Open A Savings Account With P50 Minimum Deposit at Cebuana Lhuillier Micro Savings

The sad truth: Many wants to save money but finds it hard to open a savings account. The high initial deposit, high maintaining balance, dormancy charges, numerous requirements and proximity of banks from home are the reasons why Filipinos don't open a bank account.

HARD FACTS:

• According to Bangko Sentral ng Pilipinas, only 48% of Filipinos save.
• 7 out of 10 Filipinos who save keep their money at home in piggy banks of some sort.
• Only 33% of the Philippine land area is covered by banking institutions. That is only about 551 municipalities and cities in the whole country.
• Only 18% of adults have insurance.
• Only 23% of adults have a formal account.

It is in this light that Cebuana Lhuillier, one of the country's leading microfinancial services company, launched the Cebuana Lhuillier Micro Savings, which will provide Filipinos with a more convenient and affordable means to save their hard-earned money.

With a minimum deposit of only P50, one can now open a savings account. Yes, you read that right---FIFTY PESOS! Just bring one valid ID, go to the nearest Cebuana Lhuillier branch (they have 2,500 branches nationwide) and you're good to go. That easy! (Read about my Cebuana Lhuillier SANGLA experience HERE.)

With BSP’s basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind. We’ve come full circle—from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings—all of these products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life. |Jean Henri Lhuillier, president & CEO of Cebuana Lhuillier. 

FAQ's

1. What is a Cebuana Lhuillier Micro Savings account? 

Cebuana Lhuillier Micro Savings is an interest-bearing savings product owned by Cebuana Lhuillier Rural Bank (CLRB). It is a savings account that allows clients to save up to Php 50,000 which can be accessed through the 24k card. 

2. How did Cebuana Lhuillier Micro Savings come to be? 

Cebuana Lhuillier Micro Savings is Cebuana Lhuillier’s response to BSP’s call for financial inclusion. In 2018, the Bangko Sentral ng Pilipinas (BSP) released circular order 992 also known as the Basic Deposit Framework which eases the the process of opening a bank account. Through the circular, anyone can open a basic deposit account for less than Php100, with no maintaining balance and dormancy charges. 

3. Are Cebuana Lhuillier branches authorized to receive savings deposits? 

As an accredited cash agent of the Cebuana Lhuillier Rural Bank (CLRB), Cebuana Lhuillier branches are authorized to offer and receive Micro Savings deposits. Cebuana Lhuillier branches serving as cash agents are authorized third party service providers of the bank, according to circular no. 940 of the Bangko Sentral ng Pilipinas which details the guidelines on deposit and cash servicing outside of bank premises.

4. What are Cebuana Lhuillier branches’ operating hours? 

Branches are open from Monday to Sunday. However, operating hours vary per branch. Visit cebuanalhuillier.com for the complete list of branches and their respective operating hours. 

5. What are the documents required to open a Cebuana Lhuillier Micro Savings account? 

You only need one (1) photo-bearing government-issued ID, and Php50 initial deposit. For the list of valid IDs accepted by Cebuana Lhuillier, please refer to the list below: 

• Alien Certification Of Registration (ACR) 

• Birth Certificate (Applicable to minors only) 

• Barangay Certiifcate or ID (w/ picture and signature) 

• Company ID 

• Driver's license 

• Dswd certificate

GOCC ID (Afp, HDMF-Pagibig, Philhealth etc) 

• GSIS E-Card • IBP (Integrated Bar Of The Philippines) 

• Immigrant Certificate Of Registration 

• National Bureau Of Investigation (NBI) clearance 

• Nat'l Council For The Welfare Of Disabled Persons 

• New TIN ID 

• OFW ID 

• OWWA ID 

• Passport 

• Police clearance 

• Postal ID 

• Professional Regulation Commission (PRC) ID 

• Seaman's Book 

• Senior Citizen's ID 

• Social Security System (SSS) ID 

• Student ID 

• Voter's ID 

• Firearm license 

• Marriage license 

6. Are there any transaction fees? 

There are no transaction fees for cash withdrawal and deposit. 

7. What is the minimum amount of cash withdrawal and deposit? 

The minimum cash deposit is Php 50 while the maximum cash deposit is Php 50,000. For withdrawal transactions, the minimum amount is Php 100 and the maximum amount is Php 5,000. 

8. How many transactions are allowed per day? 

Only three (3) successful transactions per card, per day are allowed. 

9. Is there an average daily maintaining balance? 

There is no required maintaining balance for this type of account.

10. How long do I have to wait before my account is opened? 

An SMS notification will be sent to the account owner containing the bank account number and temporary PIN, activating the account in real time. 

11. Can I deposit or withdraw cash without my 24k Card? 

No. The 24k card is required for all Cebuana Lhuillier Micro Savings transactions. 

12. Can I open multiple accounts? 

No. A client can only have one Micro Savings account. 

13. Does the Micro Savings account earn interest? 

Yes, the Cebuana Lhuillier Micro Savings account earns interest per annum if the account has an average daily balance of Php 500. 

14. How safe is my cash deposit in my Cebuana Lhuillier Micro Savings account? 

Your deposit is guaranteed safe in your Cebuana Lhuillier Micro Savings account. Cebuana Lhuillier branch personnel are fully trained and capable of handling finances with utmost care. Your account is also protected by a PIN that will always remain confidential. Also, all Micro Savings accounts are covered by the Philippine Deposit Insurance Corporation (PDIC). 

The launch of Cebuana Lhuillier Micro Savings coincides with the launch of the #KayaNa: Unbanked Filipinos No More Movement, which aims to transform the landscape of saving in the Philippines. In light and in support of the BSP’s call for greater financial inclusion among Filipinos, Cebuana Lhuillier aims to reach more underserved Filipinos and empower them to save for the future through its micro savings product.

Now, everyone will have the opportunity to save and open an account with the Cebuana Lhuillier Micro Savings. No more piggy banks, mga Ka-Rambler! Go to your nearest Cebuana Lhuillier branch and open an account! Kaya na, ka-Cebuana! Ipon na, ka-Cebuana!

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