1. “Super Checking” is available to new-to-checking customers* (“Customer/s”) with the exclusion of the following:
- East West Banking Corporation (“Bank”), its affiliates and subsidiaries;
- Corporations and entities forming part of the Filinvest Group of Companies as well as their subsidiaries and affiliates; and
- Financial and banking institutions.
*New-to-checking customers pertain to individuals or corporates that do not have any valid EastWest deposit checking account as of account opening.
2. To avail of Super Checking, a customer (“Customer”) must open a new Super Checking account (“Account”) with an initial deposit of at least PHP 500,000 for Individuals and PHP 1,000,000 for Corporates in fresh funds. A Customer is eligible to open only one (1) Account.
3. The Account will earn a Base Interest plus Bonus Interest (collectively, “Interest”) based on the interest rate table indicated on the page here.
ADB refers to the sum of daily ending balances in a given calendar month divided by the number of days in that month. The Bonus Interest Rate refers to the additional interest rate that the account is qualified to earn if there are 2 or less debits/ withdrawals during the calendar month and before the Bonus Interest is credited.
To illustrate: A Customer opens an Account on May 1, 2024 with the corresponding ADB per month and debit/withdrawals each month:
| Amounts In USD | May 1 – 31 | Jun 1 – 30 | Jul 1 – 31 |
|---|---|---|---|
| Average Daily Balance | 900,000 | 1,500,000 | 2,000,000 |
| No. of Withdrawals for the Month | 0 | 3 | 2 |
| Base Interest Rate (per annum) | 0.200% | 0.400% | 0.400% |
| Base Interest Earned | 155.00 | 500.00 | 688.89 |
| Bonus Interest Rate (per annum) | 3.100% | Not Eligible | 3.100% |
| Bonus Interest Earned | 2,402.50 | 0.00 | 5,338.89 |
| TOTAL INTEREST EARNED | 2,557.50 | 500.00 | 6,027.78 |
Note: Actual amounts may differ due to rounding off. Interest earned is subject to 20% withholding tax.
4. The Base Interest earned by qualified Accounts will be credited at the end of each calendar month, while the Bonus Interest will be credited one (1) banking day after month-end. Bonus Interest will not be credited if there are more than 2 debits/withdrawals prior to crediting of Bonus Interest. Interest earned will be subjected to a 20% withholding tax.
5. If the Account is closed before crediting of Interest, any Interest earned on the Account shall be forfeited. EW will not pay the accrued Interest whether in full, in part or pro-rated.
6. Super Checking features, requirements, fees and charges are as follows:
| Initial Deposit Requirement | Individuals: PHP 500,000 Corporates: PHP 1,000,000 |
| Required Monthly ADB | Individuals: PHP 500,000 Corporates: PHP 1,000,000 |
| Minimum Monthly ADB to Earn Interest | Individuals: PHP 500,000 Corporates: PHP 1,000,000 |
| Documentation | Checkbook, Passbook, Debit Card (Individuals only) |
| Fund Access | Online Banking, Over the Counter (OTC), ATM and POS (Individuals only) |
| OTC Deposit and Withdrawal | Waived |
| Withholding Tax on Interest | 20% |
| Fee for Falling Below Required Monthly ADB for 2 consecutive months | PHP 500 |
Early Closure Fee (if Account is closed within 30 days from account opening date) | PHP 500 |