Best Savings Accounts for Students in the Philippines

Let’s look at the best savings accounts for students, children and teens in the Philippines.

You can choose from four types:

1.  Cash Card or Debit Card — The key advantage of this card is No Maintaining Balance.

Walang maintaining balance kasi hindi regular deposit account ang cash card. Merong info about this below.

2.  Savings Account with the Lowest Maintaining Balance

You can choose one from among the accounts offered by banks in this list of low-maintaining-balance savings accounts in the Philippines.

3.  Savings Account Designed for Kids — The advantages of this account are the promos attached to this account.

Go to this post to check out savings accounts for kids, offered by Philippine banks.

4.  Visa or Mastercard Debit Card — This type is just like any cash card, but it offers more features, particularly Internet use.  Currently, the most popular in the Philippines is the Union Bank Eon card. There’s info here on the Union Bank EON Visa Debit Card. BPI has also launched its BPI prepaid card called BPI My ePrepaid MasterCard.

In the meantime, let’s focus on CASH CARDS.

The advantages of Cash Cards are:

  • No maintaining balance
  • Free ATM withdrawal, free ATM deposit, free ATM balance inquiry, and free over-the-counter deposit (for most, but not all)
  • You can attach it to your Internet banking account, so you can transfer money to it online (for many, but not all)
  • No annual fee (for most, but not all)
  • No expiration date (for most, but not all)
  • You can enroll in phone banking (for many, but not all)

Important notes to remember about Cash Cards:

  • You withdraw through the ATM only;  you CANNOT withdraw over the counter  (for most banks, but not all).
  • Reload or deposit to your cash card over the counter  (for others, you can deposit through the ATM, or make ATM or online transfer).
  • A cash card is NOT a regular bank account, so it’s NOT insured by the PDIC.  Cash cards are debit cards and are just like prepaid cards.
  • A cash card does NOT earn interest.
  • As you already know, you pay a fee if you withdraw thru the ATMs of other banks.

Here are some of the Cash Cards in the Philippines:

BDO Cash Card

This cash card has two types for individuals:

Pre-Embossed:  Hindi nakalagay ang pangalan mo sa card. Makukuha mo agad ang card when you apply. The maximum balance limit is 10,000 pesos.

Embossed:  Ilalagay ang name mo sa card. Wait for 3 to 5 days, then you go back to BDO to claim the card. The maximum balance limit is 25,000 pesos.

  • Withdrawal is through ATM only.  Free, but there’s a limit of 5 withdrawals per day.
  • To get this card, go to a BDO branch and apply with your ID.  You pay about 150 pesos for the card (amount might have changed).
  • Minimum reload or deposit is 100 pesos.  No deposit charge, it’s free.
  • To deposit, you go to BDO and fill up the Card Sale/Reload Slip.
  • You can attach this to your BDO Internet banking account and transfer money to it.  The same for phone and mobile banking.
  • You can also deposit through the ATM.
  • You can use it to pay your bills through the ATM, Internet, phone and mobile banking.
  • There’s a dormancy charge:  you must do at least one transaction every 6 months (for Pre-Embossed) and every 12 months (for Embossed)
  • You cannot use this for telephone or mail orders.


  • No opening deposit
  • No maintaining balance
  • No dormancy period
  • Withdrawal up to 50,000 pesos per day
  • Can be used for remittance
  • Maximum balance is 100,000 pesos
  • To get this cash card, just apply with your ID.  Pay 100 pesos for the card.
  • Reactivate the card after three years.  Pay 50 pesos.
  • You can request for a bank statement.

BPI Express Cash Card

  • No maintaining balance
  • ATM withdrawal fee is 15 pesos per withdrawal
  • Withdraw only through the ATM.
  • Valid for 2 years, renewable, but if you’re late in renewing, check charges before you renew.
  • You can get this card at any BPI or BPI Family branch, or any BPI Express Banking Center with your ID. Pay about 150 pesos.
  • You can track your last five transactions thru the ATM.
  • Minimum ATM withdrawal is 500 pesos.
  • Valid for use only in the Philippines.
  • You can attach this to your Internet, phone, or mobile banking account, or you can enroll it as your main account.
  • Maximum withdrawal per day is 10,000 pesos.

RCBC MyWallet Cash Card

RCBC offers 4 MyWallet cash cards

1.  RCBC MyWallet
2.  Mercury Drug-MyWallet Card:  Collect rewards points from your purchases from Mercury Drug Store.
3. RCBC MyWallet Visa
4. RCBC MyWallet MRT:  Pay your MRT fares at chosen stations (Check MRT first)

  • You can buy any of these at RCBC or at RCBC Savings Bank.
  • Free ATM withdrawal, free ATM balance inquiry (RCBC and RCBC Savings ATMs)
  • Pay 10 pesos to reload or deposit over the counter.
  • Pay 10 pesos to transfer money from an RCBC account to MyWallet over the counter.
  • You pay 50 pesos if you withdraw over the counter.
  • Pay 10 pesos to transfer money from an RCBC or RCBC Savings account to MyWallet thru the ATM.
  • Maximum balance is 100,000 pesos.
  • No maintaining balance


  • No expiration date
  • No renewal fee
  • No maintaining balance
  • Maximum balance is 100,000 pesos
  • Accept remittance from OFWs
  • Get your cash card for 100 pesos. You can get it for free if you load your card immediately with 500 pesos.

Security Bank SB Cash Card

  • No initial amount to open
  • No maintaining balance
  • No annual fee
  • No card expiration
  • You can enroll in Internet, phone, and mobile banking

MAYBANK Cash Cards

1.  My CashCard

  • No initial deposit
  • No maintaining balance
  • No charge for first two interbank withdrawal

2.  Money2U ATM Cash Card

  • No initial deposit
  • No maintaining malance
  • Accept money from abroad
  • No charge for first two interbank withdrawal

Related Articles:

Savings Accounts in the Philippines with the Lowest Maintaining Balances
BPI and BDO Internet Banking — Free and Quick Ways to Send Your Children’s Allowance
Ofws Parents Take Advantage of Free Internet Banking to Manage Your Childrens Weekly Allowance
Tuition Fees at FEU and Some Other Universities in Manila, Philippines
BPI, BDO, or Metrobank Fees — Why Keep Paying Them?


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