Looking to Open a PH Savings Account for Your Kids? Here’s What 13 Banks Have on Offer

My mum opened a bank account for me as soon as I could walk and talk. I remember toddling along with her to this big (for a little girl, anyway), air-conditioned space, just to depositing that year’s Christmas money. (I also remember wondering why I couldn’t just spend it on toys, but I digress.)

 

Over the years, we developed a routine. Aunts, uncles, godparents, and grandparents would give me money for birthdays, holidays, and graduations. I would then fork it over to my mum for depositing, and she’d have me label each entry. 

 

Years later, I still do the exact same thing. I’m now in full control of my own passbooks, and I label everything that comes into and leaves my accounts. It certainly helps me keep tabs on my spending and monitor my income.

 

One of the easiest and most practical ways to teach kids about money is to open a savings account. It can be quite difficult for a child to fathom the concept, so giving them some hands-on experience in managing their finances can help things along. 

 

Fortunately, there is no shortage of banks in the Philippines that offer kiddie savings accounts. Below is a bakers’ dozen of options, each with its pros and cons, should you want to open one for your tiny tot:

   

  1. BDO Kiddie Savers Club.
  2. 1-BDO Kiddie Savers Club  

    Pros:

    • Open to children aged 0-12;

    • Kids who are at least 7 years old may opt for a personalized Junior Savers ATM Debit Card;

    • Minimal required initial deposit of Php100;

    • The minimum maintaining balance is only Php100;

    • Minimum balance for earning interest (0.25% p.a.) is only Php2,000.

     

    Cons:

    • When the child turns 13, his/her account automatically becomes a regular savings account.

     

  3. BPI Jumpstart Savings.
  4. 2-BPI Jumpstart Savings  

    Pros:

    • Minimum required initial deposit is only Php100;

    • Low maintaining average daily balance – Php500 for BPI Family account and Php1,000 for BPI account;

    • The minimum balances for earning interest (0.25% p.a.) are only Php1,000 for BPI Family accounts and Php2,000 for BPI accounts;

    • Its Guaranteed Savings feature protects a portion of the funds from unplanned withdrawals;

    • The Allowance Transfer Facility ensures that a child’s allowance gets credited to his/her Jumpstart Account on schedule;

    • Enables mobile transfers to partner merchants.

     

    Cons:

    • Only kids aged 10-17 years old may avail of this account.

     

  5. China Bank Savings – Easi-Save for Kids.
  6. 3-China Bank Savings - Easi-Save for Kids  

    Pros:

    • Minimum maintaining balance of only Php500;

    • Higher interest of 0.5% interest per year beginning at Php500 average daily balance.

     

    Cons:

    • For kids aged 7 to 12 years old only (Those below 7 years can open ITF accounts instead.);

    • No ATM card option. 

     

  7. Development Bank of the Philippines – Young Earners’ Savings Account.
  8. 4-Development Bank of the Philippines - Young Earners’ Savings Account  

    Pros:

    • For children aged 12 and below;

    • Required initial deposit is only Php100;

    • Minimum daily balance requirement is only Php100;

    • Minimum balance to earn interest is only Php1,000;

    • Available in dollar currency.

     

    Cons:

    • Convenience-wise, DBP doesn’t have as many branches as the other banks.

     

  9. East West Kiddie Savings Account.
  10. 5-East West Kiddie Savings Account  

    Pros:

    • Available to children aged 0-17;

    • Minimum balance for earning interest (0.25% p.a.) is only Php2,000.

     

    Cons:

    • Minimum Initial Deposit is relatively higher at Php2,000;

    • Required maintaining average daily balance is relatively higher at Php2,000;

    • No ATM card option.

     

  11. Equicom Kiddie Builders Savings Account.
  12. 6-Equicom Kiddie Builders Savings Account  

    Pros:

    • Open to children under 13 years of age;

    • Required initial deposit is Php500 only;

    • Minimum maintaining balance is Php500 only;

    • Relatively higher interest rate of 1.00% per year for at least Php1,000 average daily balances;

    • Account holders automatically become Kiddie Care Club members, which lets them avail of certain perks; 

    • Free dental and medical benefits from Maxicare for average daily balances of at least Php15,000.

     

    Cons:

    • Account holders only have a maximum of three (3) over-the-counter withdrawals every month.

