Opening an EastWest Bank savings account is simple and convenient, and it comes with a variety of advantages. To begin, you can manage your account and transfer funds using EastWest Bank’s online banking interface. You’ll also earn interest on your deposits, which will help you grow your money over time. And if you ever need to withdraw money, you may do it swiftly and conveniently at an EastWest Bank ATM. So, why not start an EastWest Bank savings account today?
You will just need a few pieces of identification to start a savings account with EastWest Bank, and once the account is open, you can access it online or through a mobile app. EastWest Bank customers can also make use of a number of features and benefits, such as a high-interest rate, no monthly maintenance fee, and a complimentary ATM card. Reading the rest of this lesson will provide you with further information on how to set up a savings account.
Opening an Eastwest Bank Savings Account
EastWest Bank is one of the Philippines’ leading financial institutions. It provides its customers with a wide range of products and services, including savings accounts. Opening an EastWest Bank savings account is straightforward and quick, and it only takes a few minutes. You can open an account in a few simple steps online, or you can visit a branch near you. In any case, you must enter some basic information and select a deposit amount. You can begin saving money as soon as your account is opened!
Why Bank with Eastwest Bank?
The Right Products For You: Start saving with easy to manage deposit products that match your needs.
Competitive Interest Rates: Enjoy competitive interest rates when you do banking with them.
Convenient and Secured Access to Your Funds: Easily transact anytime, anywhere via EastWest Online and Mobile, and in over 1.8 million ATMs in the Philippines and abroad with the EastWest Visa Debit Card.
What are the various EastWest Bank Deposit Products (Savings)?
Basic Savings (Initial Investment: PHP 100.00) is EastWest Bank’s most affordable interest-earning savings account, with a modest initial deposit and a low minimum balance requirement. It comes with a debit card that can be used for in-person transactions at any EastWest Bank branch, ATM withdrawals, EastWest Bank online services, and Visa-accredited merchants all over the world.
Kiddie Savings (Initial Deposit: PHP 2,000.00) is yet another peso-savings deposit account that pays interest to children who benefit from early financial management education. It comes with a passbook and enables over-the-counter transactions as well as fund access via the EastWest Bank online service.
Passbook Savings Account (Initial Deposit: PHP 5,000.00) is an excellent choice for conservative depositors who want to keep track of daily transactions and have a history record on hand. It allows deposits and withdrawals at any time at any EastWest Bank servicing branch, as well as fund access via the EastWest Bank online facility.
Passbook Savings with Debit Card (Initial Deposit: PHP 10,000.00) features a traditional passbook as well as a Visa debit card that may be used to protect documented transactions while taking use of today’s banking system’s advantages.
Regular Savings with Debit Card (Initial Deposit: PHP 2,000.00) is an interest-bearing savings account that comes with a debit card that can be used for over-the-counter transactions, local ATMs and Visa Plus ATMs worldwide withdrawals, and online and offline purchases with EastWest Online Visa-accredited and Visa-accepting online merchants.
Super Saver (Initial Deposit: PHP 500,000.00) is a high-end EastWest Bank savings account with tiered interest rates that pays out larger sums of interest as the account balance grows.
Note: Variable interest rates are paid on all EastWest Bank deposit products. At the local service branch, you can inquire about additional deposit products and current interest rates.
Features and Benefits of an EastWest Bank Savings Account
EastWest Bank’s extensive savings account portfolio can meet your specific needs. EastWest Bank can meet your demands, whether you desire a basic account with no extras or a more advanced account with specialised features. Furthermore, each of our savings accounts has 24/7 internet access as well as competitive interest rates. Look below for a more in-depth review of some of the features and benefits of our savings accounts:
- A relatively high rate of interest
- There are no fees charged on a monthly basis.
- Free use of an ATM card
- Interest rates that are competitive across the board for all accounts
- online access around the clock and a mobile app to make account administration simple
- insured by the FDIC up to a maximum of $250,000
Who are Eligible to Apply for an Eastwest Savings Bank?
