Basic savings account

In this hard trying times maintaining a savings account is very difficult specially if your a student or a plain house wife. Opening a savings account maybe stressful to some most banks have a high initial deposit ranging from 1k to as high as 5k depending on the account wether atm or passbook some banks recquire 10k for passbook. Then you have to maintain huge amount to earn interest or for some banks to avoid monthly service fee. There are banks who offer low initial and maintaining balance. While there are two banks who introduce the no maintaining balance account for almost two years now. Now east west bank the newest universal bank in the country which was given a universal license by the BSP last March of this year has a new product called the basic savings account initial deposit is 100php can you believe it wow and whats more if you reach 500php youll earn interest not bad. All you need is 100php as a maintaining balance and 500php to earn .0025% per annum. Its truely a simple yet very affordable and easy to maintain. Ideal for students and ordinary individual who really on a thight budget. Other features of the account is a visa debit card, electronic statement, can use as point of sale even internet shopping. Do remember of the fees they impose on basic savings account withdrawal over the counter and fund transfer over the counter you have to pay 100php and for deposit free of charge. Transfering fund from your personal account going to your other account is free of charge. On line transfer is also free. It is truly a small begining with east west banks basic savings account now every one can have there own savings account