I opened a savings account with Banco de Oro (a.k.a the SM Bank) last year and am still maintaining it with them to this day. I chose the one with a corresponding ATM card for convenience. While the interest rate of less than one percent annually isn't worth it, somehow I am consoled by the idea that I have some money being kept at the bank which I can withdraw anytime when the need arises.

BDO Savings Account

Interest Rate: .625% per annum

Initial Deposit: P5,000

Maintaining Balance to Earn Interest: P5,000

Penalty Charge: P200 per month
(this is when the account balance is below the imposed maintaining balance of the bank)

Bank Charge: P11
(this is when you withdraw money from your ATM card through a non-BDO automated teller machine)

Do you have a savings account? With what bank?


If you liked this post and would be interested to get updated with The Life of a Breadwinner, bookmark this site or subscribe to my feeds.