Open A Checking Account With P5,000

You can use a checking account as your current account, some sort of a clearinghouse for your funds. Put your payroll here, transfer your savings to your savings account, and make payments using checks or other facilities using this account. The best checking accounts are 3-in-1 accounts (kind of like instant coffee) that combine a checking account with the convenience of an ATM card and the documentation of a passbook or a statement of account. Here, we explore a few banks offering similar checking product for an opening balance of as low as 5,000 pesos.

For checking accounts, like savings accounts, you would need to consider the three minimum balance numbers: initial deposit, maintaining balance and balance to earn interest, in case you’re in the market for a checking account. Aside from these, there are also fees linked to a checking account like minimum balance fee if you go below your maintaining balance, dormant fee for accounts with no fund activities for a specified period of time, overdraft fees for issuing checks with insufficient funds (a criminal offense) or uncollected deposits.

EastWest Bank Logo

EastWest Bank offers non-interest earning regular peso checking account for a low opening balance of P5,000.00

EastWest Bank’s Regular Checking Account requires a relatively low initial deposit requirement of P5,000.00 and the same amount as maintaining balance. In case funds go below minimum, a fee of P220 per month applies. If the account goes dormant, there is also a dormancy fee of P220 per month.

Banco de Oro also offers a Regular Peso Checking account with ATM for an initial deposit of P5,000.00 and a minimum ADB of P5,000.00. Falling below minimum ADB will set you back by P200.00 every month and dormancy fee is also P200.00. The account does not earn any interest.

RobinsonsBank Logo

RobinsonsBank offers a checking account that allows you to earn interest if you maintain an ADB of P25,000.00

However, why settle for a non-interest bearing deposit account when you can get a similar product with the same initial deposit requirement that earns you interest as well. For P5,000.00 you can open a checking account with RobinsonsBank, which also comes with an ATM. Maintain at least P25,000.00 ADB every month and your account may earn 0.25% interest per annum, subject to a 20% withholding tax.

ChinaBank Logo

ChinaCheck Plus allows you to earn higher interest while maintaining a lower ADB.

At the top of this class I think is ChinaBank’s ChinaCheck Plus checking account because it lets you open a checking account with an ATM card, a monthly statement and an optional passbook for the same low initial deposit requirement of P5,000.00 and maintain the account for the same amount. It also allows you to earn interest from your account if you maintain an average daily balance of P20,000.00. Interest rate is at 0.50% per annum, subject to a 20% withholding tax.

Whatever your need for a checking account is, there is one that will fit your budget and expectations. As with anything we purchase, shop around for the best financial product. Don’t just look at the interest earnings. Think also of your existing banking relationships (you might want to open a checking account with the same bank where you have your savings), convenience of location, quality of service, fees and other relevant charges. The best checking products might still be out there. My rule of thumb is to always go for the products with the most features at the lowest initial and maintenance cost.


About Benedict Bernabe

Benedict Bernabe, 27. Benedict has a Master's degree in Development Studies from the University of Melbourne, Australia and a Bachelor of Arts degree in European Languages, cum laude, from the University of the Philippines Diliman. He has worked with the United Nations in the Philippines as the Community Facilitator of the Community of Practice on HIV&AIDS. He worked with Standard & Poor's Capital IQ, a financial information company, as researcher, translator and quality analyst in the investment research team. Prior to this, we worked at IBM Business Services. Benedict is a certified yoga teacher.

4 responses to “Open A Checking Account With P5,000”

  1. ayi says :

    so does it mean from those bank there is no need for you to have an existing account with them to open a checking account?

    • The Manila Finance Guy says :

      Hi Ayi,

      Thank you for your question. Yes, for these banks, there is no need for you to have an existing savings account with them for you to be able to open a checking account.

      The Manila Finance Guy

      • Cy says :

        existing savings account is required in opening a checking account as per bdo and chinabank customer service reps.

      • Benedict Bernabe says :

        Hi Cy,

        As far as I can recall, this was a product of the relatively new Chinabank Savings Bank, not the main China Banking Corporation, which is its parent company,

        The Manila Finance Guy

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