Guide on the Savings Banks in the Philippines and their Functions
SAVINGS BANKS IN THE PHILIPPINES – Here are the banking companies in the country that belongs to this type of bank.
In the Philippines, there are several types of banks that operate — Universal Banks, Rural Banks, Savings Banks, and Commercial Banks among others. Each of the type of bank has a unique set of main purposes. However, undeniably, many people are unaware that the main functions of a bank has something to do with its type.
For example is the Savings Bank. This type of bank serves the main functions such as gathering the savings of its clients and paying interest or divident to the savers. If you want to both safeguard and grow your money, this is the type of bank that you must turn to.
Savings Banks are among those that contribute in helping the people appreciate the value of saving money. Most often, banks use the money saved to offer loans where these amounts can further grow. They only lend the money to those who have the capacity to return it.
The main goal of the Savings Bank is really to help the clients be thrifty and save and grow their wealth. There are several Savings Banks in the Philippines and here is a list of the banking entities that you can turn to:
- 1st Valley Bank
- AllBank, Inc.
- Bank of Makati
- Bank One Savings Corporation
- Bangko Kabayan, Inc. (a private development bank)
- Bataan Development Bank
- BPI Direct BanKo, Inc. (a subsidiary of BPI)
- CARD SME Bank, Inc. (a thrift bank)
- Century Savings Bank Corporation
- China Bank Savings
- City Savings Bank (a subsidiary of Unionbank)
- Citystate Savings Bank
- Cordillera Savings Bank, Inc.
- Dumaguete City Development Bank, Inc.
- Equicom Savings Bank (Equicom)
- First Consolidated Bank, Inc.
- Hiyas Banking Corporation
- HSBC Savings Bank Philippines Inc.
- Isla Bank (a thrift bank)
- Legazpi Savings Bank
- Lemery Savings and Loan Bank, Inc.
- Life Savings Bank, Inc.
- LOLC Bank Philippines, Inc. (a thrift bank)
- Luzon Development Bank
- Makiling Development Bank Corporation
- Malayan Savings Bank
- NorthPoint Development Bank, Inc.
- Overseas Filipino Bank (subsidiary of Landbank; government bank)
- Pacific Ace Savings Bank, Inc.
- Pampanga Development Bank
- Pen Bank, Inc. (formerly Peninsula RB, Inc.)
- Philippine Business Bank
- Philippine Savings Bank (PS Bank; a subsidiary of Metrobank)
- Philippine Star Development Bank, Inc.
- Producers Savings Bank Corporation (Producers Bank)
- Queen City Development Bank
- Quezon Coconut Bank, Inc. (a thrift bank)
- Rizal Microbank, Inc. (a thrift bank of RCBC)
- Sterling Bank of Asia
- Sun Savings Bank, Inc.
- UCPB Savings Bank (a subsidiary of UCPB)
- University Savings Bank, Inc.
- Wealth Development Bank Corporation
- Yuanta Savings Bank Philippines, Inc.
The 44 savings banks listed above are based on the list of Bangko Sentral ng Pilipinas, more popularly called BSP. Some of these Savings Banks are subsidiary banks of bigger banking institutions.
