Accounts

Opening a savings account provides you with a secure method of storing your money with a bank. You will also be able to accumulate interest in the account if you meet a certain average daily balance. This interest is subject to a withholding tax of 20%.

In order to open a savings account, you will need to make a minimum deposit. You will also need to make sure that your account balance doesn’t go below the minimum. The minimum deposit and maintaining balance depend on the type of savings account you have.

Build your savings toward a more prosperous future with a savings account from Robinsons Bank. Not only will this type of account keep your money safe—the more you can save, the higher the interest you can earn from it. Robinsons Bank offers highly personalized options that will suit every type of client. We’ve got programs for minimalist customers, average Filipino income earners,  those with foreign currencies on hand, and even kids who are just learning about savings. You also have the option of opening a  passbook savings account, as well as an IPONsurance account, which has free life insurance for a minimum deposit of PHP 20,000. Use your very own savings account to reach your financial goals, one step at a time. Visit a Robinsons Bank branch or use the RBank Sign-Up app to open one today!

Before you decide which type of bank account to open, it’ll help to know more about the two most common options: savings accounts and checking accounts.

Between the two, it is a checking account that’s designed for more frequent expenses. Most banking clients use their checking accounts to fund regular purchases like gasoline, groceries, and medicine.

In contrast, a savings account assumes that the client will be accessing their money a little less. The client’s reward for storing a larger sum in their savings account is a higher yield from their interest rate. Thus, a savings account allows you to keep your money in one place, and makes it just accessible enough to supplement your day-to-day expenditures. That’s why it’s the best kind of account to store long-term or emergency funds.

There are several advantages to opening savings accounts for yourself or your family members. They include the following:

• It keeps all your cash safe in one place. A bank like Robinsons Bank can assure you of a safe and secure place to store your money. This is the perfect kind of account to tuck away money for a rainy day.
  
• You can earn interest from this type of account. Your savings account may also be a means to earn a little passive income. The higher your average daily balance is, the more interest you can collect per annum. It would serve you well to augment your regular income with some extra money from your savings account.
• Your savings account will also allow cashless spending. If you get a debit card for your savings account, you will also be able to use it for cashless purchases. That’s a much more convenient alternative to carrying large amounts of cash around. If ever you need to spend money from your savings account, you can do so in just a few quick swipes of your card.
  
• You’ll receive some added perks. Depending on which savings account product you choose, you may also be eligible for additional benefits. Robinsons Bank’s IPONsurance, for example, offers free life insurance coverage that’s up to four times higher than the account’s average daily balance.
• A savings account will help you practice financial responsibility at any age. You can open a savings account as a student or as a breadwinner for your family. You can even choose to have a savings account for your kids. It’s a good way to practice saving money and to teach yourself and others the value of financial responsibility.

Robinsons Bank should be your top choice of bank to open a savings account with. Here’s what you’re assured of when you choose Robinsons Bank to be your banking provider.

• It will be easy to open your own savings account. You don’t need to have a huge sum on hand in order to open an account with us. Just complete the process at a nearby branch or use our dedicated app, and you’ll already be on the road to saving for the future!
• We offer personalized savings account products. There are several different types of savings account you can open with Robinsons Bank. You can go for a basic savings account like Robinsons Bank’s Simplé Savings, or you could enjoy competitive interest rates from a Robinsons Bank Passbook Savings account.
• You can use a Robinsons Bank savings account to keep money in other currencies. Robinsons Bank’s US Dollar Savings Account will allow you to store foreign currencies like US dollars (USD), euros (EUR), and Japanese yen (JPY). If you are an overseas Filipino worker or if you intend to travel in the future and want to build your savings in other currencies, go for this type of savings account.
• We have a growing number of branches. If you choose to open a savings account with Robinsons Bank, you won’t need to go too far to find the nearest branch. It will be very convenient for you to apply and to get follow-up customer service for your account.
• We provide excellent customer service. Robinsons Bank commits to serving its everyday Filipino clients with the highest of standards. No matter what kind of savings account you open, you can depend on us for reliable and consistent service.
• We’ve made the move to digital banking. Your experience with Robinsons Bank will be even more convenient and up to the times thanks to our digital banking options. You’ll actually be able to open a savings account on a remote basis with the RBank Sign-Up app! Check which savings accounts products will allow you to sign up through the app.

Robinsons Bank offers six flagship options for savings accounts. Choose which one suits you best among the following:

• RBank Savings Account. This product comes with its own RBank VISA debit or ATM card. With this type of savings account, you’ll have both maximum control of your savings account and full cashless convenience. The minimum opening and maintaining balance is PHP 2,000. You will be able to earn interest if you maintain an average daily balance of more than PHP 10,000.
  
