Eastwest Savings Account
The Basic Savings Accounts is the most affordable interest earning savings account offered by the Bank, with an initial deposit requirement of only P100 and a required balance of only P500 to earn interest. The Regular Savings Account is a savings account evidenced by a debit card. This account earns interest at 0.125% per annum. Product Features. Minimum Initial Deposit. Maintaining Balance.
Eastwest Bank (EWB) is one of the newer banks that have become prominent in the market in recent years. With its aggressive expansion efforts, EWB has positioned itself among the top 10 largest universal banks (in terms of assets) in the Philippines.
For the reasons mentioned, many individuals and businesses have started to transfer to EWB and have enjoyed their banking and financial services over the years. If you are interested to know more about EastWest Banks’s services and financial tools offered, continue to read…
In this post we will outline the requirements and simple steps on how to apply for a Regular ATM Savings Account with EastWest Bank. Here’s how:
Image Credit: EastWest Bank FB Page
Applying for an EastWest Bank ATM Savings Account
Opening a Regular ATM Savings Account with EastWest Bank entails the following perks and services for their members:
- Initial deposit and minimum maintaining balance of only Php 2,000.00
- Minimum Average Daily Balance (ADB) of Php 10,000.00 to earn interest
- 125% annual interest rate
- Documentation: Debit card and electronic statements
- Easy fund access via over-the-counter banking, Philippine ATMs, Visa-partner (physical and online) merchants worldwide, as well as EastWest Online Banking.
Basic Requirements:
- An original and clear photocopy of any of the following government-issued photographed IDs:
- Passport
- PRC License
- Driver’s License
- Voter’s ID
- Company ID / Student ID
- SSS / GSIS ID
- OFW ID
- OWWA Card
- Senior Citizen’s ID
- And so on…
- Two (2) copies of either 1×1 or 2×2-sized recent photograph
- Your Tax Identification Number (TIN), ad other similar information to be used for filling out your application form
- Any proof of billing/ utility bills (e.g. electricity, water, landline/internet or credit card bills)
Procedures:
- Visit your preferred Eastwest Bank branch and proceed to the New Accounts Section.
- Request assistance from the bank officer on how to open a Regular ATM Savings Account. You will be provided with a set of forms that you need to fill out to begin our application process. Make sure that all the information you provide on these forms is accurate and correct.
- After you have completely filled out your application forms, provide the required documents listed above for verification and processing of your application.
- Pay the initial deposit fee for the regular savings account as specified in the above account features/services. Keep the deposit slip for the collection of your ATM/Debit Card. Availing for an ATM/Debit Savings account would require applicants to wait for a week before collecting their documents.
Tip: Just make sure to ask for the bank officer’s contact details so you can contact him/her regarding the status of your savings account and to confirm if it’s already available for collecting.
When I was searching for a bank that offers easy and convenient savings account I encountered BPI Easy Savers. After waiting for hours, I was so disappointed since they declined my application because I don't have a primary ID (Government IDs like Passport, SSS/GSIS ID and Driver's License). Good thing I remembered that EastWest Bank has a basic savings account which anyone can be opened for as low as 100php! This is currently the lowestI applied for their Project 8-Shorthorn Eastwest Branch in our area and was assisted by Ms. Aivee and Ms. Jill. They are very kind and answers questions about the account I am interested to open. I bought two secondary IDs, a barangay clearance to certify my residence address and the latest Meralco bill with the same address on my IDs. It took me 30 minutes to fill up and submit my application and paid 100php for initial deposit and maintenance. They gave me the deposit slip with my account number and was advised to pick up my atm/debit card exactly 7 days after my application.
A week later, I picked up my new Eastwest ATM/debit card. I waited 24 hours since they told me to wait for they will activate my card within 24 hours. Unlike other leading banks, Eastwest doesn't have a mobile app but they do have an internet banking. I enrolled my EastWest Visa Debit Card at eastwestbanker.com so I can check anytime my banking transactions. You can transfer your funds to other Eastwest accounts as well as interbank (Fund transfer to other BancNet Member Bank using EWB VDC) and pay bills using internet banking.
Since it is also a Visa bearing card, you may verify your PayPal account using it but my PayPal is already verified using Payoneer and Skrill Prepaid Mastercard so I just try to withdraw my funds to my new savings account. When I added my new Eastwest Basic Savings account to PayPal, it is considered as a checking account so I already got an idea that this is not a usual or regular savings account.
I withdraw around 7am last January 13 from PayPal to check how long it will take for my funds to reflect on my Eastwest account. It was already 8pm the same day and my funds from Paypal is already credited to my account without charging me 200php as remittance fee, unlike other banks. The only one charged to me was PayPal's 50php fee for withdrawing funds below 5,000php.
Requirements:- (2) Valid IDs
- TIN ID (Depends on Branch you are applying)
- Latest Bill with the same address of your IDs
- 100 Php for the initial deposit
Pros:
- Easy to apply.
- Low maintenance fee and you can earn interest while saving money
- Shop online or use to pay on merchants who accept Visa Card for payment
- Can verify your Paypal account.
- Withdraw funds from your Paypal account fast with no fees.
Cons:
- Eastwest Bank does not have a mobile app yet.
- Hassle to use on verifying your Paypal account.
- There are instances that 4 Digit code generated by Paypal doesn't show in your transaction history.