Affordable Checking Account for your Monthly Amortization

One of the requirements when you avail a housing loan either thru bank, HDMF (Pag-Ibig) or in-house financing is issuing checks as well.  Either for equity and/or for the monthly amortization itself, or for any other reason you need to issue checks, there are two (2) top things to consider in looking for a bank: first, one that requires the smallest amount possible upon opening the account or the lowest initial balance and next, a bank that will require the lowest maintaining balance to avoid future problem–lack of funds or worst, a bounced check!

 Prerequisite account

Be aware that almost all banks now require a savings account kept or well-maintained for at least six (6) months before opening the account.  Some bank officers give a little consideration by conducting a brief interview and approval depends on the purpose, and/or source of funds, employment history, etc.  This requirement may be waived if you have a guarantor with you (usually an account holder there) or carrying an endorsement letter from a developer (for home loan purposes) that made special arrangement with them being their accredited banks.  Still, there are few banks that do not have this prerequisite, but you just have to search for them or call their customer service hotline one-by-one instead of going there directly.

Here’s a list of some banks (please call the bank or branch to confirm as they may have any changes or updates about the following accounts) that offers affordable checking account, either low initial deposit and/or low maintaining balance requirement and some of which do not require a savings account before they approve you to open up a current account with them:

 1.  MAYBANK

Value Checking Account – a non-interest bearing checking account with low initial and maintaining balance requirement of PHP 2,000.00.

It is open for a personal (individual/joint) and does not give you a passbook but gives you an option to have an ATM card for as low as PHP 100.00 additional fee.

2.  RCBC SAVING

e-Lite Checking Account – a non-interest bearing checking account with low initial and maintaining balance requirement of PHP 2,500.00 as long as you have an endorsement letter with you from their accredited developers.

3.  PHILIPPINE BUSINESS BANK (PBB)

Individual Checking Account – a non-interest bearing checking account with low initial and maintaining balance requirement of PHP 2,000.00 as long as you have maintained a savings account with them for at least six (6) months before opening the current account.

4.  LUZON DEVELOPMENT BANK (LDB)

 Regular Checking Account – a non-interest bearing peso demand account with an initial deposit of PHP 5,000.00 but a reciprocal savings account (SA) may be opened with Automatic Fund Transfer Arrangement (AFTA) wherein the initial deposit and maintaining balance for current account (CA) with AFTA is PHP 2,000.00

5.   EASTWEST BANK

 Basic Checking Account – is the lightest checking account offered by EastWest. The initial deposit and maintaining balance required is only PHP 1,000.00 and it also comes with a VISA Debit Card for easy access to your cash/funds.

6.  CITYSTATE SAVINGS BANK INC. (CSBI)

CityMAX Account  – a 3 in 1 account: savings and checking account with a passbook, a CITY CASH ATM card which allows you to reorder checks, transfer funds and inquire about your balance through their ATM online system. . CITY CASH ATM Card provides nationwide access to your accounts through the BancNet, Megalink or ExpressNet ATM’s.

With this 3 in 1 account, there’s no need to maintain two separate accounts and you just need PHP 1,500.00 to open, maintain, and earn interest.