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Sterling Bank of Asia offers product that helps the unbanked Monday, November 4, 2019


Sterling Bank of Asia’s latest product can encourage more Filipinos to save, with its features that make it easier and more affordable to own a bank account.


“We at Sterling Bank want to contribute to fostering and growing financial inclusion in the country. A great way to do this is helping our fellowmen have access to formal banking. With this product the requirement is simple and the amount needed to open the account is minimal,” said Cecilio San Pedro, President and CEO of Sterling Bank of Asia.


With a minimum deposit oh Php100 only, one can open a Solo Basic Savings Account by just presenting one (1) valid government issued ID.


The Solo Basic Savings Account has no maintaining balance and no dormancy charges.


Depositors who maintain a balance of Php2,000 in their account can earn 0.5% interest per annum and can enjoy the security of growing their hard-earned savings. With Php 2,000 balance, they also have the option to get a Shop N Pay Visa Debit Card.


“Uncomplicated and convenient banking for all Filipinos, that is the Solo Basic Savings Account,” added San Pedro.


The Solo Basic Savings Account addresses hindrances that often discourage people from opening a bank account. According to the 2014 World Bank Global Findex cited by the Bangko Sentral ng Pilipinas (BSP), barriers include costs, lack of money, lack of documentary requirements, and perceived low utility of a bank account.


The said savings account is Sterling Bank’s response to the directive of the BSP for banks to offer basic deposit accounts to promote account ownership among the unbanked. 

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