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The right type of savings account for you depends on what you’ll use it for.
If you want to save money (which means you won’t access it often), a passbook savings account is the better choice. It’s also safer than an ATM account because it isn’t prone to ATM skimming.
If you’ll use a bank account mainly for spending (like cashless shopping and bills payment) and need regular access to cash, then having an ATM savings account makes more sense. The advantage of ATM accounts over passbook accounts is their lower required initial deposit and maintaining balance.
Go back to the main article: How to Open a BPI Savings Account: An Ultimate Guide