Traditional piggy banks look cute. But having a savings account as a student is still one of the best ways to keep your funds safe. If you’re away from your family, chances are, you need a convenient way to receive your monthly allowance.
This scenario is a common dilemma for college students who left their provinces and braved the city lights and busy streets of Manila to study in their dream universities. Getting a savings account is effortless, thanks to digital banks like CIMB, Tonik Bank, and SeaBank. But you still need a valid government ID during the verification process.
Open a savings account with a digital bank
A digital bank is one of the most convenient options for students. You can register a bank account from your mobile phone. The verification process includes submission of a valid government-issued ID. It will also require you to take a selfie while holding your ID to confirm your identity.
Although a digital bank is branchless, it’s still legitimate. It’s regulated by Banko Sentral ng Pilipinas, and the savings of each depositor are insured by the PDIC up to ₱500,000. There’s no initial deposit required when you open an account.
|Bank||Initial Deposit||Maintaining Balance|
What are the requirements when you open an account in a digital bank?
- Must be at least 18 years old
- Must be a Filipino citizen with a Philippine address
- 1 valid government-issued ID showing your residence
- An active mobile number
Open a savings account through a branch visit
Feel free to visit your nearest branch and bring a valid government-issued ID, a pen, a 2 x 2 photo, and other supporting documents. You must complete a form and sign it with your legible handwritten signature.
This conventional way of opening an account will take about an hour or so, depending on your location. Some banks have fewer clients, while others are already jampacked with long lines early in the morning.
|Bank||Initial Deposit||Minimum MADB Requirement|
|Bank of Commerce (ATM Savings)||₱500||₱500|
|BDO (ATM Savings)||₱2,000||₱2,000|
|BPI (Kaya Savings)||₱200||None|
|China Bank (ATM Savings)||₱2,000||₱2,000|
|EastWest Bank (Regular Savings)||₱2,000||₱2,000|
|Metrobank (ATM Savings)||₱2,000||₱2,000|
|PSBank (Passbook with ATM)||₱5,000||₱5,000|
|RCBC (Basic Savings)||₱100||None|
|Robinsons Bank (Simplé Savings)||₱100||None|
|Security Bank (Easy Savings)||₱5,000||₱5,000|
|UnionBank (Personal Savings)||None||None|
What are the requirements when you open an account in a branch?
- Must be at least 18 years old
- 1 valid government-issued ID with your address
- Proof of billing and residence
How to get a valid government-issued ID?
Submitting a government-issued ID is one of the biggest challenges students face. A driver’s license is only issued when you’re at least 18 years old. But the easiest valid IDs you can get are
- Postal ID
- NBI clearance
- Student ID
Certified true copy birth certificate from Philippine Statistics Authority (PSA) and barangay clearance can serve as your supporting IDs. You can get your birth certificate from PSA, which doesn’t expire.
How to get a TIN if you are a student?
Did you know you can get a TIN or Tax ID number even if you’re a student? Most people think you can only get a TIN when you’re already working.
But Under Executive No. 98, unemployed individuals can secure a TIN to transact with government agencies like LTO, DFA, and NBI. Simply visit your designated BIR RDO office to file a request.
How to secure a billing statement as a student?
The billing statement doesn’t have to be under your name. It can be under your parent’s or relative’s name. In other cases, you can ask for an authorization letter from the person registered in the billing statement stating that you reside at that address.
You can also use a barangay certificate or clearance as a supporting document to prove you are a resident.
The bottom line
Opening a bank account doesn’t have to be complicated, even if you’re a student. Many people get discouraged when they see a long list of requirements. But the truth is, it’s even easier now than ever to open one, thanks to digital banks providing financial inclusion to all Filipinos.
So, when is the best time to open an account? Your future self will thank you later for opening a savings account today.