Best Savings Accounts for Students in the Philippines

 Being Updated …. February 12, 2018

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 No Maintaining Balance Requirement

3.  Savings Account with Low Maintaining Balance Requirement

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

4.  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.

5.  Visa or Mastercard Debit Card issued by banks — 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.

6.  Visa or Mastercard Debit Card issued by non-banks

PayMaya Visa or Mastercard

GCash card

Smart Money card

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

MAYBANK Cash Card

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

 

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