Best Savings Accounts for Students in the Philippines

Updated May 25, 2016

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  — The key advantage of this card is there’s No Maintaining Balance.  It’s not a regular savings account. It does not earn interest. It can contain only up to 10,000, or 25,000 or 100,000, depending on the type of cash card.

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.
  • You’re NOT allowed to deposit CHECKS to a cash card.  You load CASH.
  • 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:

Generic:  Your name is not embossed on the card. You will receive your card immediately when you apply. The maximum balance limit is 10,000 pesos.

Embossed:  Your name will be embossed on the card. You will be instructed to return after 3 to 7 days to claim your card. The maximum balance limit is 25,000 pesos.

  • Withdrawal is through ATM only. The fee is 2 pesos per withdrawal. 
  • To get this card, go to a BDO branch and apply with your ID.  You pay about 150 pesos for the card (subject to change).
  • Minimum reload or deposit is 100 pesos. Over-the-counter reload or deposit fee is 15 pesos (subject to change).
  • To deposit or reload, you go to BDO and fill up the Card Sale/Reload Slip.
  • For free reload or deposit, reload using the BDO Cash Accept Machine.
  • You can attach your cash card to your BDO Internet banking account and transfer money to it.  The same for phone and mobile banking.  Online transfer to your cash card is free.
  • 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 Generic) and every 12 months (for Embossed)
  • You cannot use this for telephone or mail orders.

BPI Express Mastercard Cash Card

  • No maintaining balance
  • ATM withdrawal fee is 15 pesos per withdrawal
  • Withdraw only through the ATM.
  • Minimum ATM withdrawal is 500 pesos.
  • Maximum load is 20,000 pesos.
  • 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.
  • 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.  
  • Does not earn interest


Good for Filipinos in Malaysia, Singapore and Brunei

No atm fees if used at Matbank atms in Malaysia, Singapore and Brunei

Maybank My CashCard

  • No initial deposit required
  • No maintaining balance
  • No minimum load
  • 50 pesos for cash card issuance
  • Annual fee is 50 pesos
  • Maximum atm withdrawal per day is 30,000 pesos
  • Maximum POS terminal payment per day is 30,000 pesos
  • Does not earn interest

RCBC MyWallet Cash Card

RCBC offers 3 MyWallet cash cards

1.  RCBC MyWallet

2.  RCBC MyWallet Visa
3.  Mercury Drug-MyWallet Card:  Collect rewards points from your purchases from Mercury Drug Store. (Check if they’re still offering this type.)

  • ATM withdrawal fee is 2 pesos (RCBC and RCBC Savings atms)
  • ATM balance inquiry fee is 1 peso (RCBC and RCBC Savings atms)
  • Pay 20 pesos to reload or deposit over the counter.
  • Pay 20 pesos to transfer money from an RCBC account to MyWallet over the counter.
  • You pay 50 pesos if you withdraw over the counter.
  • Over-the-counter balance inquiry fee is 10 pesos.
  • 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
  • Free balance inquiry and fund transfer if you use RCBC online banking
  • Offered at RCBC or RCBC Savings Bank
  • Balance inquiry fee overseas is 50 pesos (for Visa cards).
  • ATM withdrawal fee overseas is 150 pesos (for Visa cards).
  • Visa card has an annual fee: 100 pesos
  • Visa card processing fee: 150 pesos
  • Non-Visa card processing fee: 100 pesos
  • Inactivity fee after 12 months: 200 pesos every month starting from the 13th month

Security Bank SB Cash Card

(Can no longer see a promotion of this product on the SB website)

  • Over-the-counter loading fee: 100 pesos
  • Over-the-counter withdrawal fee: 100 pesos
  • Free ATM withdrawal (SB atms)
  • No annual fee
  • Dormancy fee is 350 pesos per month after the 12th month
  • No card expiration
  • You can enroll in Internet, phone, and mobile banking


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?


Add a Comment
  1. Does BDO cash card require only 1 ID? How about if applicant is only 15 yrs old? Can my child apply for her own cash card alone? I’m not able to accompany my child 🙂

  2. Hi Marilou, yes, she can apply by herself. She brings her school ID and 2 ID pictures. If she has a remittance receipt to show, it will be better. If not, she prepares her reason for applying for a cash card. If refused at a certain branch, she can apply at another branch. Some officers are friendlier and kinder than others.

  3. Hi Rocky, I think I’ve already responded to this question. No, you’re not allowed to deposit a check to a cash card. A cash card can accept and contain only cash.

  4. Hi lovely, it depends on what your employer told you. Did they say you can open any account at any bank? Any bank account, including your RCBC account, can accept deposit of salaries from any person. Only certain payroll accounts do not accept over-the-counter deposits.

  5. hello, can I apply in any of those Bank account that mention here in your website even Im a college student?

  6. Hi Misswerte, yes, bring your school ID with photo and signature by your school head and your birth cert and library card or any other ID (barangay clearance or student or community organization ID). If the first bank you go to requires more docs, you can try another branch or another bank. Some bank branches are stricter than the others.

  7. Hi! Im a college student(19y.o.) and I’m trying to find a savings account that is affordable and easy to apply because i have only 1 ID . What is a good savings account for me beacause I would like to apply for it. Thank you. im hoping that you could help me with this coz Im having hardtime saving money for my self.

