Where I’m at

I want to set aside different amounts of money to different bank accounts for various reasons. These reasons being:

Savings
Payments for my insurance (and possibly an HMO in the future)
A fund for the higher-priced items I want (like a smart TV or a new laptop)
A fund that I can use when I’m funemployed, and
Payments to my yearly subscriptions

It was kinda hard for me because I didn’t have banks which allows me to make a lot of accounts for small amounts of money. An account in a traditional bank has a required average daily balance, and if you go lower that you pay a fee.

I tried out a digital bank to try accomplish my goal, but there was just something petty I didn’t like about it. In total fairness, I don’t regularly check that bank, so I don’t end up spending the money I set aside there. Transferring to a bank I regularly withdraw from costs a fee or takes time, so it lessens the chances of me spending the money for gigs and splurges.

I have accounts in a few banks which offers various kinds of products. I took some time checking all of them out, including banks I’ve never used before, comparing them to one another. Here’s my thoughts on them and my plan moving forward!

What I’m currently using

Quick Rundown: BPI, Unionbank, CIMB, GCash, Maya (both wallet and bank)

I have various accounts in 3 banks, all with small amounts of money in them (one just has PHP 14, about USD 0.36)

My personal bank account has always been BPI, even since I was a kid.

I got a Unionbank account because the company that I worked for had their payroll there. I still use it to receive my salary in other companies I’ve worked for if that’s where they also do their payroll.

I mainly opened a GSave account (under CIMB, a digital bank, via GCash) because using the various features of GCash can make me unlock GCredit — which I wanted.

Because I wanted to set aside money for various reasons in various accounts, the higher interest rates (compared to traditional banks) led me to open the other types of accounts being offered by CIMB (Fast Plus and UpSave), so I now have 3 under CIMB.

I tried out Maya’s Savings feature (which is their main difference from GCash) just because of the higher interest rate, which is paid daily and not monthly.

For eWallets, I only use GCash and Maya as my eWallets. Other than using them for daily expenses, I also use them to pay bills. I do it there instead of the apps of the banks mentioned earlier because I’m aiming to raise my credit scores for GCredit and Maya Credit (where they don’t mention what is yours), and probably to take advantage of their loan products (like GGives and GLoan).

Thinking about it now, maybe I should actually be doing it through the banks especially if I want to get a credit card from them… Oh well, I don’t really trust our current financial system that much, so why not try new forms of it? (With regards to the last part, yes, I am interested in crypto and its various use cases — one being finance.)

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