Effective July 1, 2021, there will be changes in the terms and conditions governing all Peso Retail Maxi Saver savings accounts.
Changes in the terms and conditions of Peso Retail Maxi Saver savings accounts are as follows:
|ADB¹ Requirement||Php 50,000 / Php 75,000²||Php 2 Mn|
|Required Daily Balance³ To Earn Interest||Php 50,000 / Php 75,000||Php 2 Mn|
Applicable Interest Rates Per Annum
|Less than Php 50,000 / Php 75,000||N/A|
Less than Php 2 Mn
|Php 50,000 / Php 75,000 < Php 5 Mn||0.125%||0.125%|
|Php 5 Mn and up||0.250%||0.125%||Php 2 Mn and up||0.125%||0.125%|
|Withdrawal Limit Per Month||6 withdrawals; lowest interest-bearing tier applies beyond 6 withdrawals||Not applicable|
|Monthly Service Charge⁴ for Falling Below ADB||Php 300||Php 300|
All other terms and conditions shall remain unchanged and in full force and effect.
We will be communicating to customers with Peso Retail Maxi Saver savings accounts in the coming weeks about these changes to the above-stated deposit product. Kindly ensure that your contact details with the bank are updated.
¹ADB refers to Average Daily Balance, which is defined as the sum of the daily end-of-day balances in the account for a month divided by the number of days in that month. The formula for computing ADB is as follows:
ADB = (Day 1 ending balance + Day 2 ending balance …+ Day 30/31 ending balance)
Number of days in the month (i.e. 30/31 days)
²ADB requirement for Debit card is Php 50,000, while ADB requirement for Passbook is Php 75,000
³Daily Balance is equivalent to end-of-day balance
⁴Monthly Service Charge applies if account falls below the required minimum average daily balance for two consecutive months.
Updated as of June 1, 2021