Maintaining money in the bank would not make you rich because of the very small interest it offers. But there are still some benefits to it. Here are some:
- Storing your emergency funds. As the name suggests, emergency fund is an account that is reserved for emergency purposes and must be as liquid as possible. The sole purpose of this fund is to address the unforseen events like hospitalization, calamities, or even in times of recession where many companies had to lay off some of their employees.
- Visa application references. If you are applying for a Visa to anywhere one of the requirement is your bank statement. Visa application usually requires six months bank statement to prove that you can sustain your stay in whatever country you would like to visit.
- Getting a complimentary credit card. I know some who wanted to have a credit card and applied several times but were declined. Either they are not employed (e.g. housewife but receiving remittances) or free lancer who cannot show a valid proof of income. In this case maintaining Php20,000 above in your account for six months would qualify you to apply for a credit card in your bank. I had one from BDO which was sent to me without me applying, and another one from Eastwest Bank which I applied for very easily just by filling out an application form. No further requirements needed since I am already a client.
- Transferring money online. It’s very convenient nowadays to pay for something online. At the comfort of my home, even during the night I can pay bills online, or pay for some online purchases.
If you are thinking about the high maintaining balance, don’t worry because there are many banks that offer very low maintaining balance savings account.
Here are some of the low to no maintaining balance savings account:
- EON Visa Debit Card (No maintaining balance)
- BPI Easy Saver Account (NO maintaining balance)
- EastWest Bank Savings Account (Php100.00 maintaining balance)