Not all Filipinos have the luxury of having an extra allowance while still studying. Hence, very few people are able to start a savings account at a very young age. At the very least, we had a piggy bank where we inserted loose change, and we joined a paluwagan system where people take turns receiving the total amount of money pooled by the group.
Because of this, once we reach the point when we can finally save up, most of us do not have a clue about what savings account documents we should prepare as well as the IDs we should submit. People who are now working and planning to save up for the future are having a hard time opening a simple savings account because of the requirements.
Cebuana Lhuillier, a trusted financial institution in the Philippines, has come up with a few things you can prepare, serving as a guide for people planning to open their first savings account. We know that not all banks require the same documents, but what’s included here are the common ones asked by different banking institutions in the country.
Usual Requirements When Opening a Savings Account
Once you start earning big, it is only natural to think of saving money in order to prepare for the future or be ready during emergency situations. Nowadays, it is not enough to stack some cash inside your home. People rely on banks to save up so their money can grow with interest over a certain period.
If you want to open a savings account, here are some savings account requirements you should prepare:
Big or small, all financial institutions and banks will require you to submit at least one identification card issued by the government. This is done to verify your name, age, address, and other important details that they need.
The common government-issued IDs accepted are passports, driver’s licenses, Professional Regulations Commissions ID, voter’s ID, Unified Multi-Purpose Identification (UMID) card, and so on. For those who do not have the primary IDs, you can present at least two secondary IDs, such as TIN ID, barangay certificates, and PhilHealth cards.
Recent ID Photos
If you are planning to open a micro savings account like the ones offered by Cebuana, you will need a few copies of your 1×1 or 2×2 ID photos. These are required as they will be attached to the form you will be filling out.
Once you submit the completed form, the photos will be used as your official identification on the card that will be given to you. Other banks may not attach the photo on the ATM card, but they still require it for filing purposes.
Filled-Out Bank Application Form
Each bank has its own application form that should be filled out by applicants to open a savings account. This helps the tellers identify if the client is eligible to open an account with them. Moreover, some application forms have an attached checklist containing the needed savings account documents the clients should submit.
With the help of bank application forms, transactions are expedited, and the vital details from the clients are easily collated in one document. Some banks also offer online applications where you can find and fill out their forms using your mobile phones or laptops. Afterward, clients must wait for a call to undergo customer risk profiling, so their accounts can be verified.
Maintaining Balance for the Account
If you are planning to open a savings account with a certain bank, make sure to know if they require a minimum balance. A minimum or maintaining balance is the smallest amount of money that an account owner must keep in the savings account in order to keep it active. Once you fail to keep the minimum balance, banks will deduct money from your account, which can lead to closure.
If you do not wish to open a savings account with a minimum balance, financial institutions like Cebuana Lhuillier offers micro savings accounts. These accounts do not have a maintaining balance and dormancy period. So, you won’t have to worry about deductions when emergencies require you to withdraw all your money.
Other Things You Should Bring
Aside from documents, IDs, and money, there are other things you should bring once you go to your chosen bank or financial institution. Here are some of them:
Although banks and financial institutions are kept fairly clean by their staff, it is not bad to be extra cautious, especially now that COVID-19 is still not totally eradicated. Make sure to bring your own hygiene kit containing masks, alcohol, or hand sanitizers so you can disinfect your hands once you finish your transaction. Clients are also encouraged to bring their own pens when filling out bank application forms to reduce contact with other people.
Questions for the Staff
We are sure that first-timers have a few questions and clarification about the process, conditions, and how to maintain your account. Before going to the bank, create your own list of inquiries you want to ask so you won’t have to go back or search online about the things you have concerns with.
This can be as simple as if you can access your account online, if there are available ATMs in the area, and if there are additional fees when you choose to withdraw from different ATMs.
Going to the bank is not as easy as running your usual errands. There can be long waiting lines and complicated processes before you can successfully open a savings account. If you are eyeing to open an account with one of the biggest banks in the country, make sure to bring a lot of patience as hundreds of customers are served in their banks daily.
If you wish to skip the long lines, you can choose to open a micro savings account with Cebuana Lhuillier. We have over 2,500 branches nationwide, and we also accept online applications through our eCebuana App. As a long-running financial institution, we know how important it is for our customers to have a convenient and quick process, which is why we have improved our application procedure.
We Offer a Fast, Easy, and Affordable Way To Open a Bank Account
For many years now, Cebuana Lhuillier has been true to our promise, which is to make banking accessible to all Filipinos. Every day, we strive hard to simplify our process, remove minimum balances, and introduce our services online in order to cater to our customers’ preferences.
If you choose to open a micro savings account with us, rest assured your hard-earned money is safe and will earn interest within a certain period. Moreover, you can enjoy using other perks such as easy online money transfers and mobile banking.
Now that you are more than capable of saving money, opening a savings account is the smartest move you can do. Make sure that you are well-guided when doing so. It is best to do your research first about the banks and financial institutions you are considering opening an account with. Moreover, you should check their credentials and see if there are bad reviews about the services they offer.
If you are interested in Cebuana Lhuillier’s services, feel free to contact us. Our staff will gladly assist you in opening your first micro savings account!