We recognize the fact that our seniors have limited sources of funds. That’s why it is important for them to maximize their money and even keep it at a reliable banking institution. Here’s a guide on the best banks where seniors can open accounts with.
Philstar Global reported that there are at least 9 million senior citizens in the country. With this number, many of them do not have an existing bank account that could let them earn from their money on hand.
Why Should I Open a Bank Account?
As a senior, you are aware that money is of essence for daily expenditure. With a bank account, you can manage your money more efficiently without worrying about it getting lost or stolen due to unfortunate circumstances.
Another benefit is convenience. Many banks in the Philippines have online access and you can do your banking transactions anytime as long as you have your mobile phone with you connected to the internet.
Lastly, wouldn’t it be great to earn interest from your existing savings? Instead of keeping your money in the “aparador”, you can maximize its value instead by putting it in the bank.
Top Banks for Senior Citizens
Senior citizens have a unique set of lifestyle and needs. We’ve listed some of the best banks for senior citizens to make their lives more comfortable.
BDO
Banco De Oro is one of the best banks for senior citizens due to its wide range of services. An easy to use cellphone application lets you monitor your savings anytime of the day. Moreover, the existence of BDO branches inside SM Malls is also a plus for senior convenience.
When you do your shopping or after watching free movies for seniors, you can easily locate a BDO ATM to withdraw money for your needs.
BPI
BPI has a very strong customer service notion that makes senior’s life a lot easier. With their app, you can see your deposits and withdrawal transactions in real time. You can even pay for your groceries and maintenance medicines with its built in e-wallet transfers to your favorite payment apps. You can easily open an account even with your senior citizen ID.
Metrobank
One key feature that we like about Metrobank is their SSS pensioner savings account. If you are a retired person, you may have this account as the disbursement for the monthly remittance from SSS. You’ll be surprised that the initial deposit is only Php 100.
PNB
The PNB Pensioner Savings account provides you up to 0.10% interest per year. Based on our research, this is one of the highest interest rates for senior citizen bank accounts. The initial deposit is also easy to meet at Php 100.
Pension and Remittance
Many seniors are qualified to receive their pension coming from SSS or GSIS. With the former, you can actually use most banks in the Philippines and make them as a disbursement account for your pension. The best bank for pension disbursement in the Philippines should be something that allows seniors easy access to money with quick transaction details.
Other Benefits
When you go to any of the bank’s branches, you will be given priority as a senior. There is always a dedicated line or queue number system dedicated for those 60 years old and above. You can save time even on banking transactions so you can fully enjoy your life after retirement.
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