There are benefits to teaching your kids to start saving money at a young age. As early as in their preschooler age, a child can already understand the concept of money and spending. Hence, it’s important for parents to instill in them good financial habits as these will be necessary when they need to handle their own money years from now.
Parents want nothing but the best for their children and you definitely aim to secure their future, especially in the financial department. How to start? Set up their own savings account!
Let this list help you start your little one on the path to saving and becoming money-savvy:
1. Metrobank’s Fun Savers Club
Age: 0 to 17 years old
Initial Deposit: ₱100 ($100 for dollar account)
Maintaining balance: ₱500 ($100 for dollar account)
Interest rate: 0.0625% (₱4,000 minimum to earn interest)
Why open this account: Earns interest over time; Comes with personal accident insurance; Additional educational trust benefits in the event of the accidental death of your parent/guardian; You can view your child’s balance anytime, anywhere by enrolling it to the Metrobank Mobile App and Metrobank Online; Comes with a passbook
Bring the following to the nearest branch: Your child’s school I.D. and valid birth certificate (must have at least 2 photocopies); and Your valid ID and the initial deposit
2. Eastwest’s Kiddie Savings
Age: 0 to 18 years old
Minimum initial Deposit: ₱2,000
Minimum maintaining balance: ₱2,000
Interest rate: 0.125% (₱2,000 minimum to earn interest)
Why open this account: Comes with a passbook for easy monitoring; Monitor account through EastWest Online and Mobile
3. RCBC’s GoSavers
Age: 0 to 21 years old
Minimum initial Deposit: ₱100
Minimum maintaining balance: none
Interest rate: 0.15% (₱5,000 minimum to earn interest)
Why open this account: Worldwide acceptance through Mastercard; You can manage and access the account 24/7; Comes with passbook; Enhanced security; Can apply online here
Bring any of the following to the nearest branch: (Kids 7 and below) Passport, School ID, PSA Birth Certificate; (Kids aged 8 to 17) Passport or school ID; (Kids age 18 to 21) Any valid government-issued ID
4. Security Bank’s Junior One
Age: 0 to 18 years old (Kids aged 6 and below, the account should be opened as an ITF account)
Minimum initial Deposit: ₱100
Minimum maintaining balance: ₱5,000
Interest rate: 0.0675% (₱5,000 minimum to earn interest)
Why open this account: Comes with a passbook and debit card powered by Mastercard; They can get their Everyday Card and Security Bank Online Access on the same day the account was opened; Account can be converted into a regular savings account when your child is over 18
Bring the following to the nearest branch: 1 primary valid ID or 2 secondary valid IDs
5. Robinsons Bank’s Tykecoon Saving
Age: 0 to 18 years old
Minimum initial Deposit: ₱2,000
Minimum maintaining balance: ₱2,000
Interest rate: 0.125% (₱2,000 minimum to earn interest)
Bring the following to the nearest branch: Any valid ID (For Filipino students: School ID signed by the school principal or head of the educational institution)
6. Maybank’s Yippie Savings Account
Age: 0 to 12 years old
Minimum initial Deposit: ₱500
Minimum maintaining balance: ₱500
Interest rate: 0.25% p.a. based on the Month-to-Date Average Daily Balance (₱5,000 minimum to earn interest)
Why open this account: Comes with free personal accident insurance with coverage equal to 5 times the previous month’s ADB or up to a maximum of Php 500,000; Free medical reimbursement benefit equal to 10% of the personal accident insurance coverage; You can monitor funds through a passbook and access them with a Debit Card which you can use at any ATM worldwide carrying the Visa logo
Bring any of the following to the nearest branch: School ID (photo-bearing and signed by the Principal or Head of Schools); Birth Certificate; Library ID (IDs must be current and unexpired)
7. BDO’s Junior Savers
Age: 0 to 12 years old
Minimum initial Deposit: ₱100
Minimum maintaining balance: ₱100
Interest rate: 0.0625% (₱2,000 minimum to earn interest)
Why open this account: Comes with a passbook; Those aged 7 to 12 may request for a personalized BDO EMV Debit Card upon reaching a deposit balance of Php 2.000; schedule regular deposits to this account via BDO Digital Banking account
Bring any of the following to the nearest branch: (Child) Birth Certificate issued by Local Civil Registry or Philippine Statistics Authority, School ID signed by the principal/school head or Passport; (Parent/Legal Guardian) One (1) valid government ID, Adoption documents - applicable if the account will be opened by the Adoptive Parent, or Guardianship documents - applicable if the account will be opened by the Legal Guardian. IDs must be original and within their period of validity
8. BPI’s Jumpstart
Age: 10 to 17 years old
Minimum initial Deposit: ₱100
Minimum maintaining balance: ₱1,000
Interest rate: 0.0625% (₱2,000 minimum to earn interest)
Why open this account: You can set a minimum balance that cannot be withdrawn; You can set a schedule to transfer your child's allowance regularly; You can reload their mobile phone from any BPI ATM or through BPI Mobile App or BPI Online.
Bring any of the following to the nearest branch: PhilID, School lD signed by the school principal or head of the educational institution, or Birth Certificate issued by the Philippine Statistics Authority
9. China Bank Savings’ Easi-Save
Age: 7 to 12 years old
Minimum initial Deposit: ₱500
Minimum maintaining balance: ₱500
Interest rate: 0.125% (₱500 minimum to earn interest)
Why open this account: Comes with a passbook; Account may be opened through an ITF arrangement for those below 7 years old
Bring the following to the nearest branch: Original copy of one (1) photo-bearing school ID duly signed by the principal or head of the school and a photocopy of such ID
10. PSBank’s Kiddie and Teens Savings
Age: 0 to 12 years old (Kiddie, May be opened as an ITF account, a joint account or an individual account for each child); 13 to 17 years old (Teens)
Minimum initial Deposit: Any amount
Minimum maintaining balance: None
Interest rate: 0.1000% (₱2,000 minimum to earn interest)
Why open this account: Comes with a free personal accident insurance from AXA Philippines which is equivalent to 5x the monthly average daily balance; Can request for a PSBank Debit Mastercard and can use this to conveniently withdraw cash; Check your account balances and perform other banking transactions anytime, anywhere through PSBank Online and PSBank Mobile
Bring any of the following to the nearest branch: (Child) Photobearing School ID, duly signed by the Principal or Head of School or Birth Certificate issued by the Philippine Statistics Authority (PSA) or Certified True Copy issued by the Local Civil Registrar; (Parents/Legal Guardians) At least one Valid / Acceptable ID with photo and signature
