Open Your First Savings Account for Php50 with Cebuana Lhuillier Micro Savings

Open Your First Savings Account for Php50 with Cebuana Lhuillier Micro Savings
Do you have a savings account?



When did you opened your first savings bank account?

I remember when the first time I opened by first savings bank account back in high school when. My Mother who taught me the importance of having it encourages me to save up my school money and one day she accompanied me to this rural bank in our city to get mine. You know that feeling excitement, happiness and fulfilment when the lady teller finally handover my first passbook, with my name embossed on its cover? I felt that sense of ownership, the power that it so good and I felt that uplifting confidence that finally I have something that I could tell “it is my own money”.

My Mother was so proud, of course. She taught me a lot about personal finance and money management at the early age.



I even shared to my friends and classmates how to open their savings bank account. Some are very enthusiasts, and others are still hesitant.

They think that savings account are for the “well-off people only”.


I was taken aback. Why they think it such way? My Mother never told us about it, and we are not well-off family. But then, I was taught how to manage my own money, how to spend it wisely and other opportunities to double my money.

As I grew-up, I carry those money values under my wings and shared my experience to my friends, and my neighbor's kids at home. But still, I could hear that silent murmurs of hesitations and the perceptions that only well-off people can afford it.

Many Filipinos still having doubts about letting others keep their money in their behalf, and choose to save their money inside their homes, under their beds, making those secret holes from their shelves, or digging them money in their garden. Some even make a wise investment of buying some real estate properties, or tangible properties so they won’t be storing their cash in their homes. However, not all Filipinos can afford such investment, especially when you are earning less than the minimum wage every day.




Many Filipinos are hesitant to open a savings bank account because of many paper documents that the bank requires and the hassle of time it requires. The locals especially that belongs to the lower mass market haven’t no such kind of documents (lucky of them if they have at least their birth certificate).

Another factors that affects the Filipinos not to open their savings bank account, it’s because of the high cost of minimum opening balance (many banks doesn’t allow prospective depositors below Php1000) and to acquire this amount needs a lot of time, and rather put this money to feed the family.

Few weeks ago, I was invited by our friends from Cebuana Lhuillier for a sumptuous lunch as they proudly launch their new services that could help our local Filipinos (and expats too!) to tackle this personal finance dilemma. They called it Cebuana Lhuillier Micro Savings, which aims to provide Filipinos with a more convenient and affordable means to save their hard-earned money. Acting as a cash agent of the Cebuana Lhuillier Rural Bank (CLRB), micro savings is Cebuana Lhuillier’s platform for Filipinos to overcome the barriers to saving.



Open Your First Savings Account for Php50 with Cebuana Lhuillier Micro Savings

Cebuana Lhuillier Micro Savings enables every Filipino to break through these barriers. Opening a Cebuana Lhuillier Micro Savings account requires only one valid ID and a minimal Php 50 initial deposit. And because of Cebuana Lhuillier’s wide network of branches comprised of 2,500 retail infrastructures, account holders can deposit and withdraw anywhere at their most convenient hours.

To ensure that micro savings account holders can fully maximize the use of their savings account and ensure greater connectivity, Cebuana Lhuillier will also be launching its very own eCebuana app which allows micro savings users to check their balance and send money through remittance, as well as load prepaid credits to their phones, and pay their bills by integrating it to their Cebuana Lhuillier Micro Savings account.


The app is just the first step in a long line of innovations connected to the micro savings product – on top of which is its migration to an EMV-enabled card which can be accessed through ATMs (automated teller machines).  It will also carry a debit and credit facility for online and cashless shopping, provide access to auxiliary services and help corporate and MSME (micro, small, and medium enterprises) clients manage their business through payroll cash management solutions. 

Furthermore, it will progress to provide more value with features like remit-to-and-from savings account; pay and deposit from savings account; and an international remit-to-account feature which will provide convenience to Filipinos abroad in sending money to their families in the Philippines. This innovation will also allow clients to have safe and convenient access to their accounts in all Cebuana Lhuillier branches, Cebuana CARES, agent partners, and all online and mobile channels, as well as, access to all CLRB branches set to establish presence nationwide. For easier access, self-service kiosks in Cebuana Lhuillier branches will also be put in place.


“With BSP’s basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind. We’ve come full circle—from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings—all of these products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life,” said Jean Henri Lhuillier, president & CEO of Cebuana Lhuillier.



What are the documents required to open a Cebuana Lhuillier Micro Savings account?

