Most freelancers start with a smaller salary.
If you’re still on the first few steps of your freelancing journey and feel worried that you don’t have that much amount to open a bank account yet, it’s time to cast your worries away.
EastWest Bank will come to your rescue. It’s probably one of the banks that require the lowest deposit amount. And to add more convenience, you can link it to your PayPal account and withdraw your money from PayPal to EastWest.
Benefits of Signing Up with EastWest Bank
EastWest Bank has built a strong reputation for their company in terms of assets. In fact, it’s the tenth largest bank in the Philippines that is privately owned. You will have both the security and peace of mind that you’re investing your money in a reliable and reputable company.
Lowest Required Minimum Deposit Amount
While in some banks you need to have at least P2000 in your wallet to open a bank account, it’s a completely different story with EastWest Bank. You can sign up with their Basic Savings account for only P100 minimum deposit amount.
The convenience of Modern Online Banking
Online banking has made banking everywhere possible. With just a tap or touch of your fingertips, you can instantly transfer money, make a payment or check your balance. It has also made online shopping easier and more enjoyable. It offers an added layer security of 3D secure to protect your bank account information from pharming and phishing.
Easy Loan Application
Whether you’re planning to build your dream home, purchase a car or plan your dream wedding, EastWest Bank will help this dream come true. It offers an easy and quick solution to your financial needs. It also comes with flexible terms where you can choose the length of the term depending on your capacity to make a monthly payment. Not only that, it offers lower interest rate so you won’t feel like your loan is catching up on you.
Faster Way of Growing Your Money
If you want a faster return of your hard-earned money, open a Time Deposit account and reap a higher interest rate. You can also put an investment in several of their Unit Investment Trust Funds and sit back and relax while your money continues to grow.
According to Dale Basilla, opening a dollar account which is minimum to $500 USD will earn an interest similar to time deposit. Adding another source of income stream will help you out in the future.
Type of EastWest Savings Account
EastWest bank offers 5 types of Savings account, but only 4 are applicable to Filipino freelancers since clearly, we’re way beyond the age requirement in opening a Kiddie Savings Account.
Let’s take a look at each type and see which one is best for your needs.
Passbook Savings Account
This account is ideal if you’re serious in making your money grow. Because it does not have the convenience of owning an ATM card, you would really think twice before withdrawing your money. After all, we don’t like the hassle of going to the bank every now and then.
You would be required to deposit an initial amount of P5000.00 to open this type of savings account. This should also be the maintaining ADB (Average Daily Balance) amount. You would earn an interest rate of 0.125% as soon as your account reaches a balance of P10,000. All of your transaction records are noted on your Passbook but you can also create an online account to keep track of it.
Did you know that you can open a bank account with as little as P100?
With Eastwest Basic Savings, this is absolutely possible.
The amount needed for the initial deposit is only P100 and the same goes for the maintaining balance. Once you hit P500, you can start earning an interest rate of 0.125% p.a.
Documentation of your account is available through Electronic Statement and funds are accessible through EastWest Online, Philippine ATMs and Visa Plus ATMs worldwide and Over-The-Counter. You have to take note though that there is a P100 charge for every withdrawal and fund transfer transactions over the counter.
Passbook Savings with Debit Card
If you want the convenience of modern banking yet keep the traditional way of seeing your transactions in a passbook, this type of savings account is the best choice for you.
Passbook Savings with Debit Card requires a minimum deposit amount and maintaining balance of P10,000. The minimum balance where you can start earning an interest of 0.125% p.a is P 25,000. Funds are accessible over-the-counter, Philippine ATMs and Visa Plus ATMs worldwide. You can also stay on top of your savings account through EastWest Online.
Regular Savings with Debit Card
This type of savings account is convenient for almost everyone since it only requires a minimum deposit amount of P2000. You would also need the same amount for the maintaining balance. Once you have reached a balance of 10,000 PHP, you would start earning an interest rate of 0.125% pa. It also comes with a debit card feature, so it’s convenient for those who are fond of online shopping but don’t want the hassle of opening a credit card account.