The Eastwest Bank Savings Account is available to everyone, regardless of whether they presently bank with the institution. It is one of the most easiest bank accounts to open because there is no obligation for an initial deposit or a minimum maintenance balance. You will also receive a free ATM card with this account, which you may use at any EastWest Bank ATM in the country. Because the interest earned in this account is higher than the interest produced in most other banks, it is an ideal option for people who want to build their money.
What are the Requirements for Opening an EastWest Bank Savings Account?
The following are the minimal documentary requirements for opening an EastWest Bank savings account (requirements may change depending on deposit accounts and selected service branches):
- 2 pieces 1×1 (or 2×2) latest ID pictures
- Tax Identification Number (TIN and other information, for completing forms)
- Original and clear copy of at least one (1) valid photo-bearing identification document issued by an official authority (or better bring all available IDs)
- Required initial deposit
- Proof of Billing
How to open an EastWest Bank savings account
Opening an EastWest Bank savings account is a quick and easy process that takes only a few minutes. To open the account, you will need to have your personal information, a valid ID, and your first deposit on hand. The procedure is simple and quick, and you may begin collecting interest on your money right immediately.
For New Deposit Customers:
- Download and fill-out the account opening form here.
- Email the completed form and requirements here.
- Visit your preferred store upon receipt of email confirmation to claim your EastWest Visa Debit Card and/or passbook.
For existing deposit customers, you may request a callback here.
Opening savings and other deposit accounts, along with requirements, can be almost the same across all banks in the Philippines. The process usually involves a few forms, ID cards, and other requirements, as well as personal information that can be checked.
1. Get Entertained at the New Account Section.
As soon as you reach the bank, tell the welcoming guard that you wish to open a savings account. Your transaction will be accommodated at the New Account Section. Your attending bank clerk will brief you about available deposit products (or applicable savings accounts) and the bank rules and regulations in handling deposit accounts.
2. Fill Out Account Opening Forms.
After deciding on a deposit product, you will be asked to accomplish a few forms required upon opening a new bank account. Fill them out with accurate details and try to write legibly. At any EastWest Bank branch, the following are the required forms:
- Customer Record Form
- Signature Cards
- Application for ATM Card/Debit Card (if applicable)
- Authorization to Debit (if initial deposit in debited to another account)
- Deposit Slip (for initial deposit required)
3. Present Your Documentary Requirements.
Give the bank clerk the paperwork you have ready to open an account (Check EastWest Bank Account Opening Requirements listed above). Before you leave the bank, don’t forget to double-check that the IDs you gave them are back in your hands.
4. Make Your Initial Deposit and Claim Your Passbook (if applicable).
After filling out all the forms and sending in your requirements, you’ll be asked to pay the initial deposit. (See the above list of EastWest Bank Deposit Products). For example, the EastWest Bank Passbook Savings with Debit Card needs a first deposit of PHP 10,000.00. Most branches let you get your passbook right away after you make a deposit.
5. Come Back After a Week for Your ATM Card/Debit Card (if applicable).
If you chose an account with a debit or ATM card, you’ll be told to come back in a week to get it. Don’t forget to ask for the branch’s phone number so you can call them before you try to claim it. As soon as you get your ATM/Debit card, change your PIN at the bank machine. Keep in mind that there are not as many EastWest Bank branches as there are at other commercial and universal banks.
Frequently Asked Questions
1. What is the initial deposit of the EastWest basic savings account?
Maintaining a Balance Balance to Earn Interest EastWest Passbook Savings Account: P100 P100 EastWest Basic Savings Account: P100 P100 EastWest Kiddie Savings Account: P2,000 P2,000
2. What is the EastWest savings with debit card offer?
This incentive is only available to new-to-bank customers with personal banking accounts. To enjoy worry-free shopping, open an EastWest Regular Savings Debit Card and receive a FREE EastWest Visa Prepaid Card!
