[Last updated 19 May 2020] EastWest Bank (Philippines, PSE: EW), also East West Banking Corporation, is the 10th largest universal bank (in assets) in the Philippines. It operates as a subsidiary of Filinvest Development Corporation (PSE: FDC), one of the country’s leading conglomerates with interests in real estate development, hospitality and tourism, and banking.
With aggressive expansion efforts in the recent years, EastWest Bank has sustained its strong growth momentum and emerged as one of the country’s leading and most trusted partners of Filipino depositors and investors. In 2011, EastWest Bank renewed its brand of excellent client-centered services through a tag line “Your Dream, Our Focus” (source: EastWest Bank official website).
EastWest Bank Deposit Products (Savings)
[1] Basic Savings (Initial Deposit: PHP 100.00) is the most affordable interest-earning savings account with an incredibly low initial deposit and maintaining balance requirement offered by EastWest Bank. It comes with a debit card that can be used for over-the-counter transactions at any EastWest Bank servicing branch, ATM withdrawals, EastWest Bank online facility, and Visa-accredited merchants worldwide.
[2] Kiddie Savings (Initial Deposit: PHP 2,000.00) is another interest-earning peso-savings deposit account exclusive for children who enjoy early financial management training. It comes with a passbook, and allows over-the-counter transactions and a fund access via EastWest Bank online facility.
[3] Passbook Savings Account (Initial Deposit: PHP 5,000.00) can be an ideal account type for conservative depositors who keep track of daily transactions with a history record on hand. It allows deposits and withdrawals anytime at any EastWest Bank servicing branch and a fund access via EastWest Bank online facility.
[4] Passbook Savings with Debit Card (Initial Deposit: PHP 10,000.00) comes with a traditional passbook and a Visa debit card that can be used to secure documented transactions while enjoying the benefits and convenience of modern-day banking system.
[5] Regular Savings with Debit Card (Initial Deposit: PHP 2,000.00) is an interest-earning savings account that comes with a debit card and can be used to make over-the-counter transactions, local ATMs and Visa Plus ATMS worldwide withdrawals, and online and offline purchases with EastWest Online Visa-accredited and Visa-accepting online merchants.
[6] Super Saver (Initial Deposit: PHP 500,000.00) is a high-end EastWest Bank savings account that comes with a tiered interest rates, hence pays interest in increasingly higher amounts as the account balance increases.
*All EastWest Bank deposit products earn interests at varying rates. You can visit the nearest servicing branch to make inquiries about other deposit products and existing interest rates.
EastWest Bank Account Opening Requirements
Here are the minimum documentary requirements upon opening a savings account with EastWest Bank (requirements may vary depending on deposit accounts and selected servicing branches):
- 2 pieces 1×1 (or 2×2) latest ID pictures
- Tax Identification Number (TIN and other information, for completing forms)
- Original and clear copy of at least one (1) valid photo-bearing identification document issued by an official authority (or better bring all available IDs)
- Required initial deposit
- Proof of Billing
EastWest Bank Account Opening Procedure (5 Easy Steps)
Opening savings and other deposit accounts, along with requirements, can be almost the same across all banks in the Philippines. As what I have experienced with major commercial and universal banks, the usual process comes with a few forms, ID cards and other requirements, and verifiable personal details.
[1] Get Entertained at the New Account Section. As soon as you reach the bank, tell the welcoming guard that you wish to open a savings account. Your transaction will be accommodated at the New Account Section. Your attending bank clerk will brief you about available deposit products (or applicable savings accounts) and the bank rules and regulations in handling deposit accounts.
[2] Fill Out Account Opening Forms. After deciding on a deposit product, you will be asked to accomplish a few forms required upon opening a new bank account. Fill them out with accurate details and try to write legibly. At any EastWest Bank branch, the following are the required forms:
- Customer Record Form
- Signature Cards
- Application for ATM Card/Debit Card (if applicable)
- Authorization to Debit (if initial deposit in debited to another account)
- Deposit Slip (for initial deposit required)
[3] Present Your Documentary Requirements. Hand over your prepared account opening requirements to the bank clerk (Check EastWest Bank Account Opening Requirements listed above). Please don’t forget to double-check if the presented IDs are returned to you before leaving the bank to avoid any hassle.
[4] Make Your Initial Deposit and Claim Your Passbook (if applicable). After completing all forms and submitting your requirements, you will be asked to shell out for the required initial deposit. (Check EastWest Bank Deposit Products detailed above). EastWest Bank Passbook Savings with Debit Card, for example, requires an initial deposit of PHP 10,000.00. In most branches, passbooks can be claimed right away after making a deposit.
[5] Come Back After a Week for Your ATM Card/Debit Card (if applicable). If you opted for an account with an ATM/Debit card, you will be advised to come back after a week to claim it. Don’t forget to ask for branch contacts so you could call them first before attempting to claim it. Upon claiming your ATM/Debit card, do the PIN Change right away with the bank machine. Take note that EastWest Bank branches are not as many as those of other commercial and universal banks.
Other Related Articles:
- How to Open a Security Bank Savings Account
- How to Open a Bank of Commerce Savings Account
- How to Open DBP (Development Bank of the Philippines) Savings and Other Deposit Accounts
Disclaimer: The author is not directly affiliated with East West Banking Corporation (Philippines) Please take this article as a simple tutorial on how to open a deposit account with EastWest Bank and not a help page for your other concerns and issues with the bank.
