A PSBank savings account is needed when you want to save money where it earns a better interest rate because it’s being used as collateral security. If you’re an OFW, you’ll benefit more by opening a savings account from one of the most trusted banks in the Philippines.
Also Read: How to Apply for a PSBank OFW Loan
This is because the application and other processing fees for the account are only paid for by bank tellers in Philippine banks. You won’t be charged for anything when you open a PSBank account overseas. The steps on how to open a PSBank account are simple and easy, plus it can be done either in Manila or outside of the Philippines. Here’s why thousands of OFWs around the world have opened a PSBank savings account and here’s what to do if you want to open one too.
Opening a PSBank Savings Account for OFWs
PSBank accounts are available for Overseas Filipino Workers and their families with these benefits:
– You can open a PSBank account with just 100 pesos.
– You will be assigned a PSBank savings account number that you can use to send money to your family in the Philippines.
– Your family will have access to the funds as soon as you deposit them in your PSBank savings account. They can withdraw from any ATM or over the counter at any PSBank branch in the Philippines.
Why Open a Savings Account with PSBank?
– No maintaining balance. Simply deposit one hundred pesos upon opening the account, and you will be set to go.
There is no need to use your ATM card. Send money to your family in the Philippines by using the account number associated with your PSBank account.
– Free money transfer service is offered through MoneyGram and Western Union.
They provide an OFW hotline that you can call from anywhere in the world to receive up-to-date information on your bank activities.
Features of a PSBank Savings Account
Because the PSBank Savings Account offers various benefits that Overseas Filipino Workers (OFWs) can make use of, it is a smart idea for OFWs to open one.
The interest rate on the account is equal to 0.25 percent on a yearly basis, computed on an annual basis.
You won’t be charged anything extra for the ATM card or passbook that comes with it if you decide to get one of these.
Your deposits will be protected up to a maximum of P500,000 by the Philippine Deposit Insurance Corporation (PDIC), provided that they satisfy the requirements of the agency.
– Banking services that may be accessed online as well as through mobile devices, giving you the ability to monitor your financial situation at any time of the day or night – Savings account interest rates that are consistently ranked among the highest accessible rates
– Free life insurance for the individual who holds the account – Account holders are eligible for PSBank Credit Cards and PSBank Debit Master Cards at no additional cost on an annual basis for the rest of their lives. – Free life insurance for the individual who owns the account
– They provide two options for you to choose from if you are interested in opening an account with a higher necessary initial deposit: the Passbook Savings Account, which requires a deposit of one thousand pesos, and the Peso Savings Account, which requires a deposit of five hundred pesos (10,000 pesos)
– You can make deposits at any of PSBank’s branches or partner banks, in addition to using their website’s online portal.
The person who holds the account has the option of applying for a passbook, which will record all of the transactions related to the savings account.
It comes with an ATM card that may be used to withdraw money from any of the nation’s more than 10,000 ATMs.
You can use your ATM card to make payments at any point of sale terminal that accepts that type of card.
– It comes with a passbook that will record all of the activities associated with your funds.
– You are allowed a maximum of six withdrawals per month using the ATM card, although this number may be changed based on the amount of money that is already in your account.
– The ATM card is accepted at over 10,000 different locations. The PSBank Mobile app, which can be downloaded for free, enables users to successfully make deposits of both cash and cheques into their accounts.
Who are eligible to open a PSBank Savings Account?
The following are some of the purposes that the PSBank Savings Account can serve:
-Individuals and sole proprietorships
-Corporations and partnerships
-Minor accounts for children below 18 years old
-Clubs, associations, and organizations
What are the Requirements to open a PSBank Savings Account?
You’ll need one of the following in order to set up an account with PSBank:
-A valid ID (e.g., driver’s license, passport) -Proof of address (e.g., electric bill, rental contract)
-For students and senior citizens, a valid school or government ID to prove your status
-For foreigners, a valid work or resident visa -For minor accounts, your child’s original birth certificate and a valid ID of the account holder
-For children below seven years old, a valid ID of the account holder and an adult representative to open the account
-An initial deposit of P100 or a minimum balance of P500 -A duly accomplished application form
-For joint accounts, at least two IDs of the co-holders
How to Open a PSBank Savings Account
If you would like to open an account, you must comply with the following requirements in order to do so:
How to Open a PSBank Savings Account Online:
FOR NEW-TO-PSBANK CUSTOMERS
- Tap on the Open a New Deposit Account button.
- Read and accept the Terms and Conditions.
- Take a photo of the valid ID you have from the list.
- Provide the required information and take a selfie.
- Nominate log-in credentials for PSBank Mobile App and enter OTP.
- Select whether you want an ATM card or request for it later.
- Schedule / conduct video call.
- Once approved, you may start funding your account through InstaPay / PESONet fund transfer or deposit at any PSBank branch.
FOR PSBANK DEPOSIT CUSTOMERS
- To open account via the Side Menu:
- Select Open an Account and the Type of Account you would like to open.
- Choose the source account, input amount of your initial deposit and specify a nickname.
- Select whether you want an ATM card or request for it later.
- Enter OTP.
- Check My Accounts for the details of your newly opened account.
- To open account via Create a Transaction:
- Go to View My Accounts and choose Create a Transaction
- Select Open an Account and the Type of Account you would like to open.
- Input amount of your initial deposit and specify a nickname.
- Select whether you want an ATM card or request for it later.
- Enter OTP.
- Check My Accounts for the details of your newly opened account.
FOR PSBANK LOAN CLIENTS REGISTERED IN PSBANK MOBILE
- From the side menu, select the Open an Account icon.
- Read and accept the Terms and Conditions.
- Take a photo of the valid ID you have from the list.
