Many Filipinos still do not feel at ease with putting their savings in a bank.
Most Pinoys still feel apprehensive about banking because they feel that they won't be welcomed, there are many requirements, and the initial deposit is big. Others feel that they don't need a bank and can just keep their money safe at home and provide themselves with easy access.
However, experts continue to advise that it's still better to put one's savings in a bank so that it won't be lost or stolen. All you need to do is to visit a branch and open an account.
So, what are the benefits of having a bank account?
1. Convenience - With ATMs available almost everywhere, access to your money any time of the day is no longer an issue.
2. Savings security - Your money is insured for up to Php500,000 per account. No matter what happens, know that your money is safe and sound in a bank.
3. Interest in savings - At home, your money won't have any interest. In a bank, you earn even a small interest.
4. Access to credit or loan - When you have money in a bank, you build your credit score. This allows banks to assess and gauge if you are good for credit or a loan.
5. Record of all transactions - Every single transaction in a bank is recorded. All withdrawals, deposit, interest earned, all of these are recorded.
"BDONB will prioritize those Filipinos who are in far off places and may not have banking services readily available to them. We want them to experience the benefit of having a savings account." said Jesus Antonio Itchon, president of BDONB.
To know more about the advantages and benefits of having a bank account, visit your nearest BDO Unibank or BDONB branch.