a Gcash account?
If yes, then it’s super easy for you to open a zero-maintaining balance bank account with GSave.
As the 1st bank account built by CIMB bank and Gcash together, GSave can be opened straight from your Gcash app, so you don’t need to download another mobile app just to get started with it.
Benefits of GSave Account
- Yearly base interest rate of 2.6% per year
- Zero initial deposit needed to open account
- Zero minimum balance
- No maintaining balance bank account
Cons of GSave Account
- You can have maximum of ₱50,000 in your GSave account only, so it’s not for you if you need to save more than ₱50,000 for your emergency fund
4. AUB HelloMoney
Another bank account with no maintaining balance in the Philippines is AUB’s HelloMoney.
HelloMoney is a prepaid banking account you can use with the help of your smartphone.
As an e-wallet mobile app built by Asia United Bank, you can use HelloMoney to transfer your money to other bank accounts or financial apps, and you can also use it to pay your bills online.
When AUB invited me to attend their virtual launch of HelloMoney last year, I especially loved its HelloMoney Mastercard which has a Dynamic CVV feature.
Dynamic CVV means the 3 numbers behind your card changes every 5 minutes, or per transaction. So, you lower your risk of being a credit card fraud victim! Awesome, right?
Benefits of AUB HelloMoney
- No initial deposit
- No maintaining balance requirement
- No dormancy fees
- Initial account limit of ₱50,000 per month (you can upgrade your account to get ₱200,000 monthly limit)
Cons of AUB HelloMoney
- You need to pay ₱100 when you get the HelloMoney ATM card at any AUB branch
5. PNB TAP Mastercard Account
Do you regularly use Philippine Airlines in booking your flight tickets?
I don’t, since I usually use Cebu Pacific. In fact, here’s how I booked a round-trip ticket to Seoul for only ₱2,300!
If you’re a fan of Philippine Airlines, though, you may want to consider opening a PNB TAP Mastercard Account, since it’s a bank account with no maintaining balance in the Philippines, too.
Benefits of PNB TAP Mastercard Account
- Zero-maintaining savings account
- Comes with a Paypass-enabled Mastercard Debit Card
- Zero initial deposit
- Earn points for Mabuhay Miles
Cons of PNB TAP Mastercard Account
- Monthly account fee of ₱15
- You need minimum ₱10,000 to earn interest
- Early closure fee of ₱500
6. Maybank iSave
Here’s another online banking account you can open without going to the branch: Maybank iSave.
You can open this no-maintaining balance bank account as long as you’ve downloaded the Maybank2U PH app on your smartphone. Make sure that you also have your valid IDs with you when you start the online account process so it’s easier to submit your application.
Benefits of Maybank iSave
- No initial deposit
- No maintaining balance
- Withdraw from any Bancnet ATM in the Philippines for FREE (like ING)
- Comes with an EMV Enabled ATM Card
Cons of Maybank iSave
- You need to deposit at least ₱1,000 to get your ATM card
- Your Maybank iSave account has a maximum deposit limit of ₱100,000
- You need minimum ₱20,000 to earn interest
Frequently Asked Questions on No Maintaining Balance Banks
What bank have no maintaining balance?
There are tons of Philippine banks that have no maintaining balance accounts such as:
- ING Philippines
- CIMB Bank
- UnionBank
- AUB
- PNB Tap Mastercard
- Maybank
What BPI account has no maintaining balance?
If you’re looking for a BPI savings account without maintaining balance, you may want to consider BPI Direct Express Teller Savings Account. It has no maintaining balance so you can easily open a bank account even if you don’t have a lot of cash with you.
Final Thoughts
We hope this article helped you find the best savings account with no maintaining balance in the Philippines.
Want motivation on saving money so you can open a bank account? You can check out our next post on top small rewards for yourself here.
Already have a bank account and want to access it online? Here’s how you can enroll in BDO online banking in 5 easy steps.
