It might sound surprising these days, but many Filipinos still don’t have a bank account. Or doesn’t like having their hard-earned money in a bank. The reasons for being unbanked vary: most people don’t trust banks and some just lack financial literacy. If you fall under these categories, you might want to reconsider opening a bank account after reading this article.

 

Here are six reasons why you should open an iSave Savings account:


Note: All information is accurate at the time of writing and subject to change without prior notice. We recommend checking the official ShopBack website for the latest information.


 

  • It will earn interest

How Do Bank Interest Rates Work On A Savings Account?

While the interest earned is small, it’s still better than not earning interest at all, especially if your money is just stuck inside your piggy bank at home.

 

  • More secure than keeping your money at home

Broken Piggy Bank Holding The Word Help on Placard vector images

It’s true. It’s better to keep your money in a bank than at home because at home, you’re more exposed to the risk of being stolen, lost, or destroyed by a natural disaster.

 

  • It provides sufficient liquidity

How investors are ensuring they have sufficient liquidity in a time of crisis | Treasury Today

It’s good to always have an emergency stash of cash at your home. But in exchange for more security, banks in a savings account can still have sufficient liquidity. ATMs are now widespread and debit cards allow you to withdraw without the need to withdraw money from banks.

 

  • It’s useful when applying for visas and loans

Visa application forms

Having a bank account is helpful when showing proof of financial capacity especially when you are applying for visas and loans. Like they always say, it’s easier to get your applications approved when you have a bank statement/account.

 

  • It makes other financial tools easily available

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Most banks require people to have existing savings account first before they could open a personal checking account. This is another tool you can use for financial leverage.

 

  • You can earn P350 Cashback

Here's Why You Should Open an iSave Account | ShopBack Philippines

That’s right. If you want to get P350 Cashback, make sure to apply for an iSave Savings account through the ShopBack app.


Note: All information is accurate at the time of writing and subject to change without prior notice. We recommend checking the official ShopBack website for the latest information.


shopback

ShopBack is a Cashback reward platform that allows savvy shoppers to earn a portion of their online spendings as Cashback. You get all the best deals and discounts from your favorite online stores and earn Cashback that you can easily payout to your bank account. Join ShopBack now to make the best experience out of your online shopping.