Achieving financial stability is a dream for a lot of people. Many want to reach the point in their lives where they have a steady flow of income that they can use to fund their lifestyle and live with a sense of contentment. Having a decently paying job or a well-earning small business is among the ways to get to this point in your life. The money you earn regularly can be used for your day-to-day expenses, hobbies, occasional luxuries, and savings.
It is important to save, even if it’s just a small portion of your income. The little amounts you stash can be used for emergency expenses and other purposes. There are different ways to save money, but the most secure one is opening a savings account from a trusted financial institution.
Cebuana Lhuiller is here to help! We offer Micro Savings services that can help individuals in their journey toward financial stability and security. Learn more about opening a Micro Savings account in the Philippines with our assistance. Read through the rest of this article for more information about our financial products and services.
What Is a Micro Savings Account?
Micro Savings services are offered by banks and other institutions for people who want to save small amounts of their money. This financial solution used to be popular among underbanked communities and low-income areas to promote financial inclusion and encourage the less affluent to set aside a portion of their income even if they don’t earn a lot.
Today, micro savings has also become well-known in highly urbanized towns and cities. The service is being used not just by people in the low-income brackets. Individuals who earn quite a lot more are also starting to open micro savings accounts. It isn’t that hard to understand why since these financial solutions offer quite a lot of perks. At Cebuana Lhuillier, Micro Savings customers enjoy a number of benefits that they might not experience if they open a regular account from a traditional bank.
What Are the Benefits of Opening a Micro Savings Account?
More and more people are becoming eager to apply for a micro savings account because it has plenty of benefits that aren’t offered by a regular bank account. A few examples are:
No Maintaining Balance
One of the best perks of Micro Savings accounts is that they require no maintaining balance. This means you can withdraw all the money stashed into the account as necessary, and you won’t experience any problems at all.
This does not usually happen with a regular savings account from traditional banks. These financial institutions use minimum balance requirements for a number of reasons, such as maintaining relationships with their customers and managing the risks and costs of keeping the account active.
Micro Savings App for Convenience
Some financial institutions that offer micro savings have mobile applications that can be used for the convenience of the customer. Cebuana Lhuillier, for example, launched the eCebuana app in 2020 and marketed it as a way to help Micro Savings customers through a wide range of applications and unique features.
Customers of Cebuana Lhuillier who have a Micro Savings account can use the app to:
- Check Their Balance
- Send and Receive Money From Other Micro Savings Accounts
- Send Money To Regular Savings Accounts From Other Banks
- Pay Bills
- Buy Mobile Load
- Use QR Codes for Payments
The eCebuana app is also available on Google Play and Apple Store. You don’t have to pay anything to download, install, and use it on your mobile device.
Possibility of Rewards and Points
It depends on the micro savings provider, but some of them offer rewards to their loyal customers. At Cebuana Lhuillier, individuals who use their Micro Savings accounts (and other services we offer) accumulate points that they can use to redeem various rewards.
If you have a Cebuana Lhuillier Micro Savings 24k Rewards Card, you earn some points for every transaction at the branch or using the eCebuana app. With your points, you can waive fees for a range of Cebuana Lhuillier’s services and help you save even more money in the long run. You can also use your points to buy mobile load.
How Can You Open a Micro Savings Account?
There are two ways to open a Micro Savings account at Cebuana Lhuillier. The first way is to visit any of our branches and follow this step-by-step guide:
- Visit your preferred Cebuana Lhuillier branch.
- Tell the staff about your intention to open a Micro Savings account.
- Fill out the customer information form and hand it back to the staff.
- Provide a government-issued ID, too. If you’re a minor, your birth certificate and school ID will do.
- Pay the initial ₱50 deposit and the ₱75 fee for the 24k card.
- Wait for a few minutes for the transaction to be processed, and you’re done!
If you do not want to go to a nearby Cebuana Lhuillier branch, there is a more convenient way: the eCebuana app. Here’s how to open an account using this method:
- Download the eCebuana app on Google Play or Apple Store.
- Open the app and click “Register Now.”
- You will be asked if you already have a Micro Savings account; choose the “No” option.
- Read and agree to the data privacy statement.
- Fill out the online form with your personal details.
- The app will send a one-time pin to your mobile phone number. Use it to complete your registration process.
- Send a picture of your government-issued ID, as well as a selfie while holding that same ID.
- Read and agree to the Foreign Account Tax Compliance Act (FATCA) declaration.
- Fill out the customer risk profiling form.
- Wait for the confirmation message, and you’re done!
Cebuana Lhuillier: Helping You Save Money Little by Little
Opening a Micro Savings account in the Philippines is easy with the help of Cebuana Lhuillier. We offer this service because we want every Filipino to learn how to properly save money and be financially secure in the future.
It’s easy to use our Micro Savings accounts. Once you have one on your own, you can simply visit the nearest Cebuana Lhuillier branch to deposit any small amount. It will accumulate little and little, and the next thing you know is that you have enough money to spend for emergency situations and other purposes.
FAQs About Micro Savings Accounts in the Philippines
What Are the Requirements When Opening an Account?
At Cebuana Lhuillier, it’s really hassle-free to open a Micro Savings account. The requirements are pretty simple, too. All you have to do is bring one valid ID and fill out the form that will be given to you by the staff. If you are a minor who does not have a government-issued ID yet, you can use your school ID instead and present it to the staff along with your birth certificate.
What Is the Minimum Deposit for the Account?
At Cebuana Lhuillier, the minimum deposit to open a Micro Savings account is ₱50. However, you also have to bring ₱75 when starting an account. This one-time fee will be used to cover the 24k card upgrade.
What Is the Average Interest Rate for the Account?
The money you have in your account will accumulate interest. Cebuana Lhuillier’s Micro Savings interest rate is at 0.2% annually.
However, your money will not instantly grow after opening your account. You must have at least ₱500 in it for you to start accumulating interest yearly. Additionally, it should be noted that the maximum amount you must have in your account is ₱50,000. Once you have already reached that, you will no longer earn interest; you will also not be allowed to deposit any further amount any longer, but you can still withdraw.
Saving money for the future is important, so every Filipino is encouraged to do so. There are many ways to do that, but opening a Micro Savings account in the Philippines with the help of Cebuana Lhuillier is highly recommended.
Our Micro Savings services are safe and secure, so you don’t have to worry about the money that you’ve entrusted with us. This service is convenient and flexible, too. It allows you to monitor your account through the app; of course, you can still visit our branches if you wish to deposit and withdraw, and you won’t experience any hassle in doing so.
For more information about our financial products and services, feel free to speak with our team at Cebuana Lhuillier. You can either reach out to us through our online channels or talk directly to our staff at any of our branches. We will be more than happy to offer you the assistance that you need!
Cebuana Lhuillier Micro Savings is a product of Cebuana Lhuillier Rural Bank. Deposits are insured by PDIC up to ₱500,000 per depositor. Regulated by the Bangko Sentral ng Pilipinas with contact number (02) 8708-7087 and email address con[email protected]. A Proud Member of BancNet and UnionPay.