You can access your funds through several channels: EastWest Online, Philippine ATMs and Visa Plus ATMs worldwide and Over-The-Counter.
Calling all Filipino freelancers who are cashing in a huge amount of money. If you want to put that hard earned cash into a safe bank and earn a bigger interest, then you should open a Super Saver account. It offers the convenience of having access to your account anytime and productivity of enjoying a higher bonus rate.
How much money do you need to open a Super Saver account?
You would need a minimum deposit amount of P500,00. If you don’t have any withdrawals in a month, you can earn as much as 3.25% interest per annum. You can access your funds over-the-counter, EastWest Online and Philippine ATMs and Visa Plus ATMs worldwide.
How to Open an EastWest Savings Account
Opening an EastWest Savings account is a simple process.
1. Download and fill up the Customer Information Sheet here.
If you don’t have the access to a printer at home, that is totally fine. You can acquire and fill up the form at your local bank. Bringing the form beforehand will expedite the process of your application.
2. Prepare the necessary requirements.
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). Acceptable IDs are TIN, SSS ID, GSIS ID, Passport, Driver’s License, PRC ID, Unified Multi-Purpose ID, BIR or Police Clearance, Postal ID, Voter’s ID, and Baranggay Certification.
- Proof of billing (it must match your billing address)
- Proof of income (Certificate of Employment, Payslip, ITR)
- Photo ID(1X1 or 2X2)
Most of the freelancers can’t acquire a Certificate of Employment or Payslips from their client. If this is the case, you can skip this requirement, and your application will still be approved.
3. Visit the closest EastWest Bank near you.
4. A bank officer will get all the requirements along with the form and minimum deposit required. Processing your application will take between 30 minutes to 1 hour.
5. Once your application has been completely processed, the bank officer will inform you the date on when you can come back to get your brand new debit and ATM card which usually takes within a week.
6. Go back to your bank on the scheduled date to claim your card. Don’t forget to bring a valid ID.
And that’s basically it! Once your card has been activated, you can immediately start using your EastWest Savings account.
How to Link Your EastWest bank to PayPal?
EastWest Bank does not only offer the lowest required deposit amount.
Another benefit that it provides to Filipino freelancers is that it can be linked to your PayPal account. Once linked, you can withdraw your PayPal balance and transfer it to your EastWest Bank.
Below gives you a step-by-step instruction on how to link your PayPal to your EastWest Bank account.
- Log in to your PayPal account with your username and password.
2. Select Wallet from the Menu options and Click Link a Bank Account.
Or you can directly click “Add a bank account or card” on the Main page.
3. You’ll then be prompted to enter your bank account information.
- Enter EastWest Bank on the Bank name section.
- Enter 010620014 on the Bank code section.
- Enter your EastWest Bank account number.
- Enter the name that appears on your bank. It’s important to note that the name that you enter on this section is the exact name that appears on your bank account.
- Review and make sure that all entered information is correct.
- Click “Link your Bank”
Now you have successfully linked your EastWest Bank account to PayPal. In today’s tough economy, it’s highly crucial that you are wise in every decision that you make. EastWest Bank provides the cheapest option of having a savings account plus it serves as a medium where you can withdraw your PayPal salary. Now that’s hitting two birds with one stone.
Melissa is a content writer with 2+ years of experience in providing quality content of various topics from health, relationship, beauty, marketing, home improvement, sports to parenting and relationship.
She also works as a full time administrative support. She takes care of most of the administrative tasks so that her clients can focus on the more important aspect of the business.
Melissa is passionate and dedicated to her career, but family is still the most important for her. No matter how crazy her day can be, she still makes sure that she has the time and energy to take care of her husband and their 3 year old daughter.
You can contact Melissa for all writing projects and collaborations at [email protected].