Manila: State-run Land Bank of the Philippines has introduced OptiSaver Plus, a new savings account designed to assist Filipinos in growing their funds while providing free insurance coverage for enhanced financial security. The launch aims to combine the advantages of higher savings potential with built-in financial protection.
According to Philippines News Agency, OptiSaver Plus is an upgraded version of the previous OptiSaver account, offering a tiered interest rate of up to 4 percent per annum. This new account provides depositors with free insurance coverage, which is determined by their Average Daily Balance (ADB). The personal accident insurance included in the package offers additional protection against accidents that result in injury or loss, ensuring a safety net for both depositors and their families.
To qualify for either free life insurance or free personal accident insurance, depositors must maintain a minimum ADB of PHP50,000. Those who maintain an ADB of PHP20 million or more are eligible to receive both types of insurance coverage. Additionally, OptiSaver Plus allows account holders the flexibility of unlimited deposits and withdrawals. They can seamlessly access their accounts through LandBank's digital banking channels for cardless Visa Debit Card transactions and at all branches for over-the-counter passbook transactions.
Clients interested in opening an OptiSaver Plus account can do so at any LandBank branch, where they will receive a passbook for monitoring their account. Existing OptiSaver account holders will have their accounts automatically converted to OptiSaver Plus. These account holders are required to visit a branch to complete the necessary forms to obtain their free insurance.
LandBank President and CEO Lynette Ortiz stated, "With the LandBank OptiSaver Plus, we are empowering our clients to achieve financial growth while securing their future. By combining the benefits of higher savings potential and built-in financial protection, we are ensuring their hard-earned money works even harder for them as they build wealth with confidence."
