Top 5 Banks With Lowest Initial Deposit - Philippines

Need a bank account with a low initial deposit? 

Sometimes, while conversing with friends and clients, they tell me stories of their relatives who don't have a bank account aside from their payroll account from their companies. Yes, these people are actively working, but they don't have their own emergency funds yet because they feel that their payroll account is already enough. 

Top 5 Banks With Lowest Initial Deposit - Philippines


Personally, I feel concerned about this because your payroll account should not be treated as an emergency fund - it's a payroll account because it's just there as a medium to give you your salary. 

An emergency fund, on the other hand, is an accessible account that you need to touch - only in case of emergencies. 

(Read: 4 Situations You Can Dip Into Your Emergency Fund)

For most people I tell this to, sometimes they tell me they have trouble opening their separate bank accounts for their emergency funds because some banks have a lot of documentary requirements, or that some banks have a high initial deposit amount. 

For example, in opening your own BDO ATM account, some get turned off with the P2,000 initial deposit. 

What do we do, then?

Do we just say "Oh well" and move on? 

No. 

An emergency fund is a necessity. It's a foundation. Without it, your other personal finance ventures will come tumbling down. 

Also, without this foundation, your makeup won't be as long-lasting. :D 

Here are five Philippine banks with the lowest initial deposit requirement. Choose one and get started with opening an account for your future: 


1. Equicom Savings Bank 
Account name: ATM Savings Account 
Lowest Initial Deposit: P100
Required minimum maintaning balance: P100

  • With ATM/debit card you can use at BancNet, Expressnet, Megalink and VisaPlus ATMs
  • Maximum of Php10,000.00 withdrawal per transaction and Php 50,000 withdrawal per day
  • Easy Access to your funds via the Equicom Internet and Mobile Banking Facilities
2. EastWest Bank
Account name: Basic Savings Account 
Lowest Initial Deposit: P100
Required minimum maintaning balance: P100

  • With ATM and VISA debit card you can use at BancNet, Expressnet, Megalink and VisaPlus ATMs
  • You can also use your VISA Debit Card to make online purchases.
3. BPI Direct 
Account name: Express Teller Savings
Lowest Initial Deposit: P500
Required minimum maintaning balance: P500

When I was still a fresh college graduate, this is the bank account that I opened. I still have it now for my emergency fund. The best part about BPI Direct is that it's just like a BPI ATM card, only it's better because it has lower initial deposit and you do paperless transactions because it's purely online! 

4. Landbank 
Account name: ATM Savings Account 
Lowest Initial Deposit: P500
Required minimum maintaning balance: P500

  • With ATM card at any Expressnet, Megalink and Bancnet ATMs
5. BPI Family Savings Bank 
Account name: Express Teller Savings
Lowest Initial Deposit: P500
Required minimum maintaning balance: P1,000

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Have you started putting money towards your emergency fund yet? 

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Want to get started managing your money/budgeting/investing?

Or want to get a free life insurance plus investment propopsal? 

Contact me, your trusted financial advisor, through the following: 

Email: liannemarthamlaroya@gmail.com
Twitter: @MsLianneLaroya
Mobile: 0916 737 8741

We can even meet personally for a FREE financial planning session! Let me know so we can finalize a schedule that works. No obligation to do anything - except share what you learned with your friends!

If you find this post helpful, please SHARE it to your friends. Who knows, you might help them by educating them. :) 

Thank you, wonderful people!

Live wisely,








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