Solo Basic Savings Account
solo basic savings account
solo basic savings account
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With the Solo Basic Savings Account, anyone can enjoy the convenience and security of growing hard-earned savings in the bank. By just presenting one valid ID and depositing a minimum of Php100, anybody can now have their own Solo Basic Savings Account.

The bank account can progress to a regular Solo Savings Account if the balance reaches Php50,000. In addition, account holders can easily monitor their transactions through their own passbook, ATM and by enrolling to Sterling Bank Online.

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Opening Balance Requirement

Php100.00

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Minimum ADB Requirement

None

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Interest Earning Balance

Php2,000.00

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Interest Rate (gross p.a)

0.5% P.A.

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Maximum Balance

Php50,000.00; if balance exceeds Php50,000.00, account will be converted to a regular Solo Savings Account (subject to maintaining balance of Php300.00)

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Maintenance Fee

NONE

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Account Access

ATM Only; should have a balance of Php100.00 upon card application; no passbook

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Closure of Account

Account will be closed if not funded with a minimum of Php100.00 within 30 banking days upon account opening

eligibility
eligibility
Eligibility

1. Filipino Citizen
2. At least 18 years old
3. With NO bank account yet (unserved and underserved individuals*)

*Unserved are individuals who do not use banks or credit unions for their financial transactions. Underserved are individuals who are provided with inadequate financial services due to inability to pay or have barriers to access these services.

How to open an account online?
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a. Fill-out the Online Form
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b. Upload selfie/ ID and signature
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c. Approval on the next banking days , within banking hours

For Solo Basic Savings Account opened via online -- valid ID, selfie and e-signature are required to be submitted to facilitate the application. It is also mandatory to fund the account with at least Php100.00 within 30 days from approval to avoid account closure.

  1. Passport including those issued by foreign governments
  2. Driver's license
  3. Professional Regulation Commission (PRC) ID
  4. Postal ID
  5. Voter’s ID
  6. Taxpayer Identification Number (TIN)
  7. Government Service Insurance System (GSIS) e-Card
  8. Social Security System (SSS) card
  9. Senior Citizen card
  10. Overseas Workers Welfare Administration (OWWA) ID
  11. Overseas Filipino Worker (OFW) ID
  12. Government office and Government-owned and Controlled Corporation (GOCC) ID (e.g., Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs)
  13. ID issued by the National Council on Disability Affairs
  14. Integrated Bar of the Philippines (IBP) ID
  15. Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) or Insurance Commission (IC)
  16. PhilHealth Health Insurance Card ng Bayan
  17. National Bureau of Investigation (NBI) Clearance
  18. Police Clearance
  19. Pag-ibig
  20. Seaman’s Book
  21. Alien Certificate of Registration / Immigrant Certificate of Registration
  22. Department of Social Welfare and Development (DSWD) Certification
  23. Professional ID cards issued by Maritime Industry Authority (MARINA)
  24. Tricycle Operators and Drivers' Association (TODA) ID
  25. Village ID/Certification or Barangay Clearance/Certification signed by the Barangay Chairman/Captain with the following details:
    •  Client’s full name, including alias/ nickname used as known to the household, community/barangay;

    •  Complete residence address (number, street, interior);

    •  Number of months/years of residency in the community/barangay or employment;

    •  Employer’s complete name (for clients working as household helpers, store helpers, sales clerks/attendants, crew);

    •  Business name and address including stall numbers (for those clients with unregistered business such as sari-sari stores, market and street vendors, and business name of employer of the store/business helpers, sales clerks/attendants, crew).

Solo Basic Savings Account Comparison
  Account Opening at the Branch Account Opening through the Website
Eligibility With NO bank accounts yet (unserved and underserved Filipino individuals*).
*Unserved are individuals who do not use banks or credit unions for their financial transactions. Underserved are individuals who are provided with inadequate financial services due to inability to pay or have barriers to access these services.
Application Customer needs to visit the Branch to open an account. Customer just needs to accomplish the (1) Account Opening Online Form, and send (2) selfie with the ID, front/ back view of the ID and photo of the signature.
Opening Balance Requirement Php 100.00 Php 100.00; It is also mandatory to fund the account with at least Php100 within 30 days from approval to avoid account closure.
Automatic Account Closure None If the Account Balance is not Php 100.00 within 30 days from account opening.
Required Minimum ADB Requirement (not get charged by the below minimum ADB Service Charge) None None
Maximum Balance Php 50,000.00; If, at any point in time, the account balance exceeds Php 50,000.00, the account shall be automatically converted to Solo Savings Account (subject to P5,000.00 minimum ADB, below minimum ADB Service Charge and dormancy fee)
Interest Earning Balance P2,000.00 P2,000.00
Interest Rate 0.50% 0.50%
Maintenance Fee None None
Dormancy Fee None None
Other With Passbook and ATM Card ATM Only (Subject to the requirement that the account must have at least a balance of Php 100.00 upon card application.)
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Deposit Rates

Effective as of November 19, 2019
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Open a Solo Basic Savings Account
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