My First Step

My First Step Savings is a deposit product tailored to address the banking needs of children and teenagers. It is designed to encourage young schoolchildren to develop the habit of saving at an early age. The account functions as a personal savings facility, offering features and benefits suited to the Bank’s younger clientele.

FEATURES:

Minimum Initial Deposit 100.00
Interest Rate 0.3%
Minimum Maintaining ADB (MMADB) to earn interest 1000.00
Minimum Maintaining ADB (MMADB) not subject to service charge None
Manner of Interest Payment Credited Monthly
Evidence of Deposit Passbook
Withdrawal presentation of passbook and a duly accomplished Withdrawal Slip (signed by parent or legal guardian)
Dormancy Two (2) years from the last customer initiated transaction
Freebies a) Gift Check (GC) or gift item worth P100.00, upon opening of account.
b) Additional Php 100.00 GC or gift item when the account reaches Php50,000.00 ADB and PhP 100,000.00 ADB respectively.
c) Birthday Card

FEES and CHARGES:

Below Minimum Maintaining ADB (MMADB) for two (2) consecutive months n/a
Account Closure within 30 days Php 250.00
Witholding Tax 20% on interest paid

REQUIREMENTS:
Valid IDs from both the Parent/Guardian and Child/Teen shall also be required as follows:

  1. Parent/Guardian
    • Latest “1 x 1 ID” Picture
    • At least one (1) primary and two (2) secondary ID with photo and signature
    • Proof of Billing
  2. Children/Teens
    • Latest “1 x 1 ID” Picture
    • Birth Certificate issued by NSO
    • Student Driver’s License / Passport / School ID
    • School Registration Form

Specimen signatures of both child/teen and parent/guardian (if new account) shall be obtained.