     

  13. Maybank Yippie Savings Account.
  14. 7-Maybank Yippie Savings Account  

    Pros:

    • For children aged 0 to 12;

    • Minimum balance is only Php500;

    • Comes with free personal accident insurance equal to five times the previous month’s average daily balance (up to Php500,000);

    • Also comes with free medical reimbursement benefits equal to 10% of personal accident insurance coverage;

    • Provides both a passbook and an ATM card;

    •  Accessible in Malaysia, Singapore, Cambodia, and Brunei free of charge

     

    Cons:

    • Minimum balance for earning interest (0.25%) is relatively higher at Php5,000.

     

  15. Metrobank Fun Savers Club.
  16. 8-Metrobank Fun Savers Club  

    Pros:

    • Open to children under 18 years old;

    • It comes with an additional free education trust benefit worth Php50,000;

    • A minimum average daily balance of Php4,000 avails the account holder of personal accident insurance;

    • Initial deposit requirement is only P100; 

    • Minimum maintaining balance is only P500; 

    • Exclusive discounts and privileges from partner establishments;

    • Also available in dollar currency;

    • Account holder receives a welcome gift upon opening.

     

    Cons:

    • No ATM card option 

    • Minimum balance for earning interest (0.25%) is relatively higher at Php4,000.

     

  17. PS Bank Kiddie and Teen Savers.
  18. 9-PS Bank Kiddie and Teen Savers  

    Pros:

    • Kiddie savings accounts for children aged 0 to 12;

    • Teen savings accounts for kids aged 12 to 18;

    • No minimum amount required for the initial deposit; 

    • No minimum maintaining balance; 

    • Minimum balance for earning interest (0.25% p.a.) is only Php2,000;

    • Comes with Free Personal Accident Insurance equivalent to five times the monthly average daily balance;

    • Provides a passbook and an ATM card for non-ITF (In-Trust-For) accounts.

     

    Cons:

    • ITF accounts don’t come with ATM cards.

     

  19. RCBC Wise Savings Account.
  20. 10-RCBC Wise Savings Account  

    Pros:

    • Children aged 0- 21 are eligible for this account;

    • Required initial deposit is only Php100;

    • Maintaining average daily balance is only Php500;

    • Relatively higher interest of 0.5% a year, given a Php5,000 average daily balance;

    • Free personal accident insurance for account holder and his/her parent/guardian for a year, given an initial deposit of at least P1,000. 

    • Has passbook or ATM options;

    • Discounts from partner merchants.

     

    Cons:

    • Minimum balance for earning interest (0.25%) is relatively higher at Php5,000.

     

  21. Security Bank Junior One Account.
  22. 11-Security Bank Junior One Account  

    Pros:

    • For children aged 18 years and below;

    • Minimum balance is only Php100;

    • Relatively higher interest of 0.5% per year for minimum Php5,000 balance;

    • Has passbook or debit card options.

     

    Cons:

    • Minimum balance for earning interest (0.25%) is relatively higher at Php5,000.

     

  23. Sterling Bank of Asia – Neo Savings Account.
  24. 12-Sterling Bank of Asia - Neo Savings Account  

    Pros:

    • For children aged 19 years and younger;

    • No minimum required for the initial deposit; 

    • No minimum maintaining balance; 

    • Relatively higher interest of 0.375% interest per year for accounts with average daily balances of at least Php2,000; 

    • Comes with a passbook and a Visa debit card.

     

    Cons:

    • Convenience-wise, Sterling Bank doesn’t have as many branches as the other banks.

     

  25. UCPB Start2Save Junior Savings.
  26. 13-UCPB Start2Save Junior Savings  

    Pros:

    • For children who are 0-18 years old;

    • Required initial deposit is only Php100; 

    • Minimum average daily balance required is only Php100;

    • Relatively low balance for earning interest at just Php1,000. 

     

    Cons:

    • Convenience-wise, UCPB doesn’t have as many branches as the other banks.

     

There are lots of things parents need to discuss with their kids. “The birds and the bees” is one. (Don’t forget to talk about consent, guys.) Financial literacy is another

 

Not talking about money at home or at school is quickly becoming an obsolete concept. Thanks to this taboo, there are too many kids who graduate having memorized the periodic table of elements, and yet being completely clueless about creating and sticking to a budget.

 

Since many of us entered the adult world like this, those of us who now have children can thus correct this deficiency by educating them early on.

 
Serena Estrella

Serena joined Remit back in 2016, and has tormented its Marketing Head constantly ever since. To get through the rigors of writing about grave concerns like exchange rates, citizenship requirements, and PH-AU news, she likes to blast Mozart, Vivaldi, ONE OK ROCK, and Shigeru Umebayashi in the background. She does a mean Merida voice in her spare time too.

Comments
SHOW 0 COMMENTS

Leave A Comment

Your email address will not be published. Required fields are marked *