Most senior citizens in the country tend to have limited budget, making them vulnerable to high cost of living. But if one is to save earlier, it can be a good way to live a comfortable retirement. Let’s take a look at the best banks for senior citizens.
Best Bank for Senior Citizens in the Philippines
Seniors may still want to save their money in a bank for security purposes. In most cases, they can use a savings account especially if they wish to receive remittances from their children abroad. Here, we have listed some of the best banks for seniors based on their needs.
BDO
BDO has a Prime Savers account suitable for 60 years old and above. It has an affordable maintaining balance of Php 2,000 which is easy on the pocket for most elderly. You can open an account either online or when you go to the nearest branch.
The good news is that you can easily monitor your balance anytime using the BDO app. Make sure to set up your account when you sign up for the Prime Savers account.
My mom specifically opened an account with them so she can receive her pension. Monthly, she receives the funds on time.
BPI
The bank offers SaveUP which only required Php 1 (one peso) to open an account. Yes you’ve read it right, a peso. This is ideal for senior citizens who can live with a digital account from a bank. To earn interest, the required deposit is Php 5,000, a good way for a senior to save. Open an account for BPI SaveUp.
BPI has one of the most robust online apps among banks. They have an easy to use interface and makes it possible for an older person to login in using fingerprint.
My dad has the app and he said it is much better than his other bank’s mobile platform. Just like most of us, he enjoys the fingerprint login.
Metrobank
Metrobank is one of the few banks that has a dedicated savings account for pensioners of SSS. They are offering the SSS Pensioner Savings Account for those who want to receive their pension conveniently.
What’s more exciting is you get to have a debit card that you can use anywhere to withdraw your money without hassles. With a simple setup, your SSS pension is credited to your bank account directly.
RCBC
With RCBC, you can also open an SSS Pensioner account. You only need Php 100 as minimum initial deposit which is also the required ADB. You can earn interest up to 0.15% (as of this writing) based on your balance. There is a required Php 10,000 maintaining balance to earn interest. Open up your RCBC Pensioner Account for SSS.
Inquirer’s report indicate that seniors may receive Php 10,000 based on age brackets from 80 to 95 years old. If you are able to receive this benefit, it is a good opportunity to open a bank account and save.
Benefits of a Bank Account for Seniors
Just like with any age groups, saving up money is the best way to prepare for future needs. For senior citizens, a number of benefits become obvious after opening a savings account:
- Better management of money
- Earns interest
- Easy to access funds for emergencies
- No need to keep the money in unsafe places at home
Final Thoughts
Now that you have the money to open a bank account, choose the one that best provides the benefits based on your needs. It is much easier to manage your money if you have a reliable bank partner while earning interest.