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Savings Deposit Accounts in the Philippines: What They Are and How They Work

Cebuana Lhuillier, savings deposit account application form


Here it is again. It’s payday! You want to buy many things because you finally have money to spend. However, you also have to save some of it to prepare for your future. Let’s say that you want to buy a new phone, but getting one can cost you a lot. There may be an option for monthly installments, but it will be much cheaper to buy it in cash.

Situations like this are where saving deposit accounts in the Philippines come in handy. You can use them to save money for expenses like buying the latest gadgets or maybe a downpayment for a new car.

A good way to start saving money for the future is by opening a micro savings account in the Philippines with Cebuana Lhuillier. We offer a low initial deposit amount and no maintaining balance for our clients. Try it out today and save your money for the coming months or years.


An Overview of Savings Deposit Accounts in the Philippines 

Why do people get savings accounts in the Philippines? Is it helpful? Learn more about them here.

What Are Savings Deposit Accounts? 

In the Philippines, saving deposit accounts are accounts that help you keep your money in a safe place if you do not need them yet. It can help you with money management as you do not hold the amount immediately if you feel like spending. With these accounts, you can create multiples and assign different kinds of funds to save in them, so you won’t get to spend more than you have saved up.

For example, you can create a savings account for your emergency fund. By doing so, every time you need cash for unexpected situations, you are sure to have enough or at least some for you to spend there. You can also assign a savings account for college funds which you can keep filling until your child graduates from senior high school. There are some cases where parents in the Philippines also give their children savings deposit accounts so that they can learn how to save.

How Do Savings Deposit Accounts Work? 

Basically, a savings deposit account securely holds your money for you without charge. You apply to get one, and then you place cash there for the bank to keep until you need it. Opening an account allows you to take the money anytime through withdrawing, but it keeps you from having a stash of cash at home that may get lost or spent unnecessarily.

Once you have made your account, you will receive a unique ATM card which you can use to get the cash you have earned or help you deposit money back into the account.

Some benefits of getting a savings deposit account in the Philippines include:

  • Earning interests when you maintain a certain amount in the bank
  • Paying cashless in stores that offer card payment options
  • Handling your money better by keeping it properly

Get a savings account in the Philippines today to enjoy these benefits and more!


Ways To Open a Savings Deposit Account in the Philippines 

It is easy to start saving your hard-earned money. All you need to start is to open a savings account which can be done in two ways. Choose what method is more convenient for you and begin saving money today! Here are the ways you can open an account:

Physical Bank 

Many savings accounts can be made by visiting a bank.

  1. The first step is to research which bank you like the best. Make sure to choose ones with clients that have been using their services for years because that indicates they take care of the clients well. Suppose the information is not available on their website of the company’s reviews. In that case, you can always ask your relatives and friends for prospect banks in the Philippines where you can open a savings deposit account.
  2. Next is to gather the requirements needed to open an account. You can find this information by going to your preferred bank’s website. You can visit frequently asked questions if the site doesn’t have a dedicated page for the required documents. When in doubt, you can always give the bank a call or visit the location to learn which ones you need.
  3. Lastly, prepare the necessary documents and visit the branch and bank of your choice. You have to go through the application process and wait for the approval. Once those steps are done, you now have a savings account!

Online Bank 

Another option when opening a savings deposit account in the Philippines is to apply through the internet. Many banks have online banking applications, so you may still find the bank you prefer.

You may visit the website of the bank you like and start applying as if you were doing it in person. Prepare documents like a valid ID and other possible requirements, then start applying. Like applying to a physical bank in the Philippines, you will have to wait for approval to begin using your online savings account.

Additionally, online banking can also be set up with some accounts that you have set up by going to the office in person. You may ask their personnel whether they have an application for their bank or search through the web if they have one.


Open a Cebuana Savings Account Today! 

If you are looking for the best savings bank in the Philippines, turn to Cebuana Lhuillier. Many clients have trusted our services for years because we handle everyone’s money with care. You can apply for a savings account with us to start securing cash for your future today!



Applying for a savings deposit account in the Philippines is an easy process. Despite how simple it is to open one, you are still assured that your money will be kept safe and secure. Gain access to your money whenever you’re in need and save up for the things you might need soon. Open a savings account at Cebuana today!