  8. Hi jimae, I think BPI Easy Saver is the best because it does not require a maintaining balance. Although it charges 5 pesos for every atm withdrawal and balance inquiry, it’s still better than being charged 300 pesos if you’re not able to maintain your account. Bring your school ID, birth certificate, two 1×1 ID pictures and other IDs that you have. Do you have a post-office-stamped letter with your name typewritten or printed? This can be shown as your proof of address. If you have a postpaid phone bill, this is better. You can apply at a Bank of Philippine Islands or BPI Family Savings. If asked, tell them you want to open an account to receive your allowance.

  9. Hi jimae, for BPI Easy Saver, you can start with 200 pesos. But of course, it’s better if you start with 500 pesos or 1,000. Try with one ID. I hope you have proof of home address.

  10. Hi po I’m a college student and I wanted to do online commissions, but it requires me to have a Paypal acct. Is it possible to use a cash card for a Paypal account? TIA 🙂

  11. Hi Erika, sorry hindi. Kung gusto mo mag-open ka ng BPI Easy Saver. Then mag-apply ka ng Smart Money Mastercard — around 100 pesos lang ito. Yong BPI gamitin mo to transfer money from Paypal to bank (BPI). Yong Smart Money, use it to verify your Paypal account. Smart Money Mastercard can be used as a credit card to verify your Paypal account. If your network is Globe, you can apply for Globe GCash card, puede rin ito to verify Paypal.

  12. Hi.. i wanna ask if i apply for PESO PASSBOOK SA-5,000 initial deposit, then the following month , do i need to saved Php 5,000 or any amount? and what is the meaning of ave.daily balance requirement. thanks.

  13. Hi Aui, sorry no. Dapat savings account, not cash card. Kasi ang puede lang i-link sa Paypal ay savings account, credit card or debit card.
    Ang proseso niyan is pareho kayo dapat merong Paypal account, then i-link mo o i-add mo sa Paypal account mo yong BDO savings account mo. Then yong mommy mo mag-send sa Paypal account mo using her Paypal account. Puede ito kung ang mommy mo ay merong international credit card or debit card or US bank account para mapondohan niya ang Paypal account niya. Naghahanap ka ba ng way to buy or pay online without using a credit card? If yes, comment ka lang dito. I’ll give info on options.

  14. Goodmorning mrs Nora. Ask ko lang po pwede na po ba ako mag open acc. Im only 17yrs old. Senior high school in STI. Pero hindi pa po nabibigay ID ko. Pwede po bang Library ID muna at Assesstment form ko po yung gamitin ko? TY.

  15. Hi Kelly, puede ka nang mag-apply for an account. But wait for your school ID, kasi the banks need a valid ID. Ang library ID ay supporting ID lang. I suggest na itong BPI Easy Saver ang i-open mo kasi wala itong maintaining balance requirement, although merong 5-peso charge for every atm withdrawal and balance inquiry. But this 5-peso charge is better than getting an account with a balance requirement and being fined 300 pesos if you don’t maintain your account.

  16. 2 valid ID’s po ang kailangan. I don’t have any Government ID’s kasi po Minor pa lang ako. Paano po kaya yon? Another concern ma’am yung 16years old po ba pwede na din mag pa open acc?

  17. Hi Kelly, kapag student, the bank accepts the school ID (with photo, your signature and signature of school head, validity dates) and a supporting document or ID. They know you don’t have yet company or government IDs. Sometimes they require your birth cert so bring your birth cert. Yes, bring your library ID and school registration form. If you can get a barangay cert, bring it also. Yes, a 16-year-old can also apply. Just speak clearly and politely with a smile. Confidently beautiful with a heart, sabi nga ni Pia. If the teller asks why you want to open an account, tell them you want to save, or your parents are sending you allowance, or they’re abroad and they’re sending you remittances.

  18. Dear Maam,

    Good Day!
    We, the BA Students of the School of Business and Management of the University of Southern Philippines Foundation are proposing a project entitled “ Installation of Automated Teller Machine “ at the Lobby of the Main Entrance of the School.

    To help materialize our project, we would like to gather information on the following :
    Placement or Installation Terms and Conditions of the ATM
    Possible cost and return on investment
    Operating Expense
    Maintenance Check/Repair
    Possible Percentage or amount rental of the area
    And other relevant arrangement on the said Installation.

    Hoping for your positive response as the project is considered beneficial not only for a few but to all the Stakeholders of the University. Thank you.

    The Proponents
    (Sgd) By: Luz Macas
    0923 651 8941
    Project Manager

    Noted by:
    (Sgd) Dr.Venus M. Empuerto
    Adviser of Project Management

  19. Hi luz, sorry I am not in a position where I can give accurate answers to your questions. I suggest that you approach a bank officer, introduce yourselves as students, present your letter, and ask if you can have time with the bank manager to ask some questions about atm installation. I emailed you, but your email address turned out to be not valid

  20. hello poh.. im a college studnt frst timer ko po kse gusto ko sanang mgopen account pra masave po ito.. is easy saver po ok po ba yan for me to save my money pra sa future?

  21. Hi Rochelle, yes, I think Easy Saver is good for students because usually they’re depending only on their allowances, and might not be able to constantly maintain accounts with maintaining-balance requirements. For saving, yes, okay rin ito, may konti-konting interest din siya at insured din siya. Ang difference lang is merong 5-peso charge for every atm withdrawal and every balance inquiry — this is in exchange for the privilege na walang maintaining-balance requirement.

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