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Looking for ways to grow your hard-earned money? Did you know that there’s a local bank that offers 5.00% per annum interest? Here's how!



Launched earlier this year, SeaBank, rural bank with digital banking features, offers you a savings account without visiting a branch. In this guide, you will learn about this bank's services, fees, interest rates and find out if it’s worth opening an account.
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SeaBank Philippines, Inc. (A Rural Bank)

SeaBank, offered by SeaBank Philippines, Inc. (A Rural Bank) is a mobile banking application that enables you to manage your finances seamlessly on your mobile phone, anytime and anywhere. You can send and receive transactions from both SeaBank and non-SeaBank users, all while earning competitive interest rates with no additional fees and no minimum balance.

SeaBank is part of Sea Limited (NYSE:SE), a global consumer internet company founded and headquartered in Singapore and listed on the New York Stock Exchange. It operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee, and SeaMoney respectively. 


Launched in June 2022, SeaBank Philippines is a part of SeaMoney, the digital finance services arm of Sea Limited. As a leading internet company, Sea has been serving consumers since 2009 so it’s been around for more than a decade now.



SeaBank Peso savings account features

By using the SeaBank app, you can perform financial transactions such as depositing money and fund transfer. Here are other features of the digital banking app:
  • Your account is free (NO fees to open)
  • Competitive interest rates
  • Daily payout of interest earnings
  • Free transfers (InstaPay and PESONet)
  • Sign up easily with 1 valid ID
  • No minimum balance is required
  • No lock-in period
  • No deposit cap

Cheapest Flights and Airline Tickets Online Booking

Like other digital banks, depositors can download the SeaBank app on App Store and Google Play Store. Registration, verification, and confirmation can be done in a few minutes.

You may also use your Shopee login details to open a savings account. There’s no minimum initial deposit, but you can transfer money from other local banks and e-wallets to top up your savings.

Currently, it doesn’t support virtual and physical cards. So the only way to deposit and withdraw funds is by transferring to and from local banks within the app.



You can use InstaPay and PESONet for sending and receiving funds. If you use the latter, you will receive the money within one banking day.

Withdrawing cash is possible by transferring funds to other bank accounts or e-wallets that support ATM withdrawals. For example, you can transfer ₱10,0000 from SeaBank to your BPI account and withdraw the money at any ATM or over the counter.

Keep in mind that whether you’re sending via InstaPay, PESONet, or SeaBank network, the maximum amount you can transfer per transaction a day is ₱ 1 million.


ATTRACTIONS TO SEE IN MANILA 

Klook.com

SeaBank Peso savings account interest rate vs. other banks

SeaBank offers 5.00% interest per annum, and earnings are credited daily. There’s no maximum deposit, but there’s a daily limit of up to ₱1 million on outgoing transactions like sending money from SeaBank to other local banks. For incoming transfers to your SeaBank account, there’s no limit.

For example, you can receive ₱5 million from a local bank straight to your SeaBank account. But you can only transfer to other local banks and e-wallets up to ₱1 million. The savings account is straightforward. If you save more, then you earn more. The total interest earnings are calculated based on the depositor’s available balance, net of tax deductions.

According to SeaBank’s calculator, here’s how much interest you will earn. Your earnings are subject to 20% withholding tax.




ACTIVITIES AND TOURS IN MANILA


How to sign up for SeaBank Philippines online?

You can easily open an account in the SeaBank app in three easy steps:

STEP 1. Download the SeaBank app from the Apple App Store, Google Play Store, or Huawei AppGallery.

STEP 2. Register for a SeaBank account by following the steps below:

There are three options to sign-up:
  • To register with Mobile Number, tap "Sign-up with Mobile Number".
  • To register with Shopee, tap "Continue with Shopee".
  • to register with Apple, tap "Continue with Apple".

STEP 3. Create your password

STEP 4. Undergo Facial Verification

STEP 5. Upload your ID (Prepare any of the following valid IDs: UMID, Driver’s License, PhilID (National ID), Postal ID, Passport, PRC ID, or SSS ID)

STEP 6. Fill in your personal information

STEP 7. Create your Secure PIN

STEP 8. Receive confirmation of successful application via an in-app notification, email, or SMS.

For complete details, I have listed complete requirements to open a SeaBank account.



Frequently Asked Questions (FAQs) for SeaBank


What bank is SeaBank?

SeaBank is a part of SeaMoney, the digital finance services arm of Sea Limited (NYSE:SE). Sea has been serving consumers since 2009 as a leading global consumer internet company. Sea's other core businesses include Shopee, its e-commerce arm, and Garena, its digital entertainment arm

What’s SeaBank Philippines interest rate?

