While traditional piggy banks might be cute, having a savings account as a student is still one of the best ways to keep your money safe.
Students who are away from their families will also find it more convenient to receive their monthly allowance through bank transfer. This is a common dilemma for college students who left their provinces and braved the city lights and busy streets of Manila just to study in their dream universities.
However, as a student, you might be struggling with the requirements of getting a savings account. Getting a valid government ID in the Philippines isn’t really that easy, plus, a lot of banks would ask for a huge amount of initial deposit before they could allow you to open an account with them.
But you’ll have no worries now, because in this article, we will be discussing some of the easiest savings accounts that Filipino students can apply for today.
At the moment there are three valuable players that every student should take in consideration:
BDO ATM Savings
The requirements for BDO are an Initial deposit of 2000 Pesos, 2 valid ID’s (1 with photo and 1 without photo), any billing statement with residence address, proof of income or remittance from the family and 2×2 photos. There is also a 2000 Pesos Maintaining Balance
BPI Kaya Savings
BPI requires instead an initial deposit of 200 Pesos and no maintaining balance. There is required 2 valid ID’s (1 primary ID and 1 supporting ID), Billing statement with address, TIN number and 2×2 photos.
EastWest Basic Savings
This bank requires an initial deposit of 100 Pesos and a maintaining balance of 100 Pesos. It is also necessary to provide 1 valid ID, Billing statement with address, TIN number and 1×1 picture.
Getting A Valid ID
One of the biggest worries that students might face is getting a government-issued ID. It’s a main requirement of banks when it comes to opening an account with them. The easiest valid IDs that you can get as a student are Postal ID, student ID, Passport, and NBI clearance. Meanwhile, your NSO birth certificate and Barangay clearance can also serve as a supporting ID since they don’t have a photo.
Securing A TIN Number
A TIN number or a Tax ID number might also be asked by banks from their clients. Most students don’t have this yet since they don’t have a job. It can even seem overwhelming for some when they hear about this.
However, it’s actually possible for you to get this ID. Under Executive No. 98, unemployed individuals can secure a TIN number for the purpose of fulfilling requirements in the bank or for a driver’s license application. Simply go to your designated BIR RDO office to file your request for a TIN number.
No, the billing statement doesn’t have to be under your name. It can be under your parents’ or relative’s name. In other cases, you can ask for an authorization letter from the person who is registered in the billing statement stating that you are indeed currently residing in that address. A Baranggay Certificate or Clearance can also be presented to support your claim that you are from the area.
Yay or Nay
With enough knowledge and patience, it’s not impossible to open a savings account even if you are still a student. A lot of people get discouraged when they see a long list of requirements, but the truth is, there are some ID’s or requirements that are not difficult to get.
Don’t hold back just because the process requires a little more effort from you. Your future self will thank you later for opening a savings account today!