• IPONsurance Savings Account. The IPONsurance Savings Account will grant you free life insurance coverage if you deposit a minimum of PHP 20,000. Your coverage is worth up to four times your account’s average daily balance. This product is available to clients between 18 and 65 years of age. You will be able to earn interest upon maintaining a balance of PHP 20,000.
• Passbook Savings Account. With your Robinsons Bank Passbook Savings Account, you can earn monthly interest if you keep an average daily balance of PHP 10,000. The opening and maintaining balance for this account is PHP 5,000. You’ll be provided with your own passbook so that you can easily monitor your transactions with your account.
  
• Simplé Savings. Robinsons Bank’s Simplé Savings program will allow you to open your own savings account with an initial deposit of just PHP 100. You can also start earning interest with an average balance of only PHP 500. For an additional PHP 150, you will also get your very own VISA debit card.
• Tykecoon Savings Account. It’s never too early for Filipino children to start saving for the future. Robinsons Bank’s Tykecoon Savings Account can kickstart your child’s experiences with saving money. All you need in order to open this account is PHP 2,000. The same amount in average daily balance will allow you and your little tyke to earn from the interest.
  
• US Dollar Savings Account. Robinsons Bank’s US Dollar Savings Account is the best option for storing your USD, EUR, and JPY currencies. You’ll need USD 100, EUR 500, or JPY 50,000 in order to open this kind of savings account. You can start earning interest if you keep an average daily balance of USD 500 or JPY 5,000. Keep money in this account so that you can save ahead for your next trip!

In just a few easy steps, you will be able to open your very own savings account with Robinsons Bank. Here’s what you need to do.

• Fill up a form for the type of savings account you’d like to open.
• Submit this along with a copy of your valid ID.
• Compile any other documents needed for the specific type of savings account you want to open. For example, the Robinsons Bank IPONsurance Savings Account requires you to pass a group life application form.
• Pass these to the staff at the nearest Robinsons Bank branch and wait for them to finish processing your documents.

For some of our products, it’s possible to sign up using the RBank Sign-Up app, which is available on iOS and Android. Take a selfie and a photo of your valid ID, fill up the form, verify your mobile number, fund your account—and you’re all done!

Once you’ve opened your own savings account with Robinsons Bank, keep track of the following reminders.

• Watch out for your average daily balance. Be sure not to overdraw from your savings account. If you go below the required maintaining balance, you’ll get a penalty or risk the account’s closure.
• Take note of the account’s withdrawal limits. Remember that you have a limit on the number of transactions and the amount you can transact per day. Keep these in mind and plan your withdrawals accordingly.
• Keep the account from being dormant. Your account shouldn’t be dormant, or inactive for more than two years. It’s best to maintain a regular amount of deposit and withdrawal activity for your savings account, which the bank will deem healthy.

Checking accounts are intended for funds that are intended to be spent immediately. In contrast, savings accounts are meant for longer-term savings. Giving quick access to funds is the main service offered in a checking account. In a savings account, there is a balance struck between access and fund preservation.

Banks that cater to consumers encourage savings accounts as well, as they give them access to liquid cash that is not likely to be pulled out, which can be used for other income-generating projects. Because the funds in checking accounts are not as likely to be stable, the banks have to assume some level of risk, hence the lack of interest and the associated fees.

Time deposit accounts, also known as term deposits or simply as “time deposits”, are a type of interest-earning bank account with a preset maturity date. These tend to have interest rates higher than savings accounts, with the interest increasing with the length of the term and size of the amount deposited. When the deposit reaches maturity, the depositor typically has the option to withdraw the full amount or just the accumulated interest.

In a time deposit, depositors essentially promise the bank that they will not withdraw their funds from the account for a set amount of time. In return, the bank will pay a higher interest rate.

It should be noted that even if there’s a maturity date for time deposits, that doesn’t mean that the depositor cannot take money out of the account. However, to discourage this from happening, banks will typically institute a penalty for early withdrawals.

Robinsons Bank offers a number of high-yield time deposit products, including Peso Special Savings, Peso Time Deposit, and US Dollar Time Deposit. Visit the nearest Robinsons Bank branch to start investing!

It depends on what you need. If you have a lot of extra cash but are averse to spending it, a time deposit offers an excellent, low-risk means of investment. If you need your funds to be easily accessible, a savings or checking account would be more appropriate, as the early withdrawal penalties of a time deposit greatly reduce the value of your fund.

Nonetheless, time deposits can be a good way to preserve the value of cash, as the higher interest rates can be a decent way to offset the effects of inflation. While time deposits may not earn as much as other types of investments, they are extremely low-risk and earnings are virtually guaranteed. If you are undecided about what to do with the cash you have on hand, keeping it in a time deposit account can be a good way to keep it safe and productive in the meantime.

Time deposits give the bank a more stable source of cash to use, which is why banks tend to offer higher interest rates to encourage more depositors to open a time deposit account. Conversely, savings and checking accounts are less stable, so banks tend to offer lower or no interest rates for those kinds of accounts.

Get in touch with a Robinsons Bank representative to learn more about your investment options.