How to Choose the Best Savings Account (for Freelancers and Side Hustlers)

Not to complicate things, but to simplify how you manage money.

When your accounts have specific roles, it becomes easier to:

• Track where your money is going

• Avoid accidental overspending

• Actually see your savings grow (instead of disappearing with your bills)

You don’t have to open five accounts right away. But here’s what works for me:

• Payroll Account – Dito pumapasok ang sweldo or client payments

• Emergency Fund Account – For unplanned gastos (hindi pwede galawin unless necessary)

• Savings/Sinking Fund – For travel, gadgets, house downpayment, or any short-term goal

• Bills/Household Account – Pang-kuryente, tubig, internet, credit card, groceries, etc.

Go for the bank that is:

✅ Accessible – May branch near you

✅ Wide ATM network – Para iwas withdrawal fees

✅ Good app experience – Especially for transfers and bill payments

✅ Responsive customer service

✅ Low or manageable maintaining balance

📌 Tita Tip: Having a go-to bank with a nearby branch really helps when you need paperwork, check deposits, or quick assistance, especially if you're self-employed.

Choose one with

✅ High interest rates (3–10% per year, ideally)

✅ No or low fees

✅ Reliable app (hindi nagka-crash pag sweldo day 😅)

✅ Easy cash-in options via your main bank or e-wallet

✅ Legit and regulated (Look for BSP-licensed and PDIC-insured)

Here’s my current setup. This isn’t sponsored (pero beke nemen. haha!)

I’m just sharing in case makatulong:

• BPI – My main bills + payroll account. I’ve had this since my corporate days, and okay naman siya for everyday use.

• BPI Save-Up – My emergency fund is parked here. I like that I can automate transfers from my main BPI account, and may free life insurance coverage pa. (Note: itong Save-Up na nakalink dito ha? Iba yung sa GSave na #SaveUp. I applied sa branch mismo).

• UnionBank (UBP) – I've had this since I started freelancing. Yung EON. I use this as back-up account. I like the check deposits via the app (no need to go to the branch!), and it’s also linked to my Pag-IBIG Loyalty Card and credit card.

• CIMB via GCash – For digital savings. Since I use GCash often anyway, this is easy-access savings for me.

• SeaBank and Maya – These are for short-term savings goals (like travel or new gadgets), because of the competitive interest rates and flexibility.

Again, choose what fits your lifestyle. What works for me might not be your vibe. Ang mahalaga: may system ka that supports your goals.

You don’t need to open everything at once. Start with one or two:

• A bills account to manage expenses

• A digital bank for growing your savings quietly in the background

What matters most is clarity.

When your money has a home (and a purpose), budgeting becomes less stressful, and saving becomes automatic.

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