Opening a separate saving account for your child is always a good idea. This way, you can save money for their future and you can also teach them early lessons about the importance of proper money management.
So what are the available options and requirements for opening children’s savings accounts in the Philippines? Read on and learn:
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BDO Junior Savers
For the BDO Junior Savers, you will need an initial deposit of Php 2,000.00. Children ages 7 to 12 years old may also opt for an ATM Debit card which also functions as their Junior Savers ID Card.
Features:
- Initial deposit: Php 100.00
- Minimum monthly ADB: Php 100.00
- Minimum balance to earn interest: Php 2,000.00
- Interest rate: 0.25%
BPI Jumpstart Savings
BPI Jumpstart Savings is available for children ages 10 to 17 years old.
Features:
- Savings Account with Guaranteed Savings
- Allowance Card
- Debit & Privilege Card
- Cellphone Reloading Card
- Bank of the Philippine Islands
- Required initial deposit: Php 100.00
- Required minimum monthly ADB: Php 1,000.00
- Required daily balance to earn interest: Php 2,000.00
- Interest rate (per annum): 0.250%
BPI Family Savings Bank
Features:
- Required initial deposit: Php 100.00
- Required minimum monthly ADB: Php 500.00
- Required daily balance to earn interest: Php 1,000.00
- Interest rate (per annum): 0.250%
RCBC Wise Savings account
For a minimum amount of Php 1,000.00, you not only open an RCBC Wise Savings Account but you and your child will also get a FREE Personal Accident Insurance.
Features:
- Maintaining Balance: Php 1,000
- Account documentation is through an ATM or a Passbook.
- Interest Rate: 0.50%
- ADB to earn interest: P5,000
PSBank Kiddie and Teen Savers
PSBank Kiddie Savers Account is for younger kids ages 0 to 12 years old while PS Bank Teen Savers Account, as the name implies, is for teenagers 13 to 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)
With PSBank, you also get free personal accident insurance from Charter Ping An Insurance Corporation which is equivalent to 5x the monthly average daily balance. The child or teen is also insured against accidental death or disability up to a maximum amount of PHP 500,000 for savers who are 0 to 7 years old or up to an aggregate limit of PHP 5 million for those who ages 8 years old and above but not more than 18 years old.
Metrobank Fun Savers Club
The Metrobank Fun Savers Club is for young depositors under the age of 18. Upon opening an account, kids will receive a welcome gift, free educational trust benefits worth Php 50,000.00 (with minimum ADB requirement), free personal accident insurance worth twice the ADB, not to exceed Php 1 million (with minimum ADB requirement), along with exclusive discounts and privileges from partner establishments.
Features:
- Initial deposit: P500
- Maintaining balance: P500
- Balance to earn interest: P4,000
- Interest: %0.25
UCPB Kiddie Max savings account
Features:
- Initial deposit: Php 500.00
- Maintaining balance: Php 1,000.00
- Balance to earn interest: Php 10,000.00
- Interest: %0.25
Eastwest Bank Cool Savers Kiddie Account
Cool Savers Kiddie Account depositors are insured by PDIC. Maximum deposit insurance for each depositor is Php 500,000.00.
Features:
- Minimum Initial Deposit: Php 2,000.00
- Maintaining ADB: Php 2,000.00
- Interest Earning Balance: Php 2,000.00
- Interest Rate: .25% p.a.
- Withholding tax: 20%
- Fund Access: Over-the-counter/Internet Banking Facility/Mobile Access
- Transaction Record: Passbook
For more information about the requirements and terms and conditions, visit the bank of your choice or check out their official websites.