Eastwest Savings Account
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By contrast, instant access savings account rates are variable and can be changed, e.g. To take account of Bank of England base rate changes, or changes in rates paid by other banks. Fixed rate accounts. Eastwest bank basic savings account requirements Valid ID 1×1 or 2×2 picture Proof of billing.
According to the EastWest website, the requirements to open up a savings account are as follow: At least one valid ID (make sure that it bears your signature and within its validity period). General Terms and Conditions Governing. EastWest Bank Accounts. These Terms and Conditions shall form part of the specific terms and conditions of EastWest Bank's individual products and services and such other rules and regulations governing your account/s with the Bank and shall be applicable to any future account.
When I was searching for a bank that offers easy and convenient savings account I encountered BPI Easy Savers. After waiting for hours, I was so disappointed since they declined my application because I don't have a primary ID (Government IDs like Passport, SSS/GSIS ID and Driver's License). Good thing I remembered that EastWest Bank has a basic savings account which anyone can be opened for as low as 100php! This is currently the lowestI applied for their Project 8-Shorthorn Eastwest Branch in our area and was assisted by Ms. Aivee and Ms. Jill. They are very kind and answers questions about the account I am interested to open. I bought two secondary IDs, a barangay clearance to certify my residence address and the latest Meralco bill with the same address on my IDs. It took me 30 minutes to fill up and submit my application and paid 100php for initial deposit and maintenance. They gave me the deposit slip with my account number and was advised to pick up my atm/debit card exactly 7 days after my application.
A week later, I picked up my new Eastwest ATM/debit card. I waited 24 hours since they told me to wait for they will activate my card within 24 hours. Unlike other leading banks, Eastwest doesn't have a mobile app but they do have an internet banking. I enrolled my EastWest Visa Debit Card at eastwestbanker.com so I can check anytime my banking transactions. You can transfer your funds to other Eastwest accounts as well as interbank (Fund transfer to other BancNet Member Bank using EWB VDC) and pay bills using internet banking.
Since it is also a Visa bearing card, you may verify your PayPal account using it but my PayPal is already verified using Payoneer and Skrill Prepaid Mastercard so I just try to withdraw my funds to my new savings account. When I added my new Eastwest Basic Savings account to PayPal, it is considered as a checking account so I already got an idea that this is not a usual or regular savings account.
I withdraw around 7am last January 13 from PayPal to check how long it will take for my funds to reflect on my Eastwest account. It was already 8pm the same day and my funds from Paypal is already credited to my account without charging me 200php as remittance fee, unlike other banks. The only one charged to me was PayPal's 50php fee for withdrawing funds below 5,000php.
Requirements:
- (2) Valid IDs
- TIN ID (Depends on Branch you are applying)
- Latest Bill with the same address of your IDs
- 100 Php for the initial deposit
Pros:
- Easy to apply.
- Low maintenance fee and you can earn interest while saving money
- Shop online or use to pay on merchants who accept Visa Card for payment
- Can verify your Paypal account.
- Withdraw funds from your Paypal account fast with no fees.
Cons:
- Eastwest Bank does not have a mobile app yet.
- Hassle to use on verifying your Paypal account.
- There are instances that 4 Digit code generated by Paypal doesn't show in your transaction history.