Nowadays, owning an online bank account is essential in various transactions, from purchasing goods to paying bills. It allows you to manage your finances right at your fingertips. And with the CIMB UpSave Account, you can grow your savings and enjoy online banking without charges.
But what is CIMB UpSave Account? To find out, keep reading as we answer what it is and how to open a CIMB UpSave Account, from the requirements to the application process.
What is CIMB UpSave Account
An UpSave Account is a savings account on the CIMB Bank Philippines app. It’s a high-interest-bearing peso savings account you can access without visiting a physical bank, allowing you to manage your finances anytime and anywhere. This product from CIMB Bank Philippines offers one of the highest interest rates for savings accounts. In addition, CIMB UpSave Account holders can enjoy the following benefits:
- No initial deposit
- No maintaining balance is required to earn interest.
- Zero annual fees
- High-interest rate of 2.5% per annum
- Cash in or deposit to your UpSave Account online or thru CIMB over 17,000 partner locations nationwide
- Perform intrabank or interbank fund transfers free of charge
- Withdraw from your UpSave Account anytime without charges
Apart from that, CIMB UpSave Account holders who maintain an average daily balance of P100,000 for one (1) month will get Free life insurance with the following features:
- Eligible age: 18 to 64 years old
- No medical check-up needed
- 2x coverage of the depositor’s average daily balance in the past three months before the insured’s death
- Depositors can renew the coverage every month, given they meet the required average daily balance of at least P100,000
Requirements
If you wish to open a CIMB UpSave Account, here are the following requirements you should comply with:
- At least 18 years old
- A Filipino citizen
- Owns a smartphone compatible with the CIMB Bank PH app
- Own at least one (1) valid primary ID, any of the following:
- Driver’s License
- Passport
- Professional Regulation Commission (PRC) ID
- Unified Multipurpose ID (UMID)
- Postal ID (PVC-type)
- Voter’s (COMELEC) ID Card
- Government Office ID/GOCC ID
- Integrated Bar of the Philippines ID
- Overseas Worker’s Welfare Administration ID (OWWA ID)
- Senior Citizen ID
- Overseas Filipino Worker (OFW) ID
- Tax Identification Number (TIN)
- SSS/GSIS Card
- Philippine Identification System ID (PhilSys ID)
- Printed ePhilID (Digital PhilSys ID)
How to open CIMB UpSave Account
If you meet all the requirements stated above, follow the steps below to open a CIMB UpSave Account:
- Download the CIMB Bank PH app from the Play Store, App Store, or AppGallery.
- To open a CIMB UpSave Account, tap Open an account.
- Verify your FATCA and PEP status.
- Enter your active mobile number.
- Register a valid and active email address.
- Input the One-Time Password (OTP) you’ll receive from your registered mobile number.
- Create a username and password.
- Complete the Virtual Verification by submitting a valid ID.
- After completing the Virtual Verification, confirm and provide additional details about yourself.
- Then, your application for CIMB UpSave Account will be approved once you’ve verified and confirmed your information.
You can now deposit funds on your newly opened UpSave Account via the CIMB Bank PH app. Also, you can cash in online or interbank transfers thru DragonPay. To cash in over the counter, visit any 7-Eleven stores nationwide or via DragonPay at SM Malls, Robinson Malls, LBC, M. Lhuillier, Cebuana Lhuillier, and other local banks.