7 Best Business Bank Accounts in the Philippines

Last Updated – Aug 8, 2023 @ 3:16 pm

Running a business is no walk in the park. It requires an incredible level of effort, hard work, and commitment.

When it comes to paying suppliers, generating invoices, handling non-digital and digital payment methods, and other tasks that are always in flux, you need all the help you can get.

A reliable bank will give you all the best services and tools you need to make managing your finances easier and more hassle-free. If you want to know the best business bank accounts you can open in the Philippines, you’re on the right page.

What is Business Banking?

Also known as commercial banking, business banking refers to the set of activities and services financial institutions give to help business clients meet all their unique needs. 

When it comes to business banking, the services banks give are tailored to small and medium businesses, as well as large corporations.

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What are the services offered by Business Banking Accounts?

Business banks offer tons of services to different companies, regardless of their size. Here are some of the services you can expect from business banking.

Bank financing

Bank financing is for businesses that need capital to expand, acquire new inventory, purchase new equipment, or meet the growing demands of their customers.

Commercial banks offer tons of business loan options for their clients such as short and long-term loans, fixed-term loans, lines of credit, and asset-based loans.

Most banks also provide a way for businesses to purchase new equipment through equipment financing. This can be through leasing or fixed loans. There are also banks that only cater to certain industries such as real estate, construction, or agriculture.

Cash management

This is also called treasury management. The goal of cash management is to help businesses manage their finances better.

This includes their payables, cash on hand, receivables, and liquidity. This will enable businesses to manage their cash management, therefore resulting in more cash on hand and lower costs.

There are also banks that give businesses access to electronic payment processing systems and Automated Clearing House to quicken money transfers.

Business banking also gives its clients access to an intuitively designed online platform that links all their cash management processes to their savings and checking accounts.

Fraud protection

This is typically offered by banks to protect their clients from fraud occurring in their checking accounts. 

This may happen due to problematic checks from suppliers and vendors, or employee fraud which can result from having too many people access the accounts.

With business banking, fraudulent transactions will become easier to trace.  

Payroll services

There are also banks that allow businesses to streamline their payroll. For example, small businesses can leverage the software provided by banks to manage their payroll system, instead of hiring a professional.

Corporate cards

This is a type of card issued to a business. Unlike personal cards wherein a person is legally responsible for all charges made, a corporate card is owned solely by the business entity.

This card is important to keep a track record of purchases, as well as establish a credit history.

These credit cards also come with perks such as rebates, frequent flyer miles, custom statements, airport lounge access, travel insurance, and many more. It can also be used for Cash Advance, or as an extended credit line.

eCommerce payments

With more businesses prioritizing their online presence, business banking has now expanded to cater to eCommerce payments.

This enables businesses to accept major credit cards and other alternative payment methods to make it easier for customers to purchase items through an online store.

The cross-channel payment experience is something most customers not just expect, but demand from businesses.

Investment banking

Banks can also serve as a brokerage service for businesses that want to build their wealth. This type of banking takes care of complex financial transactions like initial public offering (IPO) underwriting, or mergers.

They may also advise businesses about acquisitions, reorganizations, and other efforts. Investment banking is carried out by experts who continuously study and monitor the current investment climate to help businesses navigate the world of finance.

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Types of Business Bank Accounts in the Philippines

Take a look at the different types of bank accounts you can open below.

Business Checking Account

This is the most popular form of deposit account used by businesses. Just like personal bank accounts, businesses can use this to withdraw cash, deposit cash, or make payments and transfers.

Upon opening a business checking account, you will receive a checkbook and debit card to help you manage your transactions. You will also have access to online banking through a website or app.

Because the funds continuously move in and out of this account, do not expect this business account to earn interest, although there are interest-bearing checking accounts that exist.

Business Savings Account

If your business has extra funds that you want to grow, this account is perfect for you. A business savings account helps you earn more interest on your savings.

Business Certificates of Deposits Accounts

This is a good alternative to savings accounts, and it’s a good choice for companies who want to earn more interest.

However, you cannot access your money for a specific period called the CD term, which can range from a few months to a few years.

If you need to take out your money before the term has matured, you need to settle a hefty penalty charge.

Merchant Account

If your company accepts credit and debit transactions, you should open this bank account. A merchant account is where customer payment goes right after their purchase.

Once it has been processed, it can be transferred to your other accounts. This account is very easy to set up, but expect a per transaction fee.

Business Money Market Account

This is an interest-bearing account that combines the features of business savings and checking accounts.

Most MMAs have a high-interest rate, and also offer check-writing capabilities, as well as debit cards that can be used for ATM withdrawals.

Foreign Currency Account

Also called borderless or multi-currency accounts, this is integral for businesses that deal with overseas clients and suppliers – basically anyone who receives or sends money in another currency.

