Personal finance is all about intentional living. We don’t find money, we make it work for us by putting all the things we need in place. One of these things is the OFW savings account. Savings is where we keep our extra money after deducting our expenses from our income. And one of the many options to save up is opening a Producers Savings Bank OFW Savings Account
If you are in need of a new bank, then you should consider Producers Savings Bank. They’re one of the few banks on the market that specializes in savings accounts for Overseas Filipino Workers (OFWs). This article will discuss the benefits and features that Producers Savings Bank offers to its clients.
What is a Producers Savings Bank OFW Savings Account?
Producers Savings Bank OFW Savings Account is a savings account that allows you to send money to your loved ones in the Philippines. The account holder receives an email notification every time there is a deposit made into the account. This allows you to know when you can expect their money to be available for withdrawal.
Opening a savings account with Producers Savings Bank is a good idea. Why? Producers Savings Bank (PSB) is a subsidiary of PSBank, one of the largest banks in the Philippines.
PSB offers several products and services including bank accounts, loans, insurance and more. The most popular product offered by PSB is its OFW Savings Account which is specifically designed for overseas Filipino workers (OFWs).
Why Open a Savings Account with Producers Savings Bank?
Because Overseas Filipino Workers (OFWs) have a unique requirement for a specialized deposit product, this kind of account has been developed to cater to their specific requirements. It is intended to make it easier and more accessible for overseas Filipino workers to plan for future remittances from abroad because cash may be deposited into a Producers Savings Bank OFW savings account. The following is a list of some of its most distinguishing features:
Convenient: Because the company maintains multiple locations around the United States, conducting business with it is both quick and uncomplicated.
Accessible – Their goods and services are designed to be within the reach of every Filipino by adhering to straightforward standards.
Fast Service – The employees of Producers Bank consistently receive praise from customers for providing outstanding customer service, notably in the area of loan processing. Your application will be considered for approval the same day if you have already turned in all the necessary materials.
Safe – Because PSBC has received approval from the SEC, you may have peace of mind knowing that both your money and your personal information will be handled appropriately. In the same vein, its terms are reasonable and do not engage in predation.
What are the Various Deposit Products Offered by Producers Savings Bank?
Producers Savings Bank provides its customers with a wide variety of options for deposit products, allowing them to choose the one that best suits their requirements. There are a variety of examples of these financial instruments, including savings accounts, checking accounts, money market accounts, and certificates of deposit. Customers have the ability to pick the account that caters to their requirements the most effectively by selecting from among these products, each of which provides a unique combination of features and advantages.
The following types of deposit products are offered by them:
- Savings Account. This is one of the most fundamental categories of accounts that Producers Savings Bank provides for its customers. Customers have an easy way to start earning interest on their money through this service. As long as they keep at least the minimum balance and make a minimum deposit each month, customers are free to take their money whenever they like.
- ATM Savings Account. Free online banking, mobile banking and online statements.
- Current Account. You can make deposits of the money you’ve worked so hard to earn quickly and easily using the Current Account. You are able to make deposits, withdrawals, and transfers at any branch of the Producers Savings Bank, which has locations all throughout the United States. In addition, your card can be linked to your phone so that it is more convenient to use.
- Time Deposit. A deposit that cannot be withdrawn for a predetermined amount of time or for a predetermined purpose is known as a time deposit. One kind of time deposit is referred to as a certificate of deposit (CD). Accounts for savings and money market deposits are examples of other kinds of time deposits (MMDIAs).
Producers Bank has two improved deposit products namely:
- I’m a Hero Savings Deposit – This can be converted into a five-year tax-free time deposit, which is without a doubt a safer way to invest one’s money than placing it in pre-need plans for one’s children’s college education or pension plans for one’s retirement needs; and, this can also be used to pay for one’s child’s college education.
