Easy to Open Bank: Low Initial Deposit, 1 Valid ID Needed [Philippines]

Sometimes, an ordinary Pinoy is hesitant to open a bank account here in the Philippines because of the required documents needed during the application.

Well, same here, I also do not like to prepare all the documents when my only purpose is to have a simple saving account.

If there is a bank that will cater my application with a Valid ID and my initial deposit — then I would go for that bank without a second thought.

Is there any?

Good news, there is a bank that requires only that.

But before that, why do you need to open a bank account, in the first place?


The easiest way to open a bank account in the Philippines

Why bank account is important?

No. 1 — Savings. It is always practical to save money on the bank rather than do a traditional saving in a piggy bank… well, let’s accept, it’s easier to spend the money in a piggy bank.

I still remember my coconut piggy bank when I was a child. I am not saying that a piggy is not helpful — it is. But for adults like us who is more serious about saving — a bank account is a better option.

No. 2 — Loan Requirement. You know that quick cash loans are sprouting nowadays, but most of those lending companies only disburse loan proceeds on our bank account.

Check our experiences with different lending companies here.

No. 3 — Having a bank account is important when you look for online jobs. Most of the legit companies today use PayPal, and you can only withdraw money on PayPal if you are going to link a bank account, Visa debit card or credit card.

So why not dress yourself up, and go to the nearest bank account mentioned below:

Easy to Open Bank in the Philippines that Requires only a Valid ID and the initial deposit

RCBC Wise Savings Account

Do you think there is an RCBC branch near you? To make sure that there is an RCBC branch near your residence, you can use their fancy branch locator.

Product: Basic Savings Account – ATM

Initial deposit: 500

Maintaining Balance: 500


  • Filled up account opening form – to be accomplished at the branch of choice
  • 1 Valid ID
  • Initial deposit amount

Now, see if you have any of the following:

  • Passport
  • Driver’s License
  • Professional Regulations Commissions (PRC)
  • National Bureau of Investigation (NBI) Clearance
  • New Postal ID
  • SSS Card
  • Philippine Unified Multi-Purpose ID
  • Seaman’s Book
  • PAG-IBIG (HDMF) – Plastic card type
  • Integrated Bar of the Philippines
  • Senior Citizen Card
  • Philhealth ng Bayan Card
  • GSIS e-Card
  • School ID
  • Police Clearance
  • Government Offices IDs (GOCC, AFP etc)
  • National Council for Disabled Affairs (NCDA)
  • DSWD Certification
  • ID issued by Covered persons registered with and supervised or regulated by the Bangko Sentral, SEC or lC
  • OFW ID
  • Barangay Clearance
  • Marina ID
  • Secondary IDs – Pag-ibig / HDMF (Cardboard), Postal ID (cardboard), Tax Identification ID (Cardboard), Voter’s ID (cardboard), Philhealth ID (Cardboard)
  • If the address of the customer is not indicated in the ID presented, the branch may require another ID or other certifiable proof of address, e.g., SOA, billing statements, NBI/Police clearance, etc.

Source: RCBC

As an alternative, BPI Kaya Savings and Eastwest Basic Savings have a much lower initial deposit and maintaining balance, but you have to deal with the requirements.

BPI Kaya Savings

Initial deposit: 200 Pesos

Maintaining Balance: 0

Over the counter withdrawal fee: 100 Pesos (ATM standard withdrawals apply)


  • 2 Valid IDs (secure a photocopy)
  • Billing Statement, it could light or water (secure a photocopy)
  • 2×2 ID picture – 2 pieces need
  • TIN ID
  • Your initial deposit

Source: BPI


EastWest Basic Savings (debit card)

The Basic Savings of EastWest is the lowest in terms of initial deposit. It comes with a Visa powered debit card, perfect to use with PayPal.

Initial deposit: 100

Maintenancing balance: 100


  • 1 Valid ID
  • Proof of billing (under your name and address)
  • Proof of income — payslip, ITR
  • Photo ID, 2X2 or 1×1
  • Minor and OFW may present additional documents

Link to requirements

Link to Basic Savings info


FYI: I used to always recommend EON Visa Debit card of Unionbank that comes with a bank account. It was easy to open an account online and you only go to the branch once it is available for pick-up.

But things have changed, they have revamped the entire EON Experience. You may still check here

I think I’m a legacy card holder, I am still using it and the expiration is 2023. My first EON was applied in 2012.


I also invite you to join our Online Pautang guide on Facebook (group).

Image source: Pexels.com

The following two tabs change content below.
Prime Aque is the back-end guy of Self-Help. He is a blogger and WordPress front-end designer. Importantly, he is a husband and a father of three wonderful kids. His firstborn are twin girls. He loves writing and sharing.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.