Introduction
If there is one trait that could sum up the culture and identity of Filipinos, it would be our family-centeredness. The Philippines is a nation notoriously known for its close family ties. It is common in our country to see family members helping and supporting each other through different stages of life, and this familial connection is often observed in the lives of breadwinners.
A lot of Filipino families still live in poverty, so becoming a breadwinner has become pretty common. They are individuals who provide financial support to their families by shouldering most, if not all, of the household’s expenses.
Of course, playing the role of the family’s sole provider isn’t easy. It requires a strong mental fortitude, stable health, and, most of all, the ability to manage your finances. The reality, though, is that traditional banks provide the financial services needed by breadwinners. Thankfully, Cebuana Lhuillier is stepping up to bring everyone the opportunity to meet their demands through our Micro Savings accounts. Check this article out to learn how opening one can benefit you.
Challenges Faced by Breadwinners in the Philippines
Being a breadwinner comes with plenty of responsibilities. With the whole family’s needs on your shoulders, it can be hard to make ends meet, especially with the salary earned by a typical Filipino. Paying for utilities, food, and other essential expenses makes it seem impossible to save.
Some breadwinners are so focused on making ends meet that they only have little savings to spare after paying for their family’s daily expenses. To add to their burden, the high maintenance balance and fees charged by banks make it difficult for them to maintain a savings account.
To give every Filipino, especially breadwinners, the opportunity to have their own savings account, Cebuana Lhuillier offers Micro Savings services. They allow you to have access to various financial products and maintain your account without worrying about your balance.
Benefits of Opening a Cebuana Lhuillier Micro Savings Account
The Cebuana Lhuillier Micro Savings account is created specifically for low-income families and individuals. It also benefits people struggling to maintain an account due to exorbitant fees or high maintaining balance amounts required by traditional banks. Our service was created to bring Filipino breadwinners the flexibility they need in handling their finances.
No Maintaining Balance
One of the biggest benefits of the Cebuana Lhuillier Micro Savings account is that it doesn’t require a maintaining balance. You can withdraw any amount from your account without worrying about charges from the bank.
The only time you need to think about your account balance is if you intend to earn interest for your savings. In that case, you only need to make sure that you maintain at least ₱500 in your account.
No Deposit Fee
Another benefit of the Cebuana Lhuillier Micro Savings account is it doesn’t have any deposit fee. You can make a deposit in any of our more than 3,000 branches nationwide for free.
The best part is that you can deposit any amount ranging from ₱50 to ₱50,000. This gives you the freedom to save any small amount that remains from your budget without worrying about the minimum deposit amount that other banks require.
Easy Account Opening
Cebuana Lhuillier makes banking hassle-free by having minimal requirements to open an account. The requirement for Cebuana Lhuillier Micro Savings includes one government-issued ID, a filled-out customer information sheet, the initial deposit, and the Cebuana 24k card fee worth ₱75.
You can open a bank account from any of Cebuana Lhuillier’s branches nationwide or sign up for your account online through the eCebuana app. Simply fill out the information sheet and follow the guide for more instructions.
Low Age Limit
We understand the struggle of worrying about your little one’s future. That is why we offer a low age limit for account holders. Children as young as 7 years old can now open their own savings accounts so they can save for their future and secure their own finances.
This will help every member of your family develop a sense of responsibility when it comes to their money. This is also a good way to train your children to be financially independent in the future.
Competitive Interest Rate
Cebuana Lhuillier Micro Savings has a competitive interest rate that you can benefit from. This interest rate represents the amount you can earn passively in a year just by keeping your money in the bank.
Since this is a Micro Savings account, you don’t have to worry about maintaining a huge balance. You only need to secure at least ₱500 to earn interest.
Easy Money Withdrawal
You can withdraw your money easily through Cebuana Lhuillier. Your Micro Savings account works the same as any other bank account, which means that you will also have a Cebuana Lhuillier 24k savings card that you can use to withdraw money from ATMs.
Cash withdrawals are possible in any Bancnet ATM or Cebuana Lhuillier branches nationwide. This gives you plenty of access to your savings so you can withdraw money whenever you need it.
Convenient Financial Transactions
You can easily pay your bills or transfer money through our branches or app. If you wish to settle your monthly dues or send money to your loved ones, all you have to do is use your eCebuana app or visit any nearby Cebuana Lhuillier location.
Also, as a Micro Savings account holder, you can pay cashless in any of the Unionpay and Bancnet-accredited retail stores nationwide. This advanced and cashless option makes it easier for you to handle your finances while managing your account all at the same time.
Start Banking With Cebuana Lhuillier Today!
Cebuana Lhuillier is here to bring every Filipino an equal opportunity to banking access. Our banking services are designed to meet the needs of low-income earners who are also planning to save for their future.
As a breadwinner, you have financial needs that need to be met in order to properly support your family. That is why we bring you exclusive services that will let you experience the benefits of banking without going through the trouble of furnishing requirements and paying high fees.
Conclusion
Cebuana Lhuillier’s Micro Savings account brings you the solution to your money-saving woes. We understand how difficult it is to keep your finances afloat in the face of never-ending expenses, and this is why we offer financial products that are flexible to your finances and income.
With a Micro Savings account, you can enjoy numerous benefits such as competitive interest rates, zero maintaining balance, and more. Prepare for your future and open a Micro Savings account today!
Cebuana Lhuillier Micro Savings is a product of Cebuana Lhuillier Rural Bank. Deposits are insured by PDIC up to P500,000 per depositor. Regulated by the Bangko Sentral ng Pilipinas with contact number (02) 8708-7087 and email address [email protected]. A Proud Member of BancNet and UnionPay.