Equicom Savings Bank offers great financial services and products. The products are designed to meet the various needs and requirements of the consumers. You can deposit your money in the savings account and earn a substantial amount of interest on it.
Features and Benefits
Following are the various features and benefits of Equicom Savings Bank Savings Account:
- You can open a Peso or a Dollar savings account.
- A minimum amount will be fixed to open a Peso or Dollar savings account.
- You can withdraw money from your savings account. But, you cannot withdraw the amount in excess of the outstanding balance.
- Competitive interest rates are offered on the amount deposited.
- The interest earned will be credited to the account at the end of each quarter.
- You can earn up to 0.75% interest p.a.
- The minimum monthly maintaining balance required is P100.
- You get ATM card and can use Bancnet, Expressnet, Megalink, and VisaPlus ATMs.
- You can withdraw up to P5,000 per transaction.
- The daily transaction limit is P5,000.
- You can access the account through online banking and mobile banking.
Types of Equicom Savings Bank Savings Account
Following are the various types of Savings Account offered by Equicom Savings Bank:
- Passbook Savings Account
This account can be opened with a lower amount. You can monitor the account easily. You also get an option to have an Equicom Key card that also acts as a debit or ATM card. You can withdraw the funds through
Minimum account maintaining balance required P5,000. Minimum amount required to earn interest P5,000.
- ATM Savings Account
This account provides convenient withdrawals through debit or ATM cards. You can withdraw up to P25,000 per transaction. The maximum withdrawal limit for a day is P50,000. You can also withdraw at non-Equicom ATMs. The funds can be withdrawn through VisaPlus, Megalink, Expressnet, and Bancnet ATMs. You can monitor your funds easily via the statement of account. You can also access your funds through Equicom mobile banking and internet banking facilities.
Minimum account maintaining balance required P2,000. Minimum amount required to earn interest P5,000.
- Kiddie Builders Savings Account
This is a passbook savings account that is designed for children. A higher interest rate is charged. You get Auto Fund Transfer Arrangement option. This account is available to those between the ages of 0 – 13 years. You will be eligible for the free dental and medical benefits when the account balance reaches P15,000. You can make 3 free withdrawals in a month.
Minimum account maintaining balance required P500. Minimum amount required to earn interest P1,000. Minimum monthly contribution required to avail the Auto Fund Transfer Arrangement option P100.
- The dental benefits include:
- Annual dental or oral examination.
- Oral prophylaxis once a year.
- Emergency dental treatment.
- Uncomplicated tooth extractions.
- Restorative and prosthodontic treatment planning.
- Recementation of loose crowns.
- Temporary fillings.
- Dental health education.
- Desensitization of hypersensitive teeth.
- Free unlimited consultations at Maxicare Primary Care Center for those who are below 3 years old.
Equicom Bank Savings Account Interest Rates
The following are the interest rates for the different types of Savings Account offered by Equicom Savings Bank:
|Passbook Savings Account||0.50% p.a.|
|ATM Savings Account||0.50% p.a.|
|Kiddie Builders Savings Account||1% p.a.|
Fees and Charges
Following are the applicable fees and charges:
|Withholding tax||The tax will be withheld as per the prevailing rules and regulations issued by the Bureau of Internal Revenue.|
|Penalty charge||Monthly penalty is charged if the account balance falls below the minimum deposit requirement.|
Monthly service fee is charged when the account has been inactive for at least 2 years.
An additional fee is charged if the amount falls below the required average daily balance.
|Account closure fee||An account closure fee will be charged if the account is closed within 30 days from the day the account was opened.|
Equicom Bank Savings Account Eligibility
A person who is at least 7 years of age can open an Equicom Savings Bank Savings Account. A parent or a guardian can open an Equicom Savings Bank Savings Account for a minor child.
Documents Required for Equicom Bank Savings Account
You will have to submit the following documents along with the application form:
- Photo ID.
- Address proof.
- Documents evidencing guardianship, authority as administrator, and trusteeship if you are opening an account for a minor.
How to apply for Equicom Savings Bank Savings Account
You can visit the closest Equicom Savings Bank branch and apply for the Savings Account. You can also call the bank customer care number to find out more about the product and then visit the bank with the required documents.
Equicom Savings Bank Savings Account Hotline Number
If you have any queries, you can reach out to the bank through:
Equicom Savings Bank Savings Account FAQs
- Can I open a Dollar savings account with Equicom Savings Bank?
Yes, you can open a Peso/Dollar savings account with Equicom Savings Bank.
- What is the maximum interest I can earn on the savings account?
You can earn 1% interest on the Kiddie Builders Savings Account.
- What is the minimum amount required to open a Passbook Savings Account?
You need to have a minimum balance of P5,000 to open a Passbook Savings Account.
- What is the maximum amount I can withdraw per transaction with ATM Savings Account?
You can withdraw up to P25,000 per transaction with your ATM Savings Account.
- What is the age required to open a Kiddie Builders Savings Account?
You must be between 0 – 13 years to open a Kiddie Builders Savings Account.