Sterling Bank encourages OFWs to save
MANILA, Philippines - Sterling Bank of Asia is seeking to encourage more overseas Filipino workers to start saving.
The bank is waiving the initial deposit and minimum maintaining balance requirements for its Bayani OFW Savings (BOS) account.
"We want to help OFWs secure their future. Our Bayani OFW Savings Account makes it simple and affordable for them to save a portion of their remittance for future needs," Lamberto R. Villena, President and CEO of Sterling Bank of Asia, said.
In its latest Consumer Expectations Survey, the Bangko Sentral noted a drop in savings among OFW families in the third quarter. The percentage of OFW households that saved part of the remittances decreased to 34.3% in the third quarter from 39.4% in the second quarter of the year.
Sterling Bank said that while the Bayani OFW Savings account requires no initial deposit or maintaining balance requirement, it must have at least one foreign exchange remittance transaction on or before the first anniversary of the account’s opening. Deposits of P2,000 entitles the account to interest earnings.
The account also comes with a Bayani OFW Savings Visa debit card that will allow OFWs to access their funds anywhere in the world and an option to enrol in Sterling Bank Online for free to allow them to monitor their funds any time.
The Bayani OFW Savings Visa debit card has an EMV chip that offers better protection from fraud than magnetic stripe cards and is the global standard for chip-based credit and debit transactions.