Having your own bank account is beneficial because it lets you access cash anytime and anywhere. Compared to traditional piggy banks, a savings account can even help your money earn interest and grow little by little. What’s more is that bank accounts are generally safer because of security systems in place, making your funds difficult to steal.
Now that you know these benefits, you might be wondering how to open a savings account. Well, we have the answer for you! Here’s a step-by-step guide you can follow:
Weigh Your Options
It’s hard to count how many banks there are in the Philippines, but it’s safe to assume that there are a lot. Among these options, there are just a few that might work for you, so it’s your responsibility to do your research and find the right bank based on your needs. This is what you can do:
Research Different Banks
You don’t have to check all banks if you don’t want to. A good start is by taking a stroll around your area and finding out which banks are nearby. Start researching about them and find out if their offerings pique your interest. Learn about their saving options, minimum balance requirements, and other technicalities that might affect your decision.
Learn About the Cheapest Bank Account To Open
Banks have a required maintaining balance. This refers to the amount of money you need in your account to keep it active. Going below this limit can cause your bank to close your account or penalize you.
The maintaining balance can vary depending on each bank. Some of them require just a few hundred pesos, while others might obligate you to keep around ten thousand to keep your account active. If you don’t have that much money, it’s best to find a financial institution like Cebuana Lhuillier that doesn’t require any minimum balance for people who want to apply for a micro savings bank account.
Choose Based on Your Wants and Needs
Of course, your preferences should matter if you want to create a savings account. It’s okay to make your choice based on what’s convenient for you. Many people want their banks to be easily accessible, so they select those close to their homes. Some don’t want to wait in long lines, so they pick banks that don’t cater to a lot of customers.
Speak With the Teller and Ask About Their Minimum Requirements
Once you’ve chosen a bank, the next step is to go to the nearest branch to open your account. Some institutions offer online banking, but that option might not be for people who aren’t tech-savvy or don’t have a stable internet connection. That’s why it’s still better to visit their physical building and proceed with your transactions there.
Prepare the Necessary Documents
Before you go to the branch, it’s best to prepare some of the necessary papers they might ask of you. The documents you need vary depending on the bank, but common requirements include the following:
Banks want to verify your identity, so they always ask for government-issued IDs. The ones you present should have your photo, date of birth, and signature. Some accepted ones are driver’s licenses, passports, and senior citizen cards.
You might also need to present your birth certificate so the bank can confirm your date of birth. The document you need to give them should have the seal of the Philippine Statistics Authority to be considered authentic and valid.
Those under legal age (i.e., 17 and below) can open bank accounts, too. They are usually students who want to save some of their allowance money. However, how they create a savings account slightly differs from regular applicants because they might have to bring their parents or guardian with them. In the absence of a parent or guardian, written parental consent may suffice.
Fill Out the Application Form
The next step is to ask the staff to give you an application form. You should fill out this document and put your signature on each page. Here are some tips that might help:
Ask the Staff if You Need Assistance
Application forms are typically straightforward. They ask for your full name, complete address, contact number, and other personal information. However, there are times when you might not know what to put on the boxes, particularly if they ask for ID numbers. In those cases, there’s no harm in asking for help from the staff to avoid making mistakes.
Write Legibly and Double-Check for Any Errors
It goes without saying that what you write on the form should be legible. If you’re not confident with your handwriting, it will help if you write in print or all caps because that’s usually easier to read.
You must also try not to commit mistakes. If you accidentally misspell your name or address, it could cause huge problems in the future, so be sure to ask the staff for assistance if you think you miswrote something.
Make Sure Your Signature Is Consistent
Some banks require you to sign each page of the application form, along with some of their terms and conditions. Be sure your signature is consistent all throughout because they might question you if it doesn’t look the same on all pages.
Let Cebuana Help You Open Your First Savings Account
If you’re still wondering how to open a savings account fast, Cebuana Lhuillier has the easiest solution for you. Simply visit one of our branches and ask the staff about our micro savings services. They will be more than glad to assist you! Visit our website today to learn more.
Having a savings account has many benefits, but opening one can be a huge hassle for some people. Some banks make you wait in line, while others require plenty of documents. Don’t worry because you won’t experience any of that if you create a micro savings account here at Cebuana Lhuillier. Visit a branch near you today, and start saving!