If you have a young son or daughter and want to teach them the value of money, one of the ways you can achieve that is by opening a kids’ savings account for them.
Kids’ savings accounts only require a small initial deposit and usually have a low maintaining balance. The requirements are very easy to provide as well.
We have listed down some of the kids’ savings accounts offered by different banks in the Philippines to help you choose one that’s right for you.
But first, what is a kids’ savings account?
A kids’ savings account is a basic deposit savings account made especially for kids, usually 12 years old and below.
Because kids are minors, the parents or legal guardians will be responsible for handling or managing the account on their behalf. This is also known as an ITF or an “in trust for”.
What are the features of a kids’ savings account?
It’s just like a regular savings account that requires an initial deposit and maintaining balance. Once you go below the required amount of deposit, fees will be charged.
An ATM card or passbook, or both, will be issued, and there will be regular interest as well.
Kids’ Savings Accounts in the Philippines
Here’s a quick look at some of the kids’ savings accounts, plus how much you need to open an account and keep in savings to earn interest.
|Kids’ Savings Bank Account||Highest Interest Earned||Initial Deposit and Minimum Balance|
|BDO Junior Savers||0.25% per annum||100 PHP initial deposit
2,000 minimum balance
|BPI Jumpstart Savings||0.25% per annum||100 PHP initial deposit
1,000 minimum balance
|RCBC GoSavers||0.15% per annum||100 PHP initial deposit
No minimum average daily balance
|PSBank Kiddie and Teens Savers||Depends on prevailing interest rates||No initial deposit
No maintaining balance
|EastWest Bank Kiddie Savings||0.125% per annum||2,000 PHP initial deposit
2,000 minimum balance
|Security Bank Junior One||0.5% per annum||100 PHP initial deposit
5,000 minimum balance
|China Bank Easi-Save for Kids||0.25% per annum||500 PHP initial deposit
500 minimum balance
|Maybank Yippie Savings||
||500 PHP initial deposit
5,000 minimum balance
BDO Junior Savers
The BDO Junior Savers Account caters to children who are 12 years and below.
You can open an account with a minimum initial deposit of 100 PHP and start earning interest when you reach 2,000 PHP deposit balance.
A passbook will be provided to make it easier to monitor just how much your child has in his or her savings account.
An EMV debit card can also be requested once a deposit balance of 2,000 PHP has been reached for children between 7 to 12 years old.
If you have your own BDO online banking account, you can also transfer funds from your account to your child’s Junior Savers Account.
Here are the requirements to open a BDO Junior Savers Account:
Image screenshot from BDO as of November 20, 2019
BPI Jumpstart Savings Account
This kids’ savings account is those aged between 10 and 17 years old. It aims to protect your child’s savings and help them grow it.
If you have your own BPI savings account, you can schedule when to transfer funds to your child’s Jumpstart account for their school allowance.
There’s also a cellphone reloading feature that allows you to load your mobile phones from BPI Online, the BPI mobile app, and any BPI ATM.
To open a Jumpstart Savings account, you only need to present a valid ID. The complete list of accepted IDs can be viewed here.
It’s a start-up savings account designed for kids and teenagers aged 21 years and below.
They can get a debit card or a passbook, or both, which will help them transact more conveniently.
The RCBC GoSavers also comes with a complimentary comprehensive insurance package from Sun Life Grepa for both you and your child.
Image screenshot from RCBC as of November 20, 2019
To open an account for your child, you only need to present a valid government-issued ID and proof of address.
PSBank Kiddie and Teens Savers
The PSBank Kiddie Savers and Teen Savers accounts don’t require an initial deposit. They don’t have a maintaining balance either.
Your kids also get a free personal accident insurance from Charter Ping An Insurance Corporation, with coverage of as much as 5x the value of their average daily balance.
Children aged 12 years and below can open a Kiddie Savers account, while teenagers aged 13 to 17 years can open a Teen Savers account.
The PSBank Kiddie Savers account may be opened as an individual, joint or In Trust For account (ITF).
The following are the requirements for account opening:
Image screenshot from PSBank as of November 20, 2019
EastWest Bank Kiddie Savings
This is a no-nonsense peso savings deposit account for children. They can keep a record of their transactions with the passbook that will be provided and with their access to EastWest Online.
The minimum initial deposit is higher, which is 2,000 PHP. The maintaining balance is also 2,000 PHP.
If you wish to open an account for your child, here are the requirements that you need to submit together with the duly accomplished Customer Information Sheet:
Image screenshot from EastWest as of November 20, 2019
Security Bank Junior One
This kids’ savings account from Security Bank is for children who are 18 years old and below. It offers a higher interest rate compared to Security Bank’s regular savings account rate.
When you open a Junior One account for your child, he or she will receive a passbook or an Everyday Debit Mastercard, or both.
It offers a low opening balance of just 100 PHP, and it can earn 0.50% interest when it reaches 5,000 PHP in savings.
You have funds access to your child’s Junior One account online, in POS terminals in the Philippines and abroad, and in ATMs.
If you wish to open an account, simply proceed to your nearest Security Bank branch with valid documentation to prove your relationship to the child.
Here’s the complete list of required IDs and other documentary requirements:
Image screenshot from Security Bank as of November 20, 2019
China Bank Easi-Save for Kids
This savings account is designed for kids between 7 and 12 years of age, with monthly interest crediting and passbook for documentation.
If you wish to open one for your child, visit your nearest China Bank Savings branch with the following requirements:
Image screenshot from China Bank Savings as of November 20, 2019
Maybank Yippie Savings Account
Open a Maybank Yippie Savings Account for your child aged 12 years old and below.
What’s great about this kid’s savings account is that it also comes with a free personal accident insurance.
Coverage is 24/7 and equal to 5x the average daily balance of the previous month, or a maximum of 500,000 PHP.
It also offers free medical reimbursement benefits equal to 10% of the coverage of the personal accident insurance. .
You can easily monitor the funds through a passbook and access it with an ATM card that you can use in Maybank ATMs in the Philippines, as well as in Brunei, Cambodia, Singapore, and Malaysia for free.
Visit the nearest Maybank branch to check the requirements for opening an account. You may also call 632-8588-3888 or email [email protected] for more information.
Encourage your kids to put their excess lunch money or cash gifts from relatives straight to their savings.
Opening a kids’ savings account for your child will teach them to plan for their future by saving money and letting their money grow.
More importantly, it will teach them about the value of money and make them understand that money simply does not grow on trees!