Landbank offers various financing options to support the growth and development of SMEs, including working capital loans, term loan facilities, and other options. These solutions are designed to help entrepreneurs access the resources they need to scale their businesses effectively.
Opening a Land Bank account helps manage your business finances. It allows you to separate business and personal funds, making transactions smoother and boosting your credibility with stakeholders.
In this blog, we will guide you through the process of opening a Landbank account. From understanding the types of accounts available to the required documents and simple steps for account setup, this guide will help you get started efficiently and without delay.
Types of Landbank Accounts for Entrepreneurs
As an entrepreneur, choosing the right bank account is crucial for managing your business finances efficiently. Landbank offers various account types tailored to different needs, whether you’re handling daily transactions, saving for future growth, or dealing with international payments.
Here’s a closer look at the various types of Landbank accounts that can help you streamline your business operations:
1. Current Accounts
- Regular Current Account: This standard checking account is designed for businesses that require issuing checks and managing regular disbursements.
- Peso E.A.S.Y. Check: An interest-bearing current account that offers the convenience of check issuance along with the benefit of earning interest on your balance.
Best for: Businesses that need to make regular payments, issue checks, and handle cash flow efficiently.
2. Savings Accounts
- Easy Savings Plus (ESP): A premium savings account that offers higher interest rates compared to regular savings accounts.
- Regular Passbook Savings Account: An interest-bearing account that provides a passbook for recording transactions, suitable for businesses that prefer a physical record of their banking activities.
- Savings Account with ATM Access: This account provides the convenience of ATM access, enabling easy withdrawals and balance inquiries.
- High-Yield Savings Account (HYSA): Designed for institutional clients, this account offers competitive interest rates for funds maintained over a fixed term.
Best for: Entrepreneurs looking to save operational funds or set aside money for business growth.
Read Also: Understanding Working Capital Needs For A Small Business
3. Time Deposit Accounts
- Peso Time Deposit: A fixed-term deposit account that allows businesses to earn interest over a specified period.
- GreenGrowth Deposit: A one-year time deposit that supports environmentally sustainable projects, allowing businesses to contribute to green initiatives while earning interest.
Best for: Businesses with extra funds that they don’t need immediate access to but want to grow over a set period.
4. Foreign Currency Accounts
- US Dollar Savings Account: An interest-bearing account that allows businesses to save in US dollars, facilitating international transactions.
- US Dollar Time Deposit: A fixed-term deposit account in US dollars, allowing businesses to earn interest on their foreign currency holdings.
- High-Yield US Dollar Time Deposit: This account offers higher interest rates for US dollar deposits maintained over longer terms.
- Euro Savings Account: An interest-bearing account for businesses that deal with transactions in euros.
Best for: Entrepreneurs who deal with international transactions or have clients abroad.
While Landbank accounts help organize your business finances, you might also need short-term funding for growth or emergencies. Platforms like n90 offer SME-focused lending solutions, such as bridge loans and invoice financing, that can work alongside your bank account to ensure consistent cash flow and financial flexibility.
Apply now and start managing your cash flow with ease.
Who Can Open a Landbank Account?
Opening a Landbank ATM Savings Account is a practical financial step for entrepreneurs looking to manage business or personal funds with flexibility and security. Before proceeding, it is essential to understand the key requirements.
Below are the specific requirements that you need to ensure a smooth onboarding process and compliance with regulatory standards.
- Eligibility criteria: who can apply and under what conditions
- Required documents: what IDs and information you’ll need to provide
- Minimum deposit: Much is required to open and maintain your account
Let’s determine if you meet the eligibility requirements to apply.
Eligibility Criteria to Open a Landbank Account
You must meet the following conditions:
- A Filipino citizen or a foreign national with legal residency in the Philippines.
- At least 18 years old (Minors can open accounts with a guardian under special terms).
- Have a valid and acceptable ID (as per BSP Circular No. 608).
- Be able to provide complete and accurate personal information.
- Must not have any record of account abuse or fraud with LandBank or other banks.
Document Requirements for Landbank Account Opening
To open a LandBank ATM Savings Account, you typically need:
1. Valid Primary ID (at least one from the BSP-approved list)
Here are some commonly accepted IDs:
- Philippine Passport
- Driver’s License
- UMID (Unified Multi-Purpose ID)
- SSS or GSIS ID
- PRC ID
- Voter’s ID
- PhilHealth ID
- Senior Citizen ID
- Postal ID (issued from 2016 onwards)
- OFW ID
- National ID (PhilSys)
If you don’t have a primary ID, LandBank may accept two secondary IDs (PhilHealth ID, Postal ID). It’s important to note that not all branches accept the same secondary IDs, so it's best to verify with the specific Landbank branch you plan to visit.
2. Recent 1x1 or 2x2 ID Photo
It’s not always required, but some branches may ask for it.