- Better Than Alkansya (BTA) Savings Deposit – This can be converted into a tax-free time deposit for a period of five years, making it a much more secure option than keeping one’s savings at home in a piggy bank or under one’s pillows, or even investing those savings in pre-need plans.
The Producers Bank allows both individual customers and corporate customers to open current accounts. When it comes to time deposits, Producers Bank provides customers with the option of choosing between the Premium Time Deposit and the Five (5) Year Fixed Income Plan.
The bank provides US Dollar Savings and Time Deposit products, among other financial services, to a variety of customers, including “Balikbayan” or US Immigrants, Overseas Contract Workers (OCWs), US Government Retirees, Exporters, Importers, Travel Agents, and Money Changers.
Who can open a Producers Savings Bank OFW Savings Account?
If you are at least 18 years old and a Filipino citizen or permanent resident of the Philippines, you can open an OFW Savings Account. You must already have a PSB account and be able to show your valid passport, NBI clearance, work contract, and most recent ATM transaction receipt.
Requirements in Opening a Producers Savings Bank OFW Savings Account
A comprehensive list of the items that must be given in order to open a personal savings account has not been made available to the general public by the financial institution. You can, on the other hand, make a request for this list by getting in touch with them either by phone or by email.
Where can I apply for Producers Savings Bank OFW Savings Account?
If you are interested in opening an Overseas Filipino Worker Savings Account with Producers Savings Bank, you have the option of doing so in person at any of the bank’s locations or applying for the account online.
How to Open a Producers Savings Bank OFW Savings Account Offline?
Producers Savings Bank OFW Savings Account is available for all Overseas Filipino Workers (OFWs) and their families. The account can be opened through any of the following:
- Stop by the PSBank location that’s most convenient for you and ask about opening a savings account or a credit card;
- You can either fill out the application form online, upload a photo that you have permission to use, and submit it online; or
- You can get support by calling the numbers listed for respective helplines.
How to Open a Producers Savings Bank OFW Savings Account Online?
Producers Savings Bank OFW Savings Account is an online savings account that offers a high interest rate, easy access through its website, and safety of your money. If you are an OFW (overseas Filipino worker), you can open your own account in the Philippines. Here’s how to do it:
Step 1: Visit the PBB website and look for the button that says “Apply Now.”
Step 2: Please provide your personal information by filling out the form (name, address, email address, mobile number). You are also need to provide responses to various questions concerning yourself (occupation and country of residence).
Step 3: Choose option for OFW account or regular bank account. The next page will show the minimum amount needed for opening each type of account.
Step 4: Enter your OTP and click on “Confirm” button, then you will be redirected to another page where you can choose the account type.
Step 5: Choose the account type that suits your needs and click on the “Continue” button to proceed with the application process with simple steps of selecting payment method, accepting terms and conditions of PSB as well as agreeing with their privacy policy statement and other legal documents required by PSB before opening an OFW savings account online with them!
Frequently Asked Questions
Here are some of the most frequently asked questions regarding the process of opening a Producers Savings Bank OFW Savings Account.
If I decide to switch banks, will it cost me anything to open a new savings account or close the one I already have?
When you go to the bank, starting a savings account will not cost you anything. If you decide to close your savings account, there will be a fee associated with that decision. The amount of money in your account at the time you want to cancel it will influence the cost of the transaction.
What will happen if I write a check for an amount that is higher than the amount that is now available in my account?
The bank does not offer insurance against going over its overdraft limit. If you write a check for an amount that is greater than the balance that is currently available in your account, they will cover the difference by initiating an electronic cash transfer from one of your other bank accounts or by taking money from your savings account.
How often am I permitted to make deposits into or withdrawals from my savings account? I need to make a lot of withdrawals each month; is there a cap on how much I may take out?
You are not restricted in any way in the number of deposits or withdrawals that you can perform. There is no restriction on the number of transactions that can be completed in a given month.
Is there a predetermined amount that must be kept in the savings account at all times?
