Landbank Savings Account

7/18/2022by admin

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The required minimum maintaining balance of LandBank ATM Card is

Once you’re decided what type of savings account in Landbank you’re going to open (ATM. Land Bank of the Philippines Deposit High Yield Savings Account (HYSA) High Yield Savings Account (HYSA) is a peso account wherein funds of a specific amount are given pre-determined competitive.

Php 500 per month. If you fall below this maintaining balance, you will be charged Php 200 as service fee. So to avoid the service fee, you must maintain the Php 500 in your ATM account. Php 200 is big. With that money, you can buy two (2) Jollibee spaghetti with Yum.

Picture of a LandBank ATM Card

The old LandBank ATM Card

LandBank ATM Card

How is Maintaining Balance Computed in LandBank?

Minimum maintaining balance of Landbank is the average daily balance (ADB) per month. You can compute the average daily balance in one (1) month through:

Add the daily balance in 1 month.
- Day 1 balance + Day 2 balance + Day 3 balance...until Day 30 or 31 balance
Divide its total balance by 30 or 31 (total number of days in a month).
- Total Balance in 1 Month ÷ 30 or 31 days = Average Daily Balance (ADB) in a month

Let's give an example. Let's assumed, you open an ATM account on day 1 in which you deposit Php 500. And on day 2, you deposit again Php 500. So, you have Php 1,000 balance on day 2. Then, on day 3, you withdraw Php 400 and your balance is now Php 600 on day 3. The deposit and withdrawal transactions continue on the succeeding days. See table below.

2000
5	1000
6	1000
7	1000
8	2000
9	2000
10	2000
11	2500
12	1000
13	1000
14	500
15	0 (zero)
16	2000
17	2000
18	2000
19	2000
20	2000
21	3000
22	400
23	400
24	400
25	4000
26	4000
27	4000
28	2000
29	2000
30	2000
_________ 30 days	______ 50,300 = Total Balance in a Month

50,300 = total daily balance in a month

________

1,676.67 = average daily balance (ADB) in a month

In this case, you cannot pay for a service fee since your ADB is Php 1,676.67 which is above the required maintaining balance.

Take note on day 15, you've withdrawed all your money and the remaining balance went to zero (0). Even if you withdrawed all the money in your ATM account in a given day, you cannot be charged a service fee if the computed ADB in a month is above the required minimum maintaining balance.

Initial deposit to this ATM is also Php 500. This ATM card can earn an interest rate of 0.250% per year. You should maintain the Php 500 in your ATM account in order to earn that interest. You are only allowed to withdraw a maximum amount of Php 50,000 per day.

Deposit to this ATM can be done through over-the-counter. While withdrawals can be done both over-the-counter or through Automated Teller Machines (ATM) with BancNet, Megalink or ExpressNet logos.

HomeBankingHow to Enroll in Landbank Online Banking

Most commercial banks in the country offer online banking facility to provide easy and convenient transactions. Landbank offers online banking facility also known as Landbank iAccess retail internet banking.

All Landbank ATM account holders are qualified to enroll in Landbank online banking system. This means that before you can enjoy the benefits of online banking system you should first open Landbank ATM account.

Other types of accounts available include the following:

Current Account with ATM access
Savings Account with ATM access
Regular Current Account
Interest Bearing Current Account with ATM access
Regular Interest Bearing Current Account

Landbank Savings Account Inquiry

There are two ways of enrolling for Landbank online banking and it is free of charge.

Online enrollment (Landbank IAccess)

The Landbank IAccess enrollment is only available for private or individual account holders.

Step 1: Visit the official website of Landbank retail online banking at https://www.lbpiaccess.com. See to it that there’s https at the domain name to ensure that it is a secured website.

Step 2: Upon opening the homepage, click “Enroll Now”.

Step 3: Read between the lines of the Terms and Conditions before clicking “I Agree” button.

Step 4: Provide all the necessary information in the Enrollment Form.

Step 5: Review all the details entered in the Enrollment Form before hitting the “Confirm” button. After the confirmation, a link will direct you to the acknowledgment page confirming that your Landbank account is successfully registered.

An email will be sent to the registered email address that confirms your enrollment.

Branch enrollment

Landbank Savings Account Requirements

Another way to take advantage with the services and features of Landbank online banking facility is through branch enrollment. Here’s how:

As mentioned above, you can enroll for online banking only if you have an existing and active deposit account with Landbank. Bring your Landbank ATM card and valid ID to any Landbank branch of your choice.
Proceed to the New Accounts section and tell the bank officer that you will enroll for Landbank iAccess. Fill-out the Landbank iAccess Enrollment and Maintenance Agreement form.
Submit the requirements for verification and processing of the enrollment. If there’s no problem with your application, your online banking account will be activated.

How does Landbank Online Banking works?

Landbank Savings Account Balance Inquiry

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If your account is enrolled to online banking, you can enjoy convenient transactions such as balance inquiry, online bills payment, and money transfer anytime. There’s no need to fall in long line, thus you can save your time and effort.

Other features of Landbank online banking

View the account history or details of the transaction for the last two months
Order checkbooks online
Blocking of ATM transactions in case of stolen or lost ATM card. This means that anyone who found your ATM card can’t transfer or withdraw money from your account

Landbank Account Update

If you want to spare yourself from the hassle of conventional banking transactions, the best thing to do is to enroll and avail the Landbank Online Banking System.