Even though a bank is still the safest place to keep your hard-earned money, many Filipinos don’t have a bank account for 3 reasons:

– they think there are too many requirements (without visiting a bank)

– the initial deposit is said to be too high (without checking even online just what the amount it)

– keeping their savings at home (where it can be stolen) is good for ease of access

Here are five clear benefits of having a bank account:

Utter convenience. You can send money from your account without having to leave your home. And your account comes with an ATM card that you can use for purchases in places that have a point of sales (POS) terminal.

Your money is protected. Because your money is kept in a bank, it’s safe from theft, tragedy, or calamity. Add to that the fact that your money is insured – whatever happens to it while it’s in the bank, the money can be returned.

Your savings can grow. Banks add interest to the amount you have in your account, allowing it to grow over time. Additionally, you can keep depositing to your account because it’s both safe and grows via interest.

You get access to credit or loans. Banks provide access to its depositors opportunities to get loans to buy cars or homes or as start-up capital for businesses.

All transactions are recorded. It’s easier to control your expenses because everything you do on your account is recorded. You’ll find it easier to set aside amounts for emergencies or other important expenses or projects.

“For many Filipinos, the experience of having a bank account is still a new one,” said Jesus Antonio S. Itchon, President of BDONB. “Our priority at BDONB is to bring to far-flung and distant areas our banking services, so that more people can experience the benefits of having a bank account.”

To find out more on the advantages and benefits of having a bank account, visit the nearest BDO Unibank or BDONB branch near you.

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