Metrobank waives maintaining balance on eSavings accounts

MANILA, Philippines — Ty-led Metropolitan Bank & Trust Co. has removed the maintaining balance requirement for its eSavings account, a move to ease worries of depositors on getting penalties when balances fall below the required amount.

“This comes as one of the biggest psychological barriers to saving is the fear of getting charged when your balance drops below the required amount,” the bank said in a statement.

“Removing the maintaining balance requirement gives them more flexibility to manage their money, especially at a time when everyday expenses continue to rise. It allows them to keep their accounts active without pressure, use their funds when needed and still build the habit of saving at their own pace,” Metrobank consumer banking sector head Ramon del Rosario said.

First-time depositors can open an eSavings account through the Metrobank App with one valid ID.

This also comes with four free monthly InstaPay transfers via rebates, which can be useful for sending money to family, paying bills or splitting expenses.

Metrobank said the update reframes saving as a habit built over time, not a rigid monthly obligation and customers can set aside funds when possible, withdraw when needed and still keep accounts open.

“For those looking to grow extra funds, you can take the next step with Metrobank’s Online Time Deposit product. You can simply start your OTD account via the Metrobank app or Metrobank Online,” the bank said.

Metrobank eSavings is available to first-time Metrobank deposit clients for now.