5 Banks with Low Initial Deposit in the Philippines (2023)

Are you interested in knowing banks with low initial deposit in the Philippines?

Every time payday comes, a great money habit is to pay yourself by depositing money into your bank account.

But a lot of Filipinos don’t have bank accounts under their names because they think they need to deposit a huge amount of money just to get started.

The good news?

There are actually lots of banks with no maintaining balance in the Philippines!

This means you can start opening a bank account so you can get into the habit of saving for yourself first.

Here are five Philippine banks with the lowest initial deposit requirement. Choose one and get started with opening an account for your future:

1. Equicom Savings Bank

If you’re looking for a bank account you can quickly set up, you can take Equicom Savings Bank’s ATM savings account into consideration. It comes with an Equicom Savings Bank Key Card that doubles as an ATM/debit card you can use.

Account name: ATM Savings Account
Lowest Initial Deposit: ₱100
Required minimum maintaining balance: ₱100

• With ATM/debit card you can use at BancNet, Expressnet, Megalink and VisaPlus ATMs
• Maximum of ₱10,000.00 withdrawal per transaction and ₱50,000 withdrawal per day
• Easy Access to your funds via the Equicom Internet and Mobile Banking Facilities

2. ING Bank

I’ve been using ING Bank for a couple of years now, and it remains my favorite bank account. #notsponsored

To open a bank account with them, it’s NO minimum and maintaining balance. Plus, there’s NO transfer fees, even if you’re transferring from your ING account to another bank.

Account name: ING Savings Account
Lowest Initial Deposit: None
Required minimum maintaining balance: None

• Fund your account online via InstaPay, PESONet, or mobile check deposit
• No minimum daily balance required (you get interest with every peso you save)
• NO fees for ordering ING debit card (just order from the ING app!)

NOTE: ING Bank is not available for individual Filipino depositors anymore, so we recommend SeaBank Philippines as an alternative for a digital bank with no initial deposit needed.

3. BPI Direct

When I was still a fresh college graduate, BPI Direct Save-Up is the bank account that I opened.

The best part about BPI Direct is that it’s just like a BPI ATM card, only it’s better because it has lower initial deposit and you do paperless transactions because it’s purely online!

Account name: Express Teller Savings
Lowest Initial Deposit: ₱500
Required minimum maintaining balance: ₱500

4. Landbank

Want another bank with a low initial deposit for your emergency fund?

You can try Landbank’s ATM account, if there’s a branch near you. You can deposit to this bank account through over-the-counter and through the Cash Deposit Machine (CDM) during official banking hours/days.

Account name: ATM Savings Account
Lowest Initial Deposit: ₱500
Required minimum maintaining balance: ₱500

• With ATM card at any Expressnet, Megalink and Bancnet ATMs

5. BPI Family Savings Bank

In my experience, the difference between BPI Direct and BPI Family Savings Bank is the platform for account opening.

For BPI Direct, online banking was done. But for BPI Family Savings, you needed to visit the actual branch near your residence or place of work so you can actually open a savings account.

Account name: Express Teller Savings
Lowest Initial Deposit: ₱500
Required minimum maintaining balance: ₱1,000

Interested in bank accounts with NO maintaining balance? Here are the best savings accounts with no maintaining balance in the Philippines.

You may also want to read our next post on best credit card for beginners in the Philippines.

Your Adulting + Travel Accomplice,

Live Free With Lianne