3. How much balance to earn interest in EastWest?
Balance of Interest Earnings Fundamental Savings EastWest P100 P100 P100 P100 EastWest Savings for Children P2,000 P2,000 P5,000 P5,000 EastWest Passbook Savings w/ Debit Card P10,000 P10,000 EastWest Debit Card Regular Savings P2,000 P2,000 EastWest Super Saver (****10,000,000+) P500,000.00
Tips on Opening an EastWest Bank Savings Account Online:
1. Research about your Account Type
Before you open your first bank account, learn about the different types of accounts available. Do you wish to open a savings or checking account? Perhaps you’d like a taste of everything! Whatever account you choose, make sure to ask about the advantages and disadvantages of the other options. You are required by law to collect information regarding your financial condition.
2. Learn how to keep your account up to date.
Several banks have deposit policies in effect. While the deposit is being processed, you may not have direct access to money for a few days. This is something you should look into further! Another form of limitation that many banks employ is a “minimum balance” requirement. If your account balance falls below that threshold, you may be fined or have your debit card or ATM access restricted.
3. Inquire about the bank’s fees
Here are a few things to think about before creating a bank account. Some banks have hidden fees that are not readily apparent. ATM fees, bank costs, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees are examples. Make sure you’re familiar with these expenses so you’re not surprised when you receive your statement.
4. Don’t settle for the first bank you come across when opening an account.
You do not have to open your first bank account with the first bank that comes to mind. You should visit several different banks. You can gather information from each bank by walking around them. Look into the financial institution that a member of your family, a close friend, or an acquaintance has used for a while. If the bank detects that you were referred by a long-term customer, they will almost certainly offer you further incentives.
5. Look for digital platforms
One of the most useful technologies available today is online banking. The vast majority of financial institutions will offer it, although a small percentage may not. Make it a point to learn everything you can about this instrument as soon as possible. Bill payment and account transfers are only two of the many handy tools that come standard with internet banking. When dealing with hectic days and crowded schedules, the ability to do banking transactions online can be incredibly advantageous. Gain financial control even if you are unable to visit the bank on a daily basis.
6. Weigh the Benefits
Here are some tips to help you open your first bank account. Make it a point to question the advantages of a financial institution. Some banks provide free checking and savings accounts, as well as reduced fees for using ATMs and debit cards, free checks, and paperless invoicing. Find out what the bank you want to work with has to offer before you commit!
7. Take charge of your account
One of the most annoying financial problems is having no control over a bank account. Remember that as a young adult, you are expected to take on responsibility. Math will teach you how to balance your chequebook. Bring your cash register and an up-to-date debit card, if you have one. Maintain complete management of your account and constant awareness of the amount of money in it.
Video: How to Open an EastWest Bank Savings Account Online
Here’s a short video tutorial on how to open an Eastwest Bank savings account online. This procedure is simple and convenient for everyone, particularly for abroad Filipino personnel who want to save money for themselves and their family. The video also goes through the many types of savings accounts that are accessible. Hopefully, this has clarified what you can expect from this savings account and how to maximise its features and benefits.
Opening an EastWest Bank savings account is easy and fast, and it comes with numerous benefits. Opening an EastWest Bank savings account is simple, and you may access your account online or via a mobile app. EastWest Bank also provides other advantages and perks, including a high-interest rate, no monthly maintenance cost, and a free ATM card.
When you search for the best savings account, always start by looking in the right places. While banks that are closer to your home may seem like a good bet, if they don’t have the best interest rates then they probably won’t be in your best interest. Of course, you need to compare all of your options to ensure that you are getting the best possible deal. Check out this article to learn more about what interest rates to look for in different types of savings accounts and how to compare them effectively when choosing the best savings to account for your needs.
EastWest Bank offers great savings account for those who are looking to save money. The account offers a competitive interest rate and has no monthly fees. Additionally, EastWest Bank offers a mobile app that makes it easy to transfer funds and track your account balance. Overall, the EastWest Bank Savings Account is a great option for those who are looking for a simple and convenient way to save money.
Visit your nearest EastWest Bank branch today to open your savings account.
READ NEXT: How to Apply for an EastWest ATM Savings Account
EastWest Bank Philippines – Head Office
Address: 2264 Chino Roces Ave, Makati, 1232 Metro Manila
Telephone Number: (632) 8888-1700
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