It's never too early to start saving up, even for college students. Aside from keeping our money inside our wallets (where we can see them and easily spend them), there's also the option of putting them in a bank. Over time, and with enough savings, you might even start earning interest with the money you put away in a bankâwhich is just one of the many perks of starting your own savings account.
Many of the savings accounts nowadays also double as a debit card, so you won't have to go through the hassle of withdrawing money should you need to pay for something. Additionally, plenty of banks now give customers the option to access their savings accounts digitally through their websites or apps, so you won't have to worry about stepping out just to manage your savings.
Convinced? Here, we're listing down student-friendly savings account options from a few of the most accessible local banks in case you want to start your own.
UnionBank
Personal Savings Account
UnionBank's Personal Savings Account is one option for students who want to start saving. There is no required amount for the initial deposit and the minimum average daily balance (ADB). If you want to start earning interest, however, the average daily balance of your account should be at least P10,000.
To apply, you may either do so at any branch near you or through the app. You'll need to fill up the necessary forms and prepare a valid ID that matches the details you have stated in your application form.
Click here to learn more.
Robinsons Bank
Simple Savings
Robinsons Bank's Simple Savings is ideal for students because it has no maintaining balance, so you can max it out when you need to without paying any fine. The initial deposit is P100 and the minimum balance to earn interest is P500. You would have to pay a one-time fee of P150 for the debit card, however, and you can only deposit a maximum of P45,000.
To apply, you may either do so at any branch near you or through the bank's app. If you are signing up via the app, it will require you to take a selfie and upload a photo of or scan your valid ID.
Click here to learn more.
Security Bank
Junior One Account
If you are 18 years old or below, you can open a Junior One account from Security Bank. For this type of savings account, the opening balance is P100, the maintaining balance is P5,000, and the minimum balance to earn interest is P5,000.
You can open an account at any branch or online. The requirements you'd have to submit will be one (1) primary valid ID or two (2) secondary valid IDs.
Click here to learn more.
Easy Savings Account
If you're above 18 years old, you can opt to open an Easy Savings account instead. For this, the opening balance is P5,000, the maintaining balance is P10,000, and the minimum balance to earn interest is P100,000. The requirements you'd have to submit will be one (1) primary valid ID or two (2) secondary valid IDs.
Click here to learn more.
BPI
Regular Savings
If you want to open an account with BPI, one of the best student-friendly options is their Reguilar Savings account. For this type of account, the required intial deposit is P3,000, the minimum ADB is P3,000, and the required ADB to earn interest is P5,000. Aside from filling up the required forms, you'd also need to prepare a valid ID.
Click here to learn more.
BDO
Peso Savings Account: ATM Savings
BDO has many options under their Peso Savings Account. One recommended type that's also perfect for students is the ATM Savings account, with a minimum initial deposit and minimum ADB of P2,000. To start earning interest, however, your account must have at least P5,000. To open an account, you may drop by the nearest branch and make sure to bring with you two valid IDs.
Click here to learn more.
*This story originally appeared on Candymag.com. Minor edits have been made by the Preview.ph editors.
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