While most Filipinos are familiar with savings accounts, the purpose of checking accounts is sometimes less clear. Both checking and savings accounts are types of deposit accounts, and in modern day-to-day usage, their functions can overlap. However, where savings accounts are focused on accumulating funds and earning interest, a checking account is built around flexibility and frequent access for everyday transactions.
Originally designed to support physical checks, checking accounts have evolved to provide payment convenience through different digital and in-person channels. Even in a world where physical checks are increasingly rare, checking accounts remain vital, serving as a practical hub for your regular financial activities.
At EastWest, all your options for checking accounts are crafted to give you effective control over your everyday cash flow. Whether you rely on paper checks or prefer other payments, you’ll find that EastWest checking accounts support your spending. Here are some of the key use cases for checking accounts to help you understand which EastWest offering fits your needs.
1. Day-to-day Transactions
A checking account is the right place for routine expenses such as bills, groceries, and transport. With EastWest’s Regular Checking account, you enjoy easy access through the EasyWay app and online banking platform. You can also obtain an EastWest Visa Debit Card linked to the account, giving you a secure and widely accepted way to make purchases or withdraw cash when needed. Funds in an EastWest checking account are designed to be readily available, helping you avoid the delays and limitations that might come with using a typical savings account.
2. Direct Debits for Bill Payments
For regular bill payments, a checking account guarantees the flexibility to manage repeat transactions. EastWest’s checking accounts enable you to transact via the EasyWay app and over ATMs with a debit card, making recurring payments simpler and more reliable.
3. Salary Fund Disbursement
Having your salary or other income credited into a checking account creates a central point for your personal or household cash flow. From there, you can easily channel funds into savings, investments, or other goals with no hassles. At EastWest, the Regular Checking offer is designed as a “disbursement” account for everyday use, simplifying your daily fund management.
4. High-interest Checking Supercharge Your Wealth-Building Potential
Where traditional checking accounts focus on access rather than yield, EastWest offers options that combine convenience with interest. The ChequeMax and Super Checking accounts are interest-earning checking accounts that safeguard your daily funds against inflation, making them good options for primary deposit accounts.
The ChequeMax account gives you interest of 0.100% p.a on a balance of at least PHP 20,000 while the Super Checking account gives you 0.200% p.a. for PHP 500,000 to < PHP 1 Million ADB and 0.400% p.a. for PHP 1 Million and up ADB. Whichever you choose, you get a checking account that supports frequent access while still also delivering interest on your maintained balance.
5. Separating Personal and Business Cash Flows
EastWest provides business checking variants such as Regular Checking Corporate that simplify funds management as well as supplier payments and employee payroll. If you own a business, this option can be an excellent supplement to your personal checking account to better separate operational expenses from personal spending.
6. Access to ATM network and Digital Banking
Checking account offerings by EastWest go beyond paper checks, giving you options for fund transfers over debit cards and mobile banking. EastWest Visa Debit Cards connected to your checking account can also facilitate ATM withdrawals at more than 1.8 million ATMs here and abroad. That means your checking account supports not just local payments but international convenience too, a major advantage if you also need to travel or purchase overseas.
7. A “Holding” Account for Funds in Transit
A checking account can also be useful as a transitional place for funds that are in flux, cash from one source that will have to be moved elsewhere in the foreseeable future. Any checking account that supports frequent access can be used for this purpose, but EastWest’s interest-bearing ChequeMax and Super Checking accounts are especially suited for this need, as they allow the funds to earn interest before they are transferred.
8. Supporting financial structure and budgeting
Finally, a checking account helps you keep your finances organized, giving you clarity on the funds you use for everyday operations versus whatever is remaining for savings and investments. EastWest’s checking products can all be managed over the EasyWay app, giving accountholders a convenient way to track fund movements. With the EasyWay app, you can easily draw a line between your operational funds and the money you’re allocating for longer-term, big picture needs.
Take the Next Step in Your Financial Journey with an EastWest Checking Account
As useful as a checking account is, you want to make sure you choose the right one. EastWest Bank gives you a selection of different checking account types so you can easily choose one that serves your evolving needs.
Whether you need something for monthly bill payments, cash flow management, or even interest earnings, EastWest gives you checking accounts that fit different lifestyles. Choose between transactional accounts to interest-earning options like ChequeMax and Super Checking so you can match your everyday banking to the level of access and flexibility you prefer.
If you haven’t yet set up a checking account or you’re considering an upgrade, explore the possibilities offered by East West’s Regular Checking, ChequeMax, and Super Checking options.
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