3. Proof of Address
Sometimes requested, such as a utility bill, Barangay certificate, or lease contract.
Minimum Deposit Requirements for Landbank Account Opening
Landbank offers various savings account options, each with its own minimum deposit requirements:
- Regular ATM Savings Account
- Minimum Initial Deposit: ₱500
- Required Daily Balance to Earn Interest: ₱2,000
- Interest Rate (per annum): 0.05%
- PISO Account
- Minimum Initial Deposit: ₱1.00
- Minimum Maintaining Balance: None
- Required Daily Balance to Earn Interest: ₱2,000
- Interest Rate (per annum): 0.05%
Note: The PISO Account is designed for individuals without existing deposit accounts in LANDBANK or any other bank, making it an accessible option for first-time account holders.
With the eligibility and document requirements in place, it’s time to dive into the actual process of opening your Landbank Account, ensuring a smooth and timely process.
How to Open a Landbank ATM Savings Account (in 3 Easy Steps)
As an SME entrepreneur, time is one of your most valuable assets. A single mistake in the account opening process can delay your business plans and lead to wasted time, something that’s hard to afford when you’re trying to manage multiple tasks. That’s why following the steps carefully is crucial, ensuring everything is done right the first time to avoid any unnecessary delays.
Here’s a simple, 3-step guide to help you open your Landbank ATM Savings Account without wasting precious time.
Step 1: Prepare Your Requirements
The digital option saves time, making it ideal for entrepreneurs who are always on the go. The branch route helps if you need clarification on using the account for business-related transactions.
You’ll need:
- 1 valid government-issued ID (e.g., UMID, Passport, Driver’s License)
- 1x1 ID photo
- An initial deposit of ₱500
Setting up this account early helps separate your personal funds from business expenses, which is a crucial habit if you’re serious about scaling.
Step 2: Fill Out the Application Form
Landbank offers both online onboarding for speed and in-branch support for those who want direct guidance. Choose what fits your style.
Option A – Online via DOBS (Fast and Paperless):
- Visit dobs.landbank.com
- Fill out the form for an ATM Savings Account
- Note your reference number and visit a branch to finalize
Option B – Walk-In Application (If You Prefer to Ask Questions):
- Visit the nearest Landbank branch
- Fill out the forms with help from the bank staff
- Submit your documents and initial deposit
The digital option saves time and is ideal for entrepreneurs who are always on the move. The branch route helps if you need clarification on using the account for business-related transactions.
Step 3: Claim Your ATM Card
After processing, you’ll get your ATM card — sometimes on the same day.
What to do:
- Wait for notification or return after 3–5 business days (depending on the branch)
- Claim your card and set your PIN at any Landbank ATM
Once active, your ATM account provides access to digital banking services (through Landbank iAccess and mobile banking), enabling you to track business income, send payments, and manage funds with ease, even on the go. With n90 Asia, you can further enhance your financial management by accessing flexible financing options, providing the capital you need to fuel your business growth while efficiently managing your funds. Get funded now!
Final Note!
Opening a Landbank Account is a crucial step in structuring and providing a reliable way to manage your business finances. By carefully following the steps, you can ensure a hassle-free process that sets your business up for success. With your account in place, you'll have a reliable foundation to manage your cash flow, separate personal and business funds, and enhance your financial organization.
While your Landbank account serves as a strong financial tool, n90 provides an additional layer of support for your business. If you're looking for financing options to grow your operations or manage cash flow, n90 offers tailored solutions designed to meet the needs of SMEs like yours.
Take the next step in moving your business forward. Apply today and discover how n90’s flexible financing solutions can support your growth.
FAQs
1. Can I open a Landbank account if I already have one with another bank?
Yes, you can open a Landbank account even if you already have accounts with other banks. Landbank offers various types of accounts, including special options for first-time account holders or those who want to consolidate their funds in one bank.
2. How long does it take to open a Landbank account?
Typically, the process of opening an account can take anywhere from 30 minutes to 1 hour, provided all the required documents are in order. However, if you choose to apply online, please note that there may be an additional processing time for finalizing your application at the branch.
3. Are there any monthly fees for maintaining a Landbank Account?
Yes, there are certain fees associated with maintaining an account, such as account maintenance fees if the balance falls below the required minimum maintaining balance. However, for the Regular ATM Savings Account, if you meet the minimum balance, there are no monthly fees.
4. Can I link my Landbank account to my business's online payment platform?
Yes, Landbank provides digital banking services through its Landbank iAccess platform and mobile banking app. You can link your Landbank account to your business's online payment platform, which makes it easier to handle transactions, monitor business income, and manage payments.
5. What should I do if I lose my Landbank ATM card?
If you lose your Landbank ATM card, you should immediately report it to Landbank's customer service. They will assist you in blocking the card to prevent unauthorized access and guide you through the process of requesting a replacement card.