Expect this account to have a high minimum deposit and high fees to make up for currency fluctuations.

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Pros & Cons of Business Bank Accounts

Are business bank accounts for you? Take a look at the pros and cons of opening a business bank account below.

Pros

It keeps your personal and business finances separate

Business bank accounts can help you manage your expenses and income in the most efficient way. In other words, you will not have any issue separating what’s for business, and what’s for your personal use.

It helps you manage your business finances easily

By separating your personal and business bank accounts, you can easily observe the flow of funds.

This enables you to make more accurate predictions, therefore allowing you to take the right steps to make sure that your business is on the right track.

It helps you build your business credit

Since a business bank account is owned by your business, it can help you build your business credit. Every time you make a transaction through this account, your credit score comes into play.

Not only that, but if you pay your bills on time, your credit score will go up, and you can get access to better loans and other financing options.

It enables you to improve your business credibility

Business bank accounts are a sign of credibility and can help boost the reputation of your business.

It makes filing taxes easier

With a business bank account, you will not have to be a financial wizard to file your taxes every year. It’s important to remember though that a business bank account does not completely remove the need to pay taxes.

Business bank accounts can help you organize your business finances even further. For example, you can create a separate business bank account for your sales and another for your purchases.

This will make your tax filing easier because you will have all of your income and expense data in one place.

It makes collecting customer payments easier

As your business sales grow, you will probably have to start accepting more payment channels for your goods or services.

By opening a business bank account, you can have multiple options on how to accept payments, including credit and debit cards.

This can also help you improve your business credibility because you are now seen as a more professional business establishment.

It provides access to the right people

With a business account, it will be easier to give your key employees and partners access to funds while still maintaining security. 

It makes obtaining loans simpler

This account can help you access the right people and resources more quickly.

This is because banks will already be familiar with your business profile, and may provide you with new banking products and services such as loans to help you grow your business even more.

It’s very secure

One of the biggest advantages of business bank accounts is that they are highly secure, so you can rest assured that your assets are protected from fraud.

The digital age has made this advantage even more important.

It limits your liability

There are business bank accounts that give you limited liability protection, which is important if your business is a corporation.

This will ensure that all your personal assets will not be adversely affected if your business is not able to repay its debts.

If not for this, the court can hold you personally liable should your business become the subject of a lawsuit. 

It gives you online access anytime, anywhere

With a business bank account, you can transfer funds, pay bills, deposit checks, and do other financial transactions in just a few clicks. 

You can enjoy tons of perks

In addition to all the benefits of business bank accounts, there are also plenty of perks that you can enjoy. As a business owner, you are like a VIP.

Not only can you enjoy premium customer service, better borrowing terms, and other perks, but you can also expect to get exclusive access to certain banking events and incentives, exclusive community events, and more. 

Cons

It requires a lot of paperwork

Setting up a business bank account requires a lot of paperwork and can take a long time before you get the ball rolling.

You will be faced with high-balance requirements

If you’re just starting out, a business bank account might be too expensive for you. This is because most banks require that business accounts have a high minimum balance. 

The monthly fees can be high

Like with all other bank accounts, you will have to pay monthly fees for your business account. The difference is that the fees for business accounts are usually higher.

They are subject to low insurance limitations

The PDIC limits the maximum insurance coverage for business accounts to P500,000. This means that as a business owner, only a portion of your money will be protected. 

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Best Bank Accounts for Businesses in the Philippines 

Here are the top bank accounts for businesses you can open today.

Security Bank BusinessPlus Account

Security Bank’s BusinessPlus Account is one of the top choices in the country. It was designed to specifically cater to every need of small, medium, and large businesses.

With this bank account, you can focus on your business operations while Security Bank takes care of the rest.

This account also offers innovative features that allow you to manage your account easily, as well as do transactions, and make government payments, among others. 

Opening balance: P5,000
Maintaining balance: P50,000
Interest rate: 0.10%

Features: 

• All banking essentials (passbook, checkbook, Mastercard debit card)
• Employee cards (up to 5 debit cards with customizable monthly limits)
• ·  Waived balance for the first 3 months
• Approval within 5 banking days

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BPI Business Checking

BPI Business Checking offers a practical way for entrepreneurs like you to keep track of your business transactions easily.

Keep in mind that this account does not offer any interest, and the required initial deposit and monthly ADB are quite high. Despite these disadvantages, BPI makes up for them through its stellar customer service. 

Opening balance: P10,000
Maintaining balance: P10,000
Interest rate: 0%

Features: 

• Checkbook
• Monthly statement of account
• Check Protect Facility 

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Unionbank MSME Business Banking Hub

If you’re an MSME owner who wants to finally take control of your business, opening a Unionbank business account can help you. This will give you access to the MSME Business Banking Hub.  

One of the best features of the Unionbank MSME Business Banking Hub is it comes with a fully-featured app that is both available in iOS and Android to help you manage your account wherever you are. 