The savings account does not impose any minimum requirements for the account balance. Your savings account allows you to put in any amount of money, no matter how much or how little you choose to put in.
I’m trying to put some money away for a certain purpose; what’s the most efficient way to set up an automatic withdrawal?
If you’ve already decided how much money you want to save each month, the next step is to devise a strategy for accomplishing that goal. If you are saving for a specific purpose, like a trip or a home renovation project, you may use our Savings Account to set up an automatic money plan so that your savings are put away regularly. Simply enter the amount of money that you want to put away each month into the bank’s savings calculator, and the money will be taken out of your checking account on a regular basis. You won’t even be able to tell!
Is it possible for another individual to be added to my account so that they, instead of me having to be physically present at the bank each time, they may make withdrawals or deposits?
Yes, it is possible to give another individual access to your bank account so that they, too, can take money from it or deposit money into it without your needing to be physically present at the bank every time they do either of those things.
In order to proceed with this, you will need to complete an Account Access Form and either hand it in or send it in by regular mail. The second party will be responsible for submitting a completed New Account Application form together with a photocopy of a valid form of identification (such as a valid government-issued photo ID).
What are the steps I need to take to put money into my savings account? Do I have to physically go to the bank each time I want to do this, or is there a way that it may be done digitally, such as online, over the phone, or through some other method?
You are free to visit any of the bank’s branches whenever you’d like in order to make a deposit into your savings account. Through their online banking service, it is also possible to schedule deposits to be made on a regular basis.
Tips on Opening a Producers Savings Bank Savings Account Online:
- Investigate the Types of Accounts Available
Spending some time being familiar with the many kinds of bank accounts that are available to you should come first on your to-do list when it comes to opening your first bank account. Which type of bank account do you use most frequently, a checking account or a savings account, for your money? You never know, you might find out that doing a little bit of everything is fun by attempting a little bit of everything. It is usually to one’s advantage to be prepared for the unanticipated. No matter which of the many accounts you decide to go with, you should be sure to investigate the others in depth and carefully weigh the benefits and drawbacks of each. You are obligated by law to conduct an investigation into the present status of your finances and compile the material that is pertinent to the inquiry.
- Find out how to ensure that your account is always up to date.
Currently, there are deposit policies in effect at a number of institutions, each of which follows its own individualized procedure. There is a possibility that you will not have quick access to the cash while the transaction is being processed. Please have patience if something like this does occur. This is due to the fact that the processing takes a significant amount of time. You really ought to give some serious thought to conducting additional research on this subject! There is also a requirement for a “minimum balance,” which is a form of restriction that is enforced by many various kinds of financial organizations. This requirement can be found in both personal and business accounts. If the balance in your account falls below that threshold, you run the risk of incurring a fee or having your ability to use your debit card or ATM restricted. It’s also possible that you’ll be able to accomplish both of these tasks.
- Make sure you ask about the fees at the bank.
Let’s get those out of the way first because there are a few things you should consider about before creating a bank account. Let’s get those things out of the way. Customers of some banks are not always promptly notified about the costs that their bank charges them since the bank does not always contact them immediately. This results in the customers being unaware of the fees. Some examples of these costs are ATM fees, bank fees, overdraft fees, fees connected with maintaining a minimum balance, fees connected with maintaining a minimum usage or activity, and monthly or annual account fees. Among the additional expenditures are fines imposed for exceeding a predetermined threshold of activity or utilization. It is highly likely that the total cost of all of these fees will quickly accumulate to a significant amount. You should familiarize yourself with these prices so that you are not taken aback when you receive your bill.
- When it comes time to open a bank account, you shouldn’t choose the first financial institution you find.
