How to Apply for a PSBank Savings Account

A PSBank savings account is required if you wish to save money in a place where it will earn a higher interest rate since it will be utilised as collateral security. If you are an OFW, you will profit more from opening a savings account with one of the Philippines’ most reputable banks.

This is because the application and other account processing expenses are exclusively paid for by bank tellers in Philippine banks. When you open a PSBank account in another country, you will not be charged anything. The methods for opening a PSBank account are simple and straightforward, and they can be completed in Manila or elsewhere in the Philippines. Here’s why thousands of OFWs throughout the world have created a PSBank savings account, and how you can do the same.

Opening a PSBank Savings Account for OFWs

PSBank accounts are available for Overseas Filipino Workers and their families with these benefits:

– You can open a PSBank account with just 100 pesos.

– You will be assigned a PSBank savings account number that you can use to send money to your family in the Philippines.

– Your family will have access to the funds as soon as you deposit them in your PSBank savings account. They can withdraw from any ATM or over the counter at any PSBank branch in the Philippines.

Why Open a Savings Account with PSBank?

– No maintaining balance. Simply deposit one hundred pesos upon opening the account, and you will be set to go.

There is no need to use your ATM card. Send money to your family in the Philippines by using the account number associated with your PSBank account.

– Free money transfer service offered through MoneyGram and Western Union.

They provide an OFW hotline that you can call from anywhere in the world to receive up-to-date information on your bank activities.

Features of a PSBank Savings Account

Because the PSBank Savings Account provides numerous benefits to Overseas Filipino Workers (OFWs), it is a good idea for OFWs to open one.

The interest rate on the account is 0.25 percent per year, calculated on an annual basis.

If you purchase one of these, you won’t be charged anything extra for the ATM card or passbook that comes with it.

The Philippine Deposit Insurance Corporation (PDIC) will insure your deposits up to a maximum of P500,000 if they meet the agency’s conditions.

– Banking services that can be accessed both online and through mobile devices, allowing you to monitor your financial condition at any time of day or night.

– Savings account interest rates that are consistently among the best available.

– Free life insurance for the account holder – Account holders are eligible for PSBank Credit Cards and PSBank Debit Master Cards on a yearly basis for the rest of their lives.

– Free life insurance for the account holder – They provide two options if you want to start an account with a larger required initial deposit: the Passbook Savings Account, which requires a deposit of one thousand pesos, and the Peso Savings Account, which requires a deposit of five hundred pesos (10,000 pesos)

– You can make deposits at any PSBank branch or partner bank, as well as through their website’s online portal.

– The account holder has the option of obtaining a passbook, which will record all transactions relating to the savings account.

– It includes an ATM card that may be used to withdraw money from any of the country’s over 10,000 ATMs.

– You can pay with your ATM card at any point of sale terminal that accepts that sort of card.

– It comes with a passbook that records all transactions involving your monies.

– The ATM card allows for a maximum of six withdrawals each month, though this number may be adjusted based on the amount of money in your account.

– Over 10,000 different establishments accept ATM card. The PSBank Mobile app, which can be downloaded for free, allows users to deposit cash and checks into their accounts.

Who are eligible to open a PSBank Savings Account?

The following are some of the purposes that the PSBank Savings Account can serve:

-Individuals and sole proprietorships
-Corporations and partnerships
-Minor accounts for children below 18 years old
-Clubs, associations, and organizations

What are the Requirements to open a PSBank Savings Account?

You’ll need one of the following in order to set up an account with PSBank:

A valid ID (e.g., driver’s license, passport) -Proof of address (e.g., electric bill, rental contract)
For students and senior citizens, a valid school or government ID to prove your status
For foreigners, a valid work or resident visa -For minor accounts, your child’s original birth certificate and a valid ID of the account holder
For children below seven years old, a valid ID of the account holder and an adult representative to open the account
An initial deposit of P100 or a minimum balance of P500
A duly accomplished application form
For joint accounts, at least two IDs of the co-holders

How to Open a PSBank Savings Account

If you would like to open an account, you must comply with the following requirements in order to do so:

How to Open a PSBank Savings Account Online:

FOR NEW-TO-PSBANK CUSTOMERS

Tap on the Open a New Deposit Account button.
Read and accept the Terms and Conditions.
Take a photo of the valid ID you have from the list.
Provide the required information and take a selfie.
Nominate log-in credentials for PSBank Mobile App and enter OTP.
Select whether you want an ATM card or request for it later.
Schedule / conduct video call.
Once approved, you may start funding your account through InstaPay / PESONet fund transfer or deposit at any PSBank branch.

FOR PSBANK DEPOSIT CUSTOMERS

To open account via the Side Menu:
Select Open an Account and the Type of Account you would like to open.
Choose the source account, input amount of your initial deposit and specify a nickname.
Select whether you want an ATM card or request for it later.
Enter OTP.
Check My Accounts for the details of your newly opened account.
To open account via Create a Transaction:
Go to View My Accounts and choose Create a Transaction
Select Open an Account and the Type of Account you would like to open.
Input amount of your initial deposit and specify a nickname.
Select whether you want an ATM card or request for it later.
Enter OTP.
Check My Accounts for the details of your newly opened account.