The interest rate of SeaBank Philippines is 6% p.a. interest earnings (effective from 1st June, 2022) on any account balance. This is a time-limited promo, so the bank can discontinue it anytime they choose to.

Does SeaBank Philippines have an ATM card?

As of this writing, SeaBank currently does not offer an ATM or debit card.

If you want to withdraw cash from your SeaBank account, you can do this by transferring to other banks or e-Wallets that offer ATM withdrawals.

What are the fees for SeaBank?

Most of SeaBanks services and transactions are FREE of charge:
  • Account Opening Fee: FREE
  • Minimum Starting Balance: Php 0
  • Minimum Balance per Month: Php 0
  • Below Minimum Balance Fee: FREE
  • Account Maintenance Fees: FREE
  • Account Closure Fee: FREE
  • Dormant Account Fee: FREE
  • Transfer Fees Between SeaBank Accounts: FREE
  • Transfer Fee to Other Banks and E-Wallets (via InstaPay): FREE
  • Transfer Fee to Other Banks and E-Wallets (via PESONet): FREE
  • Request for Bank Statement: FREE

Is SeaBank Philippines regulated by BSP?

SeaBank Philippines Inc. (A Rural Bank) and their products are regulated by the Bangko Sentral ng Pilipinas (BSP) and are insured by the Philippine Deposit Insurance Corporation (PDIC).

What is SeaBank's SWIFT code and Bank Code?

  • SeaBank's SWIFT code: LAUIPHM2
  • SeaBank's Bank code: 043570

Does SeaBank have a physical branch?

SeaBank has 6 branches located in Laguna. However, these branches are currently unable to provide support for the SeaBank mobile banking app

How to contact SeaBank customer service?

For assistance, you can reach SeaBank customer service by starting a chat on their website or sending an email to contact@cs.seabank.com.ph

Does SeaBank have a hotline?

You can call SeaBank throught (+632) 8891 7927
Monday to Friday: 8 AM to 10 PM, Saturday and Sunday: 9 AM to 6 PM, excluding holidays.

You can also connect thru their social media accounts:

SeaBank Philippines, Inc. (A Rural Bank)

Head Office: 32 Rizal Street, Brgy. Poblacion II, Pagsanjan, Laguna
Official Website: https://www.seabank.ph


SEABANK: A Rural Bank with Digital Savings Feature (Is It Legit?)



Looking for ways to grow your hard-earned money? Did you know that there’s a local bank that offers 5.00% per annum interest? Here's how!



Launched earlier this year, SeaBank, rural bank with digital banking features, offers you a savings account without visiting a branch. In this guide, you will learn about this bank's services, fees, interest rates and find out if it’s worth opening an account.
Loading...


SeaBank Philippines, Inc. (A Rural Bank)

SeaBank, offered by SeaBank Philippines, Inc. (A Rural Bank) is a mobile banking application that enables you to manage your finances seamlessly on your mobile phone, anytime and anywhere. You can send and receive transactions from both SeaBank and non-SeaBank users, all while earning competitive interest rates with no additional fees and no minimum balance.

SeaBank is part of Sea Limited (NYSE:SE), a global consumer internet company founded and headquartered in Singapore and listed on the New York Stock Exchange. It operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee, and SeaMoney respectively. 


Launched in June 2022, SeaBank Philippines is a part of SeaMoney, the digital finance services arm of Sea Limited. As a leading internet company, Sea has been serving consumers since 2009 so it’s been around for more than a decade now.



SeaBank Peso savings account features

By using the SeaBank app, you can perform financial transactions such as depositing money and fund transfer. Here are other features of the digital banking app:
  • Your account is free (NO fees to open)
  • Competitive interest rates
  • Daily payout of interest earnings
  • Free transfers (InstaPay and PESONet)
  • Sign up easily with 1 valid ID
  • No minimum balance is required
  • No lock-in period
  • No deposit cap

Cheapest Flights and Airline Tickets Online Booking

Like other digital banks, depositors can download the SeaBank app on App Store and Google Play Store. Registration, verification, and confirmation can be done in a few minutes.

You may also use your Shopee login details to open a savings account. There’s no minimum initial deposit, but you can transfer money from other local banks and e-wallets to top up your savings.

Currently, it doesn’t support virtual and physical cards. So the only way to deposit and withdraw funds is by transferring to and from local banks within the app.



You can use InstaPay and PESONet for sending and receiving funds. If you use the latter, you will receive the money within one banking day.

Withdrawing cash is possible by transferring funds to other bank accounts or e-wallets that support ATM withdrawals. For example, you can transfer ₱10,0000 from SeaBank to your BPI account and withdraw the money at any ATM or over the counter.

