Savings account for kids available in the Philippines

If you want to open a savings account for your kids here in the Philippines, this article might help you. I did a little bit of research which local banks in the Philippines offer savings account for kids.

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Even if you’re child is a little one, it’s a good idea that they have their own savings account which they can use for their future. Teaching kids with basic personal finance while they are young will definitely equip them a good knowledge that they can use while they are growing old.

Getting a separate savings account for your kids is a great idea that will help you organize and plan for their future. Here’s some information that will provide you ideas on how to open savings account for kids here in the Philippines.

Savings account for kids here in the Philippines

BDO Junior Savers

With an initial deposit of Php2,000.00, kids 7-12 years old may opt for an ATM Debit card which also serves as their Junior Savers ID Card.

Requirements

• Your child’s birth certificate –
• 2 government-issued ID’s
• 1 ID picture 1×1 or 2×2
• 500 pesos minimum

Features

• Initial deposit: P100
• Minimum monthly ADB: P100
• Minimum balance to earn interest: P2,000
• Interest rate: 0.25%

BPI Jumpstart Savings

This savings account for kids is for 10 – 17 years old kids.

Features

• Savings Account with Guaranteed Savings
• Allowance Card
• Debit & Privelege Card
• Cellphone Reloading Card

Bank of the Philippine Islands

Required initial deposit: P100
Required minimum monthly ADB: P1,000
Required daily balance to earn interest: P2,000
Interest rate (per annum): 0.250%

BPI Family Savings Bank

Required initial deposit: P100
Required minimum monthly ADB: P500
Required daily balance to earn interest: P1,000
Interest rate (per annum): 0.250%

RCBC Wise Savings account

RCBC Savings Bank W. I. S. E. is a kiddie savings account designed to teach children how to budget, save, and plan for their future. W. I. S. E. also offers special perks and privileges that kids will truly enjoy.

And because W. I. S. E. cares for everyone, both parent and child will get a FREE Personal Accident Insurance for a minimum account opening of P1,000.

Features

• Maintaining Balance: P1,000
• Account documentation is through an ATM or a Passbook.
• Interest Rate: 0.50%
• ADB to earn interest: P5,000

PSBank Kiddie and Teen Savers

The PSBank Kiddie Savers Account is a savings account for children from 0-12 years old while the PSBank Teen Savers Account is for teens 13-18 years old.

Features

• Minimum Maintaining Balance: PhP 0.00
• Daily Balance to Earn Interest: Any amount
• Evidence of Deposit: Passbook and ATM Card (Issued upon request)

Benefits

• free personal accident insurance from Charter Ping An Insurance Corporation which is equivalent to five times (5x) the monthly average daily balance.
• child or teen is insured against accidental death or disability up to a maximum of PhP 500,000 for those who are 0-7 years old
• up to an aggregate limit of PhP 5 million for those who are more than 7 years old but not more than 18 years old
• to claim the insurance, the account has to be active and should have a monthly average daily balance of at least P1,000 during the time of accident.
• NO initial deposit required, maintaining balance and it can earn interest in any amount

Requirements

• Completely filled-out bank forms
• Additional requirements for legal guardians opening an ITF account
• Valid IDs
• Kids / teens from 7-17 years old should be accompanied by his parent(s) or legal guardian/s during account opening.

Metrobank Fun Savers Club

Exclusively for kids and teens under 18.

Benefits

• A welcome gift upon account opening
• Free educational trust benefit worth P50,000 (with minimum ADB requirement)
• Free personal accident insurance worth twice the ADB, not to exceed P1 million (with minimum ADB requirement)
• Exclusive discounts and privileges from partner establishments

Fees

• Initial deposit: P500
• Maintaining balance: P500
• Balance to earn interest: P4,000
• Interest: %0.25

UCPB Kiddie Max savings account

Fees

• Initial deposit: P500
• Maintaining balance: P1,000
• Balance to earn interest: P10,000
• Interest: %0.25

Requirements

• In-Trust-For Accounts (ITF) – in behalf of children 0-6 years old
• Birth Certificate
• 2×2 ID picture utility / credit card bills and 2 valid IDs of parents / guardian
• ITF accounts may be converted to a Kiddie Max Principal Account on the child’s 7th birthday
• Principal Accounts – for children and teens 7 to 17 years old
• School ID
• Kiddie Max Principal Account holders may be issued ATMs or allowed to enroll to UCPB Connect, Mobile Phone Banking Service or Telebanking if with written parental conformity.
• Kiddie Max accounts shall be converted to UCPB Regular ATM or Passboook Savings accounts on the child’s 18th birthday.

Eastwest Bank Cool Savers Kiddie Account

Cool Savers Kiddie Account is a savings deposit account for children ages 0 to 18 years with a minimum required initial deposit. Insured by PDIC. Maximum deposit insurance for each depositor P500,000.00

Features

• Minimum Initial Deposit: P 2,000
• Maintaining ADB: P 2,000
• Interest Earning Balance: P 2,000
• Interest Rate: .25% p.a.
• Withholding tax: 20%
• Fund Access: Over-the-counter/Internet Banking Facility/Mobile Access
• Transaction Record: Passbook

There you have it! I hope the information gathered above could help you decide which local bank offers the best savings account for your kids. By having this information, you can compare benefits, fees, and requirements and decide which one suit your convenience.

We should teach our children the basic personal finance while they are young to prepare a brighter future for them. Please note that these are not the only savings account for kids available in the Philippines, I just named a few from the biggest local bank here.

If you’ve experienced opening any of the savings account for kids mentioned above, please share your thoughts to help other Filipino parents or guardians.

Please also note that all these information are gathered from bank’s respective official website. I just organized them in this blog to provide one stop shop for readers looking for this information.

Let’s spread financial literacy one blog at a time. Cheers!