Depending on your needs, you may open a BizStarter or a Business Check account.

BizStarter Account: 

• Opening balance: P5,000
• Maintaining balance: P5,000
• Interest rate: 0.10% (P50,000 minimum balance to earn interest) 
• Features: 
  • Checkbook
  • Debit card 
  • 24/7 account management through the Unionbank Corporate Facility
  • Access to online banking 
  • Free initial checkbook

Business Check Account:

• Opening balance: P100,000
• Maintaining balance: P100,000
• Interest rate: n/a
• Features: 
  • Free check writing software
  • Free initial checkbook
  • Access to online banking 
  • 24/7 account management through the Unionbank Corporate Facility

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Metrobank Checking Accounts

Metrobank offers businesses three types of business checking accounts for them to reach their potential – Regular Checking Account, AccountOne Commercial, and US Dollar Checking Account. 

We will only focus on the Regular Checking Account since this is perfect for businesses that are still new in the industry. This basic checking account gives you access to efficient solutions to help you organize your business’ money better.  

Opening balance: P10,000
Maintaining balance: P10,000
Interest rate: none 

Features: 

• 24/7 access if you enroll on Metrobank Business Online Solutions 
• Checkbook
• Monthly statement of account
• Check issuance feature

Note: only AccountOne Regular and AccountOne Commercial offer interest of 0.0625%.

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RCBC OneAccount

The RCBC OneAccount is an incredible option for businesses whose priority is to get a versatile account that combines savings, checking, and time deposit features.

This account also allows its holders to customize it according to their needs. 

Opening balance: n/a
Maintaining balance: none 
Interest rate: tiered from 0% to 0.150%

Features: (choose from the following) 

• Debit card + transaction journal + checkbook
• ·  Debit card + transaction journal
• Other add-ons: 
  • Life insurance
  • Personal accident insurance
  • Card insurance
  • Free withdrawal at any Bancnet ATM

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BDO Cash Management 

BDO has several cash management offers and packaged solutions for various types of businesses including startups and growing companies, expanding and established organizations, and financial institutions. 

Aside from helping businesses manage their funds, the goal of BDO Cash Management is to enable every business to reach its goals through packaged solutions to optimize transactions. 

Small Business Package: 

• Opening balance: n/a
• Maintaining balance: n/a
• Interest rate: n/a
• Features: 
  • 24/7 Client payment monitoring 
  • Make payments online 
  • View account balances online
  • Prepare and print corporate checks anytime
  • Settle contributions/loan payments to government agencies
  • Simplify payroll process 

Manpower & personnel management business package: 

• Opening balance: n/a
• Maintaining balance: n/a
• Interest rate: n/a
• Features: 
  • 24/7 Client payment monitoring 
  • Make payments online 
  • View account balances online
  • Settle contributions/loan payments to government agencies
  • Payroll process for a minimum of 100 employees 

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Maybank Business Checking Account 

This checking account by Maybank is designed to meet all the demands of business enterprises of all sizes. It also earns a high interest compared to all business accounts in the Philippines. This will help you maximize the value of your money. 

Opening balance: n/a
Maintaining balance: n/a
Interest rate: 0.25%

Features: 

• Checkbook
• Record book 

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What are the requirements to open a Business Bank Account in the Philippines? 

Business accounts have more requirements compared to personal accounts. Here are some of the requirements you need to prepare if you want to open one:

• 1 valid photo-baring government ID of authorized signatories and corporate secretaries
• Certificate of Registration by BSP, SEC, DTI
• Articles of Incorporation/Partnerships or Association and By-Laws
• Board or Partner’s Resolution duly certified by the Corporate/ Partner’s Secretary authorizing to sign on behalf of the entity
• Latest General Information Sheet
• Proof of Address

Note: the list of requirements may vary per bank.

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How to Open a Business Account in the Philippines

Here’s how you can open a business account in the Philippines

Step 1: Research different business account providers

From the banks listed above, try to see which ones offer the best features for you.

You also have to check their respective interest rates if you prefer an account where you can accrue interest to maximize your money. 

Step 2: Decide the type of account you want to open

Once you have made a shortlist of the banks you’re interested in, see which of their account offers best fits your needs. 

To help you make a decision, consider your business income and other specific factors. For example, perhaps you prefer a bank account that offers free ATM withdrawals, more affordable fees, or an online banking function. 

Step 3: Gather the required documents

Depending on the bank of your choosing, you will be asked to submit certain documents. You may have to bring your documents to the bank for them to process your application.

Complete the requirements to avoid approval delay. 

Step 4: Fill out the application form

After gathering the requirements, fill out the application form. Ensure to put in accurate and complete information about your business to make the process faster. 

Step 5: Activate your account

When the bank approves your application, you can finally activate your new account.