Many individuals consider opening their first bank account to be an exciting milestone and a significant step toward financial independence. For Gen Z, it represents more than just a place to store money. It’s also a tool to manage their finances efficiently while also supporting their future goals. Unlike previous generations, who may have prioritized in-branch services and traditional banking setups, Gen Z expects more. They want digital-first solutions along with benefits that cater to their fast-paced, tech-savvy lifestyles.

This shift in expectations stems from growing up in the digital age, where smartphones and apps are central to daily life. As a result, Gen Z seeks convenience, security, and personalized experiences in most things—even when managing their money.

While searching for a financial institution that can provide this kind of banking experience, Gen Z’ers must also understand the critical aspects to look for in a bank account. This way, they can ensure that the features and services of their chosen bank align with their needs and values. 

So, what exactly should you consider when signing up for your first Philippine bank account? Here’s a guide to help you make the best decision.

1. Digital-First Experience

As part of Gen Z, you likely grew up surrounded by smartphones and apps, so it’s understandable if you expect banks to offer intuitive, tech-driven services. This can be a bank account you can access online or through a robust mobile app, where you can manage your money anytime, anywhere. It’s also a good choice to prioritize digital banking apps with features like bill payments, fund transfers, and goal-setting tools to support your financial needs. 

Additionally, find banks with 24/7 customer support and mobile alerts to get immediate assistance when needed and stay in the loop about the latest banking updates. Moreover, opt for a bank with an easy-to-navigate app that integrates with other digital platforms like e-wallets and QR payment systems. These features enable fast, efficient, and contactless transactions.

2. Easy Account Setup

As a generation accustomed to instant results, time efficiency is most likely a crucial factor. The thought of waiting in long lines or dealing with mountains of paperwork doesn’t sit well with most Gen Z’ers. Given this consideration, it’s best to sign up for your first bank account from financial institutions that offer seamless account setup through digital platforms.

Typically, digital banks offer this kind of convenient and efficient service. Many digital banks, like Maya, only require basic identification documents like one (1) valid ID and a few minutes to open an account. Additionally, they simplify the process by doing everything through their apps.

3. Low or No Fees

Many young customers often have limited income, as some are still students or have recently joined the workforce. Understandably, they’re usually cautious about losing money on fees. They prefer banks that are transparent about their charges and that provide free transactions.

With this in mind, one of the top things you need to look for in your first bank account is one tailored for first-time savers. Find banks that don’t require a minimum maintaining balance and have zero or minimal fees for bank transfers.

4. High-Interest Savings Options

Gen Z is financially savvy and understands the importance of growing their savings. They want banks that allow them to start saving with low initial deposits and minimal risk while earning considerable returns over time. So, prioritize banks that offer high-interest savings accounts. It’s also a good idea to look for banks that offer time deposits with higher interest rates to help maximize returns even on small deposits.

For example, digital bank Maya has multiple product offerings for the money-savvy. There’s Maya Savings, which allows you to boost your interest rates up to 15% p.a. They also have Personal Goals, which lets you create up to 5 goal-specific accounts that can earn at least 4% p.a. on Php 1M. Finally, there’s Time Deposit Plus, where you can lock-in your funds for 3, 6, or 12 months, and let it earn up to 5.75% p.a.

5. Transparency and Security

Trust is another big factor for Gen Z. They want clear terms and conditions that don’t hide fees or use confusing jargon. Additionally, they prioritize security, given the rise of cybercrime. As such, it’s best to bank with BSP-supervised establishments for assurance that your funds are protected under government regulations.

As added security, look for banks that use two-factor authentication and encrypted transactions to safeguard your account.

6. Personalization and Rewards

Gen Z craves tailored experiences and meaningful benefits. For them, rewards make banking more engaging. If you’re such an individual, it’s best to sign up for a bank account that offers a boosted interest rate for loyalty or frequent saving. You may also prefer flexible account features, like the ability to customize savings goals or categorize expenses, as these can support your financial goals. 

7. Educational Tools

Financial literacy is a growing interest for Gen Z. Many of them are keen on learning how to manage their money and slowly build their wealth. If you prefer getting access to resources like budgeting tips and financial advice, then look for banks that offer educational resources. Some banks even publish content regularly on their website tailored for young adults who are starting their financial journeys. 

Choosing your first bank account is a big decision that sets the tone for your financial journey. Consider prioritizing bank accounts with the features listed above to help you find a bank that aligns with your needs and values. Moreover, take your time to research options and pick one that helps you achieve your financial goals while fitting your lifestyle.