Unless you have such high financial and emotional quotient, putting all your money in just one bank account can be tricky. It’s difficult to separate your emergency fund, fund for living expenses, and money you’re setting aside for investment.
If you’re just starting off in a new job, or going through a rough patch financially, you may feel like you don’t have much fund to spare for maintaining a savings account. I went through this in the past, and it’s really painful to dip into the maintaining balance and lose your hard-earned (and badly needed) money as it is eaten up by bank penalties.
If you resonate with this experience, I encourage you to look around again. Today, there are more options for accounts where you can put money you’ve set aside for emergency funds or other expenses, without having to shell out a lot just to open an account.
Below is a list of some local bank’s opening and maintaining balance requirements.
| Minimum Initial Deposit | Minimum Average Daily Balance to avoid fees | Minimum daily balance to earn interest | Interest per annum | |
| BPI Family Savings Bank Kaya Savings | 200 | None | 1,000 | 0.50% |
| BPI Family Savings Bank Express Teller Savings | 500 | 1,000 | 3,000 | 0.50% |
| BPI Kaya Savings | 200 | None | 1,000 | 0.25% |
| BPI Express Teller Savings | 500 | 3,000 | 5,000 | 0.25% |
| Landbank ATM Savings Account | 500 | 500 | 500 | 0.10% |
| BDO Peso ATM debit card (no passbook) | 2,000 | 2,000 | 5,000 | 0.25% |
**Data gathered May 26, 2018
Later on, I will be gathering more details from other banks too.
But the point is this: Even if you are not earning much, you CAN start saving today and taking responsibility for your financial future.
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