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The Right Time To Open a Personal Savings Account in the Philippines

Person counting coins to put in his personal savings account in the Philippines


If you want to save money and avoid spending it, you should consider opening a personal savings account at a bank or financial institution. This account allows you to keep your funds in a secure location so you don’t have to store them physically inside your home. By maintaining a savings account, you can set your money aside until you need it and easily keep track of your transactions.

Additionally, you can open multiple accounts for yourself to separate your savings. Some people have one for emergency funds, another for general savings, and a third for monthly expenses. Let’s say you are planning to have children in the future. You can open an account separate from your personal funds to save for school-related expenses. Doing so will give you peace of mind, knowing you will be able to give your future kids the education they deserve.

Another advantage of opening a savings account is earning an annual interest. There is usually a minimum balance to start earning. Fortunately, some financial institutions only require 500 pesos in your account to start receiving a small number of additional funds.

If you are looking for a company you can trust for your savings, choose Cebuana Lhuillier. We have been helping Filipinos with their financial concerns for several decades, so you can trust that we have the knowledge and expertise to help you with your needs.


Opening a Personal Savings Account in the Philippines 

It’s easy to start saving with Cebuana Lhuillier! Here are the requirements to open a personal savings account:

  • Valid Government ID – This requirement will allow us to verify your identity and secure your account. If you are opening an account for a minor, you may present a birth certificate or school ID for those currently enrolled as students.
  • Initial Deposit – We only charge 50 pesos as the minimum amount to open your savings account. These initial funds will help you start your journey toward financial security.
  • Card Fee – Those who do not have 24K cards will be charged 100 pesos as a card fee. You’ll use this card whenever you want to withdraw money from your account. If you’re already a 24k member, this fee is waived.

Once you’ve prepared the mentioned requirements, all you have to do is visit one of our branches and fill up an application form. Our branch personnel will then assist you with your application.


When To Open a Personal Savings Account 

Some people don’t realize that there isn’t a best time to start saving money. Usually, the earlier you start, the better. However, if you’re still unsure when to begin your financial journey, we’ve listed the most common times people in the Philippines start applying for personal savings accounts:

After Graduation 

Many people start saving upon graduating college or high school. This is usually when people get summer jobs or internships that allow them to earn money for the first time.

If you’re at this stage in your life, make sure to use your money wisely and set some aside in a savings account. By doing so, you can keep your hard-earned cash to invest in future endeavors.

Upon Employment 

There are people who open savings accounts after landing a job. This is usually because they’re finally earning money that they can use to prepare for their future. Personal savings accounts can also make online payments easier. Financial institutions like Cebuana have online applications you can utilize to pay for bills or online shopping expenses.

In addition, if your job sends payroll through a deposit account, you can easily transfer the funds to your personal account.

Before Settling Down 

If you plan on starting a family soon, it is important to have savings ready for the security of your loved ones. For example, a baby’s needs can be quite expensive. Buying the necessary supplies might affect your monthly budget, so it is best to have money prepared for other necessities and emergencies. When you have savings, you can worry less about where to get the money to provide the items your baby needs.

Aside from that, having a savings account can greatly help you manage your budget once you have a family. You will be supporting your children until they can support themselves financially. This means that you have to consider spending not only for yourself but for two or more people.


The Best Personal Savings Account 

Cebuana Lhuillier is the best company you can start a savings account with because our processes are easy to understand, and we offer great benefits to everyone. Here are two other reasons you should start saving with us:

Savings Account With Low Initial Deposit 

To open an account with us, you only need 50 pesos! For that small amount, you can already start ensuring a better financial future. Despite the low initial deposit, you don’t have to worry about the security of your money. We will always make sure that your funds are safe in our care.

Savings Account With No Maintaining Balance 

A maintaining balance is an amount you have to leave untouched in your account so that the bank will not charge you a fee for using their services. At Cebuana, we understand that there may be cases when you need to withdraw all your cash. That is why we do not require a maintaining balance. You can rest easy knowing your account will remain active for the next time you choose to deposit funds.



Starting a personal savings account is beneficial for you. Not only does it help you prepare for the future and pay for expenses more efficiently, but it also allows you to learn valuable practices that will lead you toward financial security.

Open a micro savings account at Cebuana Lhuillier today! Feel free to contact us for any questions or concerns regarding our services.