Keep in mind that whether you’re sending via InstaPay, PESONet, or SeaBank network, the maximum amount you can transfer per transaction a day is ₱ 1 million.


ATTRACTIONS TO SEE IN MANILA 

Klook.com

SeaBank Peso savings account interest rate vs. other banks

SeaBank offers 5.00% interest per annum, and earnings are credited daily. There’s no maximum deposit, but there’s a daily limit of up to ₱1 million on outgoing transactions like sending money from SeaBank to other local banks. For incoming transfers to your SeaBank account, there’s no limit.

For example, you can receive ₱5 million from a local bank straight to your SeaBank account. But you can only transfer to other local banks and e-wallets up to ₱1 million. The savings account is straightforward. If you save more, then you earn more. The total interest earnings are calculated based on the depositor’s available balance, net of tax deductions.

According to SeaBank’s calculator, here’s how much interest you will earn. Your earnings are subject to 20% withholding tax.




ACTIVITIES AND TOURS IN MANILA


How to sign up for SeaBank Philippines online?

You can easily open an account in the SeaBank app in three easy steps:

STEP 1. Download the SeaBank app from the Apple App Store, Google Play Store, or Huawei AppGallery.

STEP 2. Register for a SeaBank account by following the steps below:

There are three options to sign-up:
  • To register with Mobile Number, tap "Sign-up with Mobile Number".
  • To register with Shopee, tap "Continue with Shopee".
  • to register with Apple, tap "Continue with Apple".

STEP 3. Create your password

STEP 4. Undergo Facial Verification

STEP 5. Upload your ID (Prepare any of the following valid IDs: UMID, Driver’s License, PhilID (National ID), Postal ID, Passport, PRC ID, or SSS ID)

STEP 6. Fill in your personal information

STEP 7. Create your Secure PIN

STEP 8. Receive confirmation of successful application via an in-app notification, email, or SMS.

For complete details, I have listed complete requirements to open a SeaBank account.



Frequently Asked Questions (FAQs) for SeaBank


What bank is SeaBank?

SeaBank is a part of SeaMoney, the digital finance services arm of Sea Limited (NYSE:SE). Sea has been serving consumers since 2009 as a leading global consumer internet company. Sea's other core businesses include Shopee, its e-commerce arm, and Garena, its digital entertainment arm

What’s SeaBank Philippines interest rate?

The interest rate of SeaBank Philippines is 6% p.a. interest earnings (effective from 1st June, 2022) on any account balance. This is a time-limited promo, so the bank can discontinue it anytime they choose to.

Does SeaBank Philippines have an ATM card?

As of this writing, SeaBank currently does not offer an ATM or debit card.

If you want to withdraw cash from your SeaBank account, you can do this by transferring to other banks or e-Wallets that offer ATM withdrawals.

What are the fees for SeaBank?

Most of SeaBanks services and transactions are FREE of charge:
  • Account Opening Fee: FREE
  • Minimum Starting Balance: Php 0
  • Minimum Balance per Month: Php 0
  • Below Minimum Balance Fee: FREE
  • Account Maintenance Fees: FREE
  • Account Closure Fee: FREE
  • Dormant Account Fee: FREE
  • Transfer Fees Between SeaBank Accounts: FREE
  • Transfer Fee to Other Banks and E-Wallets (via InstaPay): FREE
  • Transfer Fee to Other Banks and E-Wallets (via PESONet): FREE
  • Request for Bank Statement: FREE

Is SeaBank Philippines regulated by BSP?

SeaBank Philippines Inc. (A Rural Bank) and their products are regulated by the Bangko Sentral ng Pilipinas (BSP) and are insured by the Philippine Deposit Insurance Corporation (PDIC).

What is SeaBank's SWIFT code and Bank Code?

  • SeaBank's SWIFT code: LAUIPHM2
  • SeaBank's Bank code: 043570

Does SeaBank have a physical branch?

SeaBank has 6 branches located in Laguna. However, these branches are currently unable to provide support for the SeaBank mobile banking app

How to contact SeaBank customer service?

For assistance, you can reach SeaBank customer service by starting a chat on their website or sending an email to contact@cs.seabank.com.ph

Does SeaBank have a hotline?

You can call SeaBank throught (+632) 8891 7927
Monday to Friday: 8 AM to 10 PM, Saturday and Sunday: 9 AM to 6 PM, excluding holidays.

You can also connect thru their social media accounts:

SeaBank Philippines, Inc. (A Rural Bank)

Head Office: 32 Rizal Street, Brgy. Poblacion II, Pagsanjan, Laguna
Official Website: https://www.seabank.ph


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