There’s no question as to why every single one of us needs to open a savings account. Every working individual must have a safety deposit or savings account in preparation for the future – whether it be for an emergency or a goal that you have always wanted to realize personally or with your family (i.e. traveling abroad or putting up a business). The bottom line is you need funds to do all these.
In the Philippines, there are several commercial banks that have been in the business for quite some time already – one of which is the Bank of Commerce. Since its operation in 1963, the Bank of Commerce has expanded rapidly as seen in its huge (and still growing) number service branches all over the country. The Bank of Commerce consistently ranks among the top commercial banks in terms of lending assets and diverse banking products and services. If you are interested to open a savings account with the Bank of Commerce, here’s how:
Applying for a Bank of Commerce Savings Account
Applying for a Bank of Commerce entitles account holders to the following perks and benefits:
- Low initial deposit fee and maintaining balance of Php 500 for an ATM Savings account
- 24/7 banking and ATM services in over 13,000 ATM locations nationwide
- Enjoy cashless and online shopping at over 5,000 BancNet authorized partner merchants
- The required monthly average daily balance to earn interest is Php 5,000. Interest crediting is on a monthly basis.
- 0.125% annual interest rate
- Any of the following photo-bearing government-issued valid IDs:
- Driver’s license
- PRC License ID
- Voter’s ID
- Postal ID
- Senior Citizen’s ID
- Barangay Certification
- Police/NBI Clearance
- And many more…
- Two (2) copies of your latest 1 x 1 photo
- Tax Identification Number (TIN) and other similar information (for completing the application form)
- The initial deposit required for your chosen type of savings account (ATM Savings: Php 500)
- Visit your preferred Bank of Commerce branch and head over to the New Accounts Desk. Be sure to have all the above-listed account opening requirements on the day of your visit to the bank.
- Ask assistance from the bank officer for opening an ATM Savings Account.
- Fill out the application form/s and submit your documentary requirements as well as your initial deposit.
- Once your application has been accepted for verification and processing, you will be advised by the bank officer to come back (usually) after a week to claim your ATM card and other account documents, where applicable.
- Once you have received your ATM card, it’s highly advisable that you immediately change your PIN code right away in order to activate your card as soon as possible.