1

Bantayan is about 3 hours bus ride North then 1 hour ferry to Santa Fe, but has about 4 km of nice white sand beaches. Malapascua bit further. Other options if you dont like long bus rides would be Moalboal, great white sand beaches nearby and about 2.5 hours from Cebu City. if your feeling real lazy then nice white sand beach near Dalaguete about 2 hours South of Cebu. Camotes Islands 2 hours North from Cebu, but limited accomodation.
IMHO best option is Bantayan.

2

bohol -2hr ferry from cebu

3

You can get to Alona beach on Panglao Island in Bohol in less time probably, take a ferry to Tagbilaran then a trike to Alona beach (trike costs about 400 pesos and 30-40 minutes) . There's accomodation for around 800-1000+ pesos per double room around Alona beach. You can also rent motorbikes easily and explore the island.
There are some incredibly tropical beaches there and you can go on day trips to small islands like Balicasag, which has awsome snorkeling and diving. It's really beautiful. Just don't expect any nightlife because there's not much there, it's more of a laid back, family oriented place. I can't compare the other places listed above because I haven't been.

4

Agree with forum2233 its a pleasant 2 hour ferry ride from Cebu to Bohol and Alona beach has some pleasant accommodation and theres lots to see and do around the island