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PDIC is the Philippine Deposit Insurance Corporation. It insures your savings account up to a maximum of ₱500,000.

 

Most banks simply ask for two (2) valid ID’s, an accomplished application form, and an initial deposit (usually ranging from ₱100 to ₱2,000). You will also have to visit the branch nearest you to sign the necessary documents.
A savings account will help keep you from spending your money, especially if you’re saving that money for use at a later time, e.g., for a vacation or as an emergency fund.
Withdrawals can be done over the counter or via ATM machines. Deposits can be done over the counter or via cash deposit machines.
Your money’s interest in a savings account is computed annually. For most banks, interest is paid quarterly. Different banks may have different interest rates and range from 0.10% to 1.75%.

“A penny saved is a penny earned.” So goes the famous maxim, but it’s also important to think about where to save that penny. A savings account is a place where you can store money securely while it earns interest. Savings accounts in the Philippines are also insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of ₱500,000.

When you open a savings account, you’re essentially “lending” a bank money that they can use to offer loans to other customers. Online-only banks offer higher interest rates because they don’t have to shoulder overhead costs and other fees involved with maintaining a brick-and-mortar branch.