In the previous post entitled "Criteria in Selecting a Bank", the factors that needs to be considered in selecting a bank were mentioned. The first criteria is to choose the most credible bank. In the Philippines, the top 3 banks are Bank of the Philippine Islands(BPI), Banco de Oro Unibank(BDO) and Metrobank(MBT).
Below is the comparison table of the 3 banks to help you choose which banks will suit your needs. All currencies are in Philippine Pesos
Some important things to take note
1. MADB means Minimum Average Daily Balance, which is defined as the sum of the daily end-of-day balances in the account for a month divided by the number of days in that month. The formula for computing for Minimum ADB is below:
2. Dormancy fee is the monthly charge when the account becomes dormant. An account is considered dormant if it became inactive, meaning no financial transaction, for the past 24 months or 2 years.