Whether you’re currently a student or an employee, you probably aspire to one day be financially secure and work on your passion. The paths toward those goals may differ for each person depending on chances and circumstances. Some may take longer due to busy schedules, while others may have the resources to focus on those dreams immediately.
However far you are from that dream, you can take a huge step closer to it by applying for a savings account in the Philippines online or in person. Opening one or more can help you effectively save for that future as you can manage your finances better. Your money may even increase with the interest you gain over time.
Submit your savings account application as soon as possible to start preparing for your future. We suggest opening one at Cebuana Lhuillier because we offer affordable micro savings services—with no maintaining balance and with minimal fees—which is a perfect deal for anyone. If you don’t know what to bring yet, continue reading this article to learn more!
What To Prepare
Step one of your application to open a savings account, whether physically or online, is to prepare the requirements. For your convenience, we have listed some of the common items requested at banks and other financial institutions.
When opening a savings account, the bank personnel will ask you for a government-issued ID to verify your identity. Most places accept the following:
- UMID or SSS Card
- Postal ID
- PhilHealth ID
- Driver’s License
- PRC License
If you apply for a savings account at Cebuana, you have more choices of valid IDs and documents that you can present, such as a student ID for minors, NBI clearance, police clearance, and barangay certificate. Every one of these is easy to get because their offices are close or they may have ongoing applications in a nearby mall. Get a valid ID today!
Copy of Birth Certificate
Some banks require more than a government-issued ID for you to start banking with them. These additional requirements often include birth certificates. Before heading to the bank, prepare this item and have it photocopied in case necessary. You may also bring your original copy for verification.
For minors who don’t have a valid ID yet, this is one of the most asked requirements for you to open a savings account. If you don’t have a birth certificate on hand, you can apply for one online and have it delivered to your house.
Whether you’re applying for a Philippine savings account in person or online, the most important item to bring is cash. The amount you need will depend on the minimum initial balance your bank requires you to deposit and, if necessary, the extra fees for your card. To learn more about the money you need to prepare, do some research on the specific requirements of the financial institution.
Depending on the type of account you apply for, the deposit amount may range from 100PHP to 50,000PHP. However, you won’t have to worry about those amounts with Cebuana because we only ask for 50PHP as your initial balance. Open a micro savings account today by filling out an application form available in branches near you.
How To Maintain Your Account
Every type of savings account has terms and conditions you need to comply with. Before completing your application, ensure that you fully understand every part of the policy. This will guide you in maintaining your account to utilize it well. Here is a list of things you should remember once you have successfully applied for a savings account:
Avoid Going Below the Maintaining Balance
When you apply for a savings account, some banks will require you to keep a certain amount untouched. This is called a maintaining balance. Keeping it there will ensure that no fee will be charged for not abiding by that set rule. Let’s say your chosen bank requires you to have a balance of 3,000PHP. If you go below that balance for a month, you may incur some penalties that may affect your account.
However, having a savings account with Cebuana frees you from that fee as we do not require a maintaining balance for you to use our services.
Deposit Funds Regularly
Regularly adding money to your savings account is one of the best ways to maintain it. This method will keep you from going below the maintaining balance and increase the interest you gain from the bank. It also lets your financial institution know that you are still actively using your account, so they won’t suspend it for dormancy.
To make a deposit, you may personally transact in a branch or through designated ATMs. You may also transfer funds through mobile and online platforms for more convenience.
Keep Yourself Updated
To utilize your account well, regularly check the updates of your chosen financial institution. They may have new promos that can help you earn higher interest or raffle draws for various prizes. Additionally, keeping yourself updated will save you from possible fees they may have been added to their terms and conditions.
Learn about their current offerings by regularly checking their website or following them on social media platforms.
Open a New Savings Account With Us
Cebuana offers an easy way to start and maintain a savings account. You can learn more about these by reading this article about our micro savings service. Start your financial journey with us today!
If you want to live the life you dream of in the future, use your money wisely by keeping a portion of it safe. Apply for a savings account at Cebuana Lhuillier Philippines by preparing the requirements and submitting them online or at our nearest branch. Contact us for inquiries.