You only need one (1) photo-bearing government-issued ID, and Php50 initial deposit. For the list of valid ID’s accepted by Cebuana Lhuillier, please refer to the list below:
• Alien Certification of Registration (ACR) – expats can open the account too!
• Birth Certificate (applicable for minor only) – perfect for your kids!
• Barangay Certificate of ID (with picture and signature)
• Company ID
• Driver’s License
• DSWD certificate
• GOCC ID (AFP, HDMF-Pag-Ibig, Philhealth, etc.)
• GSIS E-card
• IBP (Integrated Bar of the Philippines)
• Immigrant Certificate of Registration
• NBI Clearance
• National Council for the Welfare of Disabled Persons Card
• New TIN Card
• OFW ID
• Passport
• OWWA ID
• Police Clearance
• Postal ID
• PRC (Professional Regulation Commission) ID
• Seaman’s Book
• Senior Citizen’s ID
• Social Security System ID
• Student ID
• Voter’s ID
• Firearm License
• Marriage License

Surprisingly, they accept any one of these identification and this will make your application a lot more easier.





A post shared by BLAIR VILLANUEVA (@blairvillanueva) on


Many local income masses will have easy access for their savings that are well-kept and secured through the help of their partner, Cebuana Lhuillier rather than stashing those cash inside their home which are prone to many threats.

I realized that this is also a perfect way to teach kids how to save up. Everyone should learn personal finance at the early stage because this will help many as they grow-up. They will grow-up to gain the sense of responsibility and discipline about the money they receive, rather than having the dependency to their parents who always provide.

Kids could save up their Christmas and New Year’s gift money for their future needs!

I think this is a great strategy. And wouldn’t hurt your pocket.

xoxo, Blair


26 LOVES AND COMMENTS:

  1. It's nice to know that there are now more options for Filipinos to save. Btw, how much is the maintaining balance for this?

    ReplyDelete
    Replies
    1. There is no maintaining balance. But in order to gain interest, you should have at least 500pesos balance in a year :)
      Okay na rin :D

      Delete
  2. I like the initiative but I wonder how much or when it will start earning interest. I feel like opening one, too.

    ReplyDelete
    Replies
    1. it needs at least 500pesos balance to gain interest!

      Delete
  3. Hi! I agree with what you said, financial management is really something that all Filipinos should learn and saving even a small amount of P50.00 will teach them slowly how to save.

    ReplyDelete
    Replies
    1. That's true! Especially many kids nowadays especially in the cities they think 50pesos have less value :)
      (OMG I used to have 5pesos as daily baon!)

      Delete
  4. I want to try this. Will head to the nearest Cebuana Lhuiller shop in no time.

    ReplyDelete
    Replies
    1. I am thinking of opening my account here just to test their services. Wala nman mawawala :)

      No transaction fees for deposits and withdrawals!

      Delete
  5. Cebuana really did a great job kicking off this kind of saving. Filipinos who can’t afford some bank’s initial deposit can finally have their own savings account.

    ReplyDelete
    Replies
    1. Perfect for many micro entrepreneurs all over the country!

      Delete
  6. That's a good tool to save. Actually my parents taught me how to save when I am still young. So right now I am applying it to my daughter.

    ReplyDelete
    Replies
    1. That is wonderful! Let's promote responsible money management :D

      Delete
  7. I saw this Microsavings when I went to Cebuana the other day to send money. I'm actually thinking to get one. It's nice that there's an alternative to bank savings.

    ReplyDelete
    Replies
    1. Oh you should try, especially you are already #KaCebuana :D

      Delete
  8. I like the upcoming feature/app para kapag gusto mo.magsend ng payment thru Cebuana, you can do it at home na.lang.. Di na lalabas at pipila..

    ReplyDelete
  9. The cheapest starting amount I have ever read! I wonder if they have other benefits for their customers, just like the other banks that has insurance along their savings account.

    ReplyDelete
  10. Thanks for this money-wise tip! I didn't know Cebuana Lhuillier has this kind of service.

    ReplyDelete
    Replies
    1. And now it does and its amazing, abot-kaya for many locals.

      Delete
  11. This is very informative! I really think that the Filipinos need to be educated in saving and investing!

    ReplyDelete
  12. their facility is the cebuana lhullier branches? extended service sya ng business nila? this is good!

    ReplyDelete

Editorial Note: Opinions expressed here are author’s alone, not those of any partner brands/company(s), beauty & lifestyle brands, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities, unless specified.

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