Friday, August 25, 2017

Opening a Passbook Savings Account in One Network Bank

Last August 16, I decided to open a savings account in One Network Bank. One Network Bank is a rural bank of BDO. Even though I have an existing ATM savings account in another bank, I pushed myself to open a new savings account with passbook in another bank.

I really wanted to be financially stable. To achieve that, the first thing I learned is to list down all my expenses so I can identify later on which of my expenses is not necessary. After doing that for a couple of months, I figured out that I've been spending money on useless things. Later on, I learned to save money.

To open a new savings account with passbook, I have five banks in my area to choose from: EastWest Bank, Development Bank of the Philippines, Land Bank of the Philippines, One Network Bank, and Philippine National Bank. Out of the five banks, ONB has the lowest initial deposit requirement and monthly ADB requirement. I've been searching online for ONB's requirements and how their passbook looks like but I couldn't find any, so I decided to go to the branch near me and asked for information.

The requirements are:
- 2 pieces 1x1 ID photo
- 2 valid IDs
- SSS and TIN number
- Initial deposit (minimum is 500 pesos)

When I got there, the guards were nice enough to guide me to the new accounts section and there I seated comfortably and patiently waited for my turn.

When it was my turn, I filled up the usual forms when opening an account in any banks. The lady asked for my IDs and I gave her my passport and PhilHealth ID. I even asked her if PhilHealth is okay since we all know it's not a primary ID in the Philippines, she then inspected my passport and she said that it's okay since my PhilHealth ID is not the old version. I was so glad when I heard that.

I told her that I forgot my SSS number and I asked if it's okay to check my phone (using of mobile phone inside the bank is not allowed) and see if I have it saved there, which she replied and said it's okay. But unfortunately, it's not in my phone. She politely said that SSS number is really required, and since I don't memorize it she told me to follow the SSS number as soon as I can. After filling up and signing the forms, I gave her my initial deposit of 500 Pesos, I got my passbook right away.

Looking at my passbook inspires me to live a frugal lifestyle and save more money for future investment plans and for unexpected emergency instances (knock on wood).

I am so glad I made this move. So far, I've been going to the bank once a week to deposit. Whatever spare change I got for the entire week, no matter how small or big total is, I deposit it. And I am not ashamed for that, I am even very prouf of myself for doing this change.

It motivates to work more. Because if you work more, you earn more money, and you save more.

Yay for financial freedom!

I opened an account in One Network Bank - Mangagoy Branch. Requirements may be different in other branches.

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