It is not necessary to open your first bank account with the first financial organization that comes to mind; you are free to choose from among several different options. When it comes to choosing a financial institution, you are free to do so as you choose. You have access to a diverse selection of additional options from which to make your selection. It is recommended that you look into working with a few different banks or financial institutions in addition to the one you now use. Simply making your way to the many different bank branches that you stop at during the day will allow you to collect information from those locations. You should do some research on the financial institution that has been utilized for a significant amount of time by a member of your family, a close friend, or even a casual acquaintance of yours. If the bank determines that you were referred to them by an existing client who has been doing business with them for a significant amount of time, they will almost likely provide you with additional perks if they find out about it.
- Look for digital platforms
One of the most helpful facets made available by today’s technologies is the capability to carry out financial transactions via the internet. Even if the overwhelming majority of financial institutions plan to offer this service, there is still a possibility that some of them, specifically chosen ones, will choose not to. Collect as much information as you can about this instrument, and then have it inspected as soon as you can. Put this at the top of your list of priorities. Internet banking comes equipped with a number of helpful features out of the box, two of which are the ability to pay bills and the ability to move money between accounts. Additionally, there are a number of extra helpful technologies that are already incorporated into internet banking. It can be a really helpful convenience to have the ability to complete financial transactions online when you’re trying to juggle a busy day and a full schedule at the same time. It is possible that you will still be able to keep your financial situation under control even if you are prevented from going to the bank as regularly as you would like. This is correct, despite the fact that doing this out will be more challenging for you.
- Consider the Numerous Advantages
It is essential to acquire an understanding of the advantages provided by a financial institution in order to obtain a comprehensive view of the situation. Some financial institutions provide their customers additional perks in addition to free checking and savings accounts. These perks include the use of automated teller machines and debit cards, the issuance of free checks, and the elimination of the need for paper invoices. Additional benefits include the opportunity to use alternative payment methods, as well as the removal of the prerequisite for submitting paper invoices. It is in your best interest to educate yourself about the services that the firm offers before you make a commitment to doing business with the financial institution that you are currently taking into consideration.
- Put yourself in charge of your finances.
When the owner of an account does not have authority over that account, it is one of the most frustrating events that may occur in the world of money. This takes place on a fairly consistent basis. Remember that as a young adult, you are expected to take responsibility for both the actions you take and the decisions you make. Keep in mind that this is the situation. In order to complete the assignment, you are going to need to learn how to apply your math abilities, specifically for the task of checking the balance, which is a task that requires you to use those skills. Bring your cash register along with you, in addition to a debit card, if you have one, and make sure that it is up to date. Even if you don’t have access to a debit card, bring your cash register with you just in case. You should never find yourself in a situation in which you are unaware of the amount of money that is currently in your account, and you should never find yourself in a situation in which you do not have complete control over how that money is spent.
Producers Savings Bank of Asia OFW Savings Account may be right for you.
The Producers Savings Bank OFW Savings Account can be the most suitable alternative for you if you are looking for a savings account that is easy to open and easy to maintain on a regular basis. The Producers Savings Bank OFW Savings Account is an excellent choice because it enables account holders to easily withdraw monies whenever they need to and does not charge a fee on a monthly basis for the account’s service. People who live in other countries have a much easier time taking advantage of this choice as a result.
Final Thoughts
Consider the Producers Savings Bank OFW Savings Account when seeking for a reputable financial institution to open a savings account with. People who live in the Philippines but find employment elsewhere in the world have the opportunity to establish this kind of savings account in the country. It comes with features that were created with Filipinos living and working overseas in mind specifically from the ground up (OFWs). You are still able to take use of these benefits even if you are going to be travelling outside the country. Because the bank has a big number of branches, not just in Metro Manila but also in other regions of the country, you and your beneficiaries won’t have any trouble conducting business with the institution.
READ NEXT: Top 5 Low-Interest Loan Options from Banks and Government Agencies in the Philippines For OFWs
Contact Information
Address: Unit 109 AIC Burgundy Tower, ADB Ave. St., Sapphire Rd, Ortigas Center, Pasig, 1605 Metro Manila
Tel No: 26618008
Website: https://www.producersbank.com.ph/
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