The BanKO savings account is designed to cater to the needs of the unbanked. This account does not require customers to maintain a minimum balance and they can save as little as P50 at a time. BanKO customers can cash in and cash out funds in their accounts through 2,000 BanKO partner outlets nationwide. BanKO and non-BanKO customers alike may cash-in to another BanKO accountholder at partner outlets as well.
All BanKO accountholders are also provided with an ATM card which can be used to withdraw funds from any ATM nationwide. Each ATM withdrawal is charged a minimal service fee of P15*.
Additional benefits are provided to depositors who save more. Deposit accounts with P2,000 average daily balance can earn 3% interest rate per annum, or 1% interest per annum PLUS free life insurance coverage of up to five times the size of their average daily balance (up to P200,000 maximum coverage).
To open a BanKO account, just visit any BanKO Partner Outlet with the following requirements:
Globe or TM SIM card
P100 (P50 for the ATM card and P50 for the initial deposit)
Photocopy of 1 valid ID or barangay certificate with photo
Accountholders may cash-in to their own accounts for free. A minimal fee of P2 for every P100 is charged for every cash-out transaction.
Cash-in to others is FREE until August 31, 2013. Effective September 1, 2013, a minimal fee of P2 for every P100 will be charged for every cash-in to others transaction.