How to open savings account in PSBank

This blog shares basic guide and simple tutorials on basic personal finance and financial literacy. This includes personal banking and other things related to a savings account and personal banking transactions in common local banks here in the Philippines.

Today, I will share the basic information and simple tutorials on how to open a savings account in PSBank in the Philippines. Let’s go!

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PSBank savings account requirements

• 1 Valid primary ID or 2 valid secondary IDs
• Any of the ID should have signature and latest photo
• Completed application form
• P2,000 initial deposit for ATM
• P5,000 initial deposit for Passbook

*New requirement:

• TIN number (in earlier part of 2016, almost all establishments doing financial transactions ask to require TIN numbers from their clients/customers)

PSBank savings account features

Maintaining balance: P2,000(for ATM) / P5,000(for passbook)
Interest rate: 0.5000%
Source: PSBank

Steps in opening a savings account in PSBank

1. Go to the nearest PSBank branch in your area or to any PSBank branch you preferred. Make sure you have the requirements mentioned above.

2. Go to the “New Account Section” in the bank and tell the bank teller that you’re going to open a savings account in PSBank. You should’ve decided which PSBank savings account you’re going to open. ATM or Passbook?

3. Fill up the application form and complete all the details. Submit all the form when finishing together with the requirements needed and the initial deposit required.

4.The bank teller will process your application and will tell you once done. They’ll tell you when you can claim your PSBank ATM or PSBank passbook. That’s it! You can now start saving and start building your emergency fund.

As I’ve already shared on this blog, you should only keep your money on savings account if it’s emergency fund. This is because the bank is using our money to make money from you legally. If your goal is to grow your money, opt for other investment products.

PSBANK and other local banks are offering another investment instrument that can help your money grow and better returns.

If your goal is to grow your money, a savings account may not be the best tool you can use.

There are other investment vehicles out there like the stock market, mutual funds or even starting your own business. Whatever you do with your money, make sure you invest in yourself first by learning and getting educated on what you’re venturing to.

You can read books, personal finance blogs, attend seminars or even get a registered financial adviser to help you professionally.

And of course, make sure you got your emergency fund saved and you have your financial goals set up.

Why?

Because they are the foundation of financial literacy. When you have an emergency fund, you have a piece of mind in whatever happens you have something to pull off. Financial goals will be your map or target on your financial freedom journey.

I hope this has been helpful. Until next time, God bless!

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