- Provide the required information and take a selfie.
- Enter OTP.
- Select whether you want an ATM card or request for it later.
- Schedule / conduct video call.
- Once approved, you may start funding your account through InstaPay / PESONet fund transfer or deposit at any PSBank branch.
Offline:
– Go to any of the PSBank branches located throughout the Philippines. They are spread all over the country and can be discovered in a variety of shopping centres in addition to existing on their own.
– Please remember to bring your passport. You will also need to provide proof of identification for the member of your family in the Philippines who will be receiving the money. This can be in the form of a driver’s licence or a postal identification card.
Tips on Opening a PSBank Account Online:
1. Research about your Account Type
Before you open your first bank account, familiarise yourself with the various account kinds. Are you interested in opening a checking account or a savings account? Maybe you’d like a little bit of everything! Regardless of the type of account you go with, make sure you ask about the benefits and drawbacks of the other option. You have a legal obligation to obtain information pertinent to your financial situation.
2. Learn how to keep your account up to date.
There are deposit policies in force at certain banks. It is possible that you will not have direct access to funds for a few days while the deposit is being processed. This is something that needs further investigation from you! A “minimum balance” requirement is another type of restriction that many banks use. If your account balance goes below that threshold, you may be subject to a fine or have access to your account through your debit card or ATM blocked.
3. Inquire about the bank’s fees
When it comes to creating a bank account, here are some things to keep in mind. There are some banks that incur fees that aren’t made clear right away. There are a variety of fees that you need to be aware of, including ATM fees, checking fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees. Be sure that you are familiar with these charges so that they do not come as a shock to you when you receive your bill.
4. Don’t settle for the first bank you come across when opening an account.
When it comes to creating your first bank account, you shouldn’t feel compelled to go with the very first bank that you come across. You should look around at a few different banks. By walking around to various banks, you can collect information from each of them. Investigate further the financial institution that a member of your family, close friend, or acquaintance has been patronising for some time. If the bank sees that you have been referred by a client who has been with them for a long period, they will most likely provide you additional perks.
5. Look for digital platforms
One of the most helpful technologies available in this day and age is online banking. The vast majority of financial institutions will offer it, but there are a few that might not. Make it a point to inquire about this instrument straight immediately. Bill payment and the ability to move money across accounts are just two of the convenient services that come standard with online banking. The ability to do one’s banking online can be of great assistance when dealing with packed schedules and hectic days. Gain command of your financial situation even if you are unable to make it to the bank on a daily basis.
6. Weigh the Benefits
To assist you in opening your first bank account, here is some useful advice. Make it a point to ask a financial institution about the benefits they offer. Some financial institutions provide free checking and savings accounts, in addition to waiving costs for using ATMs and debit cards, providing free checks, and eliminating the need for paper bills. Find out what the bank you’re contemplating has to offer before you commit to working with them!
7. Take charge of your account
Having a bank account over which you have no control is one of the most irritating financial situations imaginable. Keep in mind that as a young adult, you are expected to take on responsibility. Doing the math will teach you how to keep your chequebook in balance. Bring your cash register and, if you have one, your debit card up to date. Maintain complete command of, and constant awareness of, the sum of money that is now in your account.
Frequently Asked Questions:
1. What can I do with the PSBank ATM savings account?
If you have a PSBank ATM Savings account, you have access to all of the ATMs offered by PSBank, as well as those offered by Metrobank, BancNet, and Mastercard, regardless of where you are. When you shop at establishments that take BancNet cards, in addition to being able to pay your utility bills, loans, and credit cards, you may also shop without using cash.
2. What are the benefits of banking with PSBank?
You will receive a consistent rate of interest, and you will be able to conduct financial transactions whenever you like at any ATM in the Philippines as well as any Mastercard ATM in any other country. In addition to services like electronic banking that is available around the clock, paying bills and conducting cashless transactions, PSBank branches allow customers to make deposits and withdrawals of cash.
VIDEO: How to Open a PSBank Savings Account
This is a brief video that will provide you with an explanation as to why you should think about opening a savings account with PSBank as well as how to do so in the most time-effective manner possible. For those of you who are Overseas Foreign Workers (OFW), this information may prove useful to you in the process of building your funds for yourself, or perhaps for your family and loved ones back home. The bank provides a number of remarkable features and benefits, all of which may be utilised by you in order to realise your objective of amassing riches in a manner that is uncomplicated and risk-free. Watch the video that follows to find out more about it:
Summary:
If you want to receive particularly good returns on your money, you could discover that you need to look into other means of saving or investing your money in order to accomplish this goal. There is no way that the interest that your money earns at the bank will allow you to acquire tens of thousands of dollars or even hundreds of thousands of dollars.
On the other hand, keeping your money in a PSBank savings account is one of the most straightforward, uncomplicated, and efficient ways to save your assets financially.
It is not difficult to maintain good standing with your PSBank savings account, as there are not many requirements to meet to open an account and it is also not difficult to open an account.
In the event that unplanned or pressing costs to arise, it will be much simpler for you to gain access to your funds if you are able to do banking transactions using both your computer and your mobile device.
It is an excellent choice for Filipinos who just want to save money, particularly fresh college graduates who are just starting their professions or people earning a middle income, and it is especially beneficial for those individuals.
Its minimal initial deposit requirements and criteria for maintaining a balance are both tempting features of this financial product.
READ NEXT: 10 Philippine Banks to Open a Time Deposit Account
Contact Information
Address: PSBank Center 777 Paseo de Roxas Avenue corner Sedeño Street Makati City, Philippines
Telephone Number: (+632) 885-8208 / 944-1753 / 944-1772
Website: http://www.psbank.com.ph/
Email: consumerassistance@psbank.com.ph
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