FOR PSBANK LOAN CLIENTS REGISTERED IN PSBANK MOBILE

From the side menu, select the Open an Account icon.
Read and accept the Terms and Conditions.
Take a photo of the valid ID you have from the list.
Provide the required information and take a selfie.
Enter OTP.
Select whether you want an ATM card or request for it later.
Schedule / conduct video call.
Once approved, you may start funding your account through InstaPay / PESONet fund transfer or deposit at any PSBank branch.

Offline:

– Go to any of the PSBank branches located throughout the Philippines. They are spread all over the country and can be discovered in a variety of shopping centres in addition to existing on their own.

– Please remember to bring your passport. You will also need to provide proof of identification for the member of your family in the Philippines who will be receiving the money. This can be in the form of a driver’s licence or a postal identification card.

Tips on Opening a PSBank Account Online:

1. Research about your Account Type

Learn about the many types of bank accounts before you open your first one. Are you thinking about opening a checking or savings account? Perhaps you’d like a taste of everything! Regardless of the account you choose, make sure to inquire about the advantages and disadvantages of the other options. You are required by law to obtain information about your financial condition.

2. Learn how to keep your account up to date.

Certain banks have deposit policies in effect. While the deposit is being processed, it’s possible that you won’t have direct access to funds for a few days. This is something that 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 level, you may be fined or have access to your account restricted using your debit card or ATM.

3. Inquire about the bank’s fees

Here are some things to bear in mind while setting up a bank account. Some banks have hidden costs that aren’t immediately apparent. ATM costs, checking fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees are just a few of the things to be aware of. Make sure you are familiar with these charges so that you are not surprised when you receive your statement.

4. Don’t settle for the first bank you come across when opening an account.

When it comes to opening your first bank account, you shouldn’t feel obligated to choose the first bank that comes to mind. You should visit several different banks. You can gather information from each bank by walking around to different ones. Look into the financial institution that a member of your family, a close friend, or an acquaintance has been using for a while. If the bank notices that you were referred by a long-term customer, they will almost certainly offer you additional benefits.

5. Look for digital platforms

One of the most helpful technologies available in this day and age is online banking. The vast majority of financial institutions will offer it, but there are a few that might not. Make it a point to inquire about this instrument straight immediately. Bill payment and the ability to move money across accounts are just two of the convenient services that come standard with online banking. The ability to do one’s banking online can be of great assistance when dealing with packed schedules and hectic days. Gain command of your financial situation even if you are unable to make it to the bank on a daily basis.

6. Weigh the Benefits

Here is some helpful tips to help you open your first bank account. Make it a point to inquire about the benefits provided by a financial institution. Some financial organisations offer free checking and savings accounts, as well as waived fees for using ATMs and debit cards, free checks, and the elimination of paper bills. Find out what the bank you’re thinking of working with has to offer before you commit!

7. Take charge of your account

Having a bank account over which you have no control is one of the most irritating financial situations imaginable. Keep in mind that as a young adult, you are expected to take on responsibility. Doing the math will teach you how to keep your chequebook in balance. Bring your cash register and, if you have one, your debit card up to date. Maintain complete command of, and constant awareness of, the sum of money that is now in your account.

Frequently Asked Questions:

What can I do with the PSBank ATM savings account?

If you have a PSBank ATM Savings account, you have access to all of the ATMs offered by PSBank, as well as those offered by Metrobank, BancNet, and Mastercard, regardless of where you are. When you shop at establishments that take BancNet cards, in addition to being able to pay your utility bills, loans, and credit cards, you may also shop without using cash.

2. What are the benefits of banking with PSBank?

You’ll get a constant rate of interest and be able to perform financial transactions at any ATM in the Philippines, as well as any Mastercard ATM in the world. Customers can make cash deposits and withdrawals at PSBank branches in addition to services like electronic banking, which is available 24 hours a day, paying bills, and completing cashless transactions.

VIDEO: How to Open a PSBank Savings Account

This is a short video that explains why you should consider creating a savings account with PSBank and how to do so in the most efficient manner possible. This material may be valuable to those of you who are Overseas Foreign Workers (OFWs) in the process of developing your funds for yourself or for your family and loved ones back home. The bank offers a variety of noteworthy features and perks, all of which you can take advantage of in order to achieve your goal of collecting wealth in a simple and risk-free manner. To learn more about it, watch the following video:

Summary:

If you want to get a lot of money back, you might have to look into other ways of saving or investing. There is no possibility that the interest you earn at the bank will allow you to accumulate tens of thousands of dollars, let alone hundreds of thousands.

Keeping your money in a PSBank savings account, on the other hand, is one of the most basic, uncomplicated, and efficient ways to save money.

It is not difficult to keep your PSBank savings account in good standing because there are few standards to satisfy and it is also not difficult to start an account.

If you can make banking transactions on both your PC and your mobile device, it will be considerably easier for you to access your funds in the event of unanticipated or pressing needs.

It is a good solution for Filipinos who just want to save money, especially recent college graduates who are just starting their careers or middle-income earners, and it is especially advantageous for those individuals.

This financial product’s minimum initial deposit requirements and criteria for maintaining a balance are both appealing aspects.

Contact Information

PSBank Center
Address: PSBank Center 777 Paseo de Roxas Avenue corner Sedeño Street Makati City, Philippines
Telephone Number: (+632) 885-8208 / 944-1753 / 944-1772
Website: http://www.psbank.com.ph/
Email: consumerassistance@psbank.com.ph
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