Rural Bank or Commercial Bank? Which is the Right One for You?
October 12, 2015
Are you considering opening a bank account soon? Here’s what you need to know about commercial and rural banking. Follow this guide and determine which is the perfect bank for you.
What type of bank do I need?
The needs that commercial banks address are usually geared towards businesses and corporations, with maintaining balances ranging from Php3,000 to Php10,000 for savings accounts, and Php20,000 to Php50,000 for checking accounts.
However, for rural banks, specifically Porac Bank, their services cater and match the needs and capabilities of those in the agricultural industry. The goal of rural banks is too improve and develop rural and backwards areas towards financial stability and progress. Porac Bank’s maintaining balance for a savings account is Php100 to Php500, and Php5,000 maintaining balance for checking accounts.
Are the bank’s rates and fees acceptable to me?
Make sure that your capabilities align with the banks fees, rates and charges. It is also advisable to check the rates for interest earning accounts.
If your purpose for banking is to acquire loans for matters such as a business startup or upgrade, or a new home or home renovation, interest rates at rural banks like Porac Bank are the easiest to manage with their loan interest rate at 0.6%.
For more information about banking with Porac Bank, visit the branch nearest you.
Source: Villafuerte, Fritz. (2008, June 29). How To Choose The Right Bank For You.