7 banks offering savings accounts for kids

7 banks offering savings accounts for kids

Interested in opening up savings account for your child? Have you heard of BDO Junior Savings? How about BPI Jumpstart? Get to know more of these savings accounts along with select others.

Are you the kind of parents who want to teach their child the value of saving up money at the earliest possible of their age? Likewise, the kind who wants more financial security for their kids' plans like education? Perhaps, opening up savings account for your kid, like what the BDO Junior Savers Account or BPI Jumpstart has to offer, had already crossed your minds.

A lot of efforts has been and is continuously made to promote the habit of saving among us Filipinos the earliest possible in our lives. From universal banks to rural, opening with a saving account is already inclusive nowadays for the little ones out there whether from low, middle, or high-income families.

Here are quick bases to why open up your kid a savings account at any bank you’d prefer as early as today.

  • It is one of the best, long-term ways to let your kid/s understand the value of money.
  • Opening a bank account under your child’s name allows him to be responsible for tracking and managing his/her financial progress.
  • It helps them mature in making allotments and spending their money.
  • It teaches them to plan ahead, and stay focused on goals and priorities.
  • It sets on their mind that putting up a savings account is building a stable future for them.

Now, you may wonder which one would best fit what you as parents wanted for your child/children. That is why we are at service this time to let you ponder on the following savings accounts and act upon whichever you choose to set up for your kids.

Age limit: 0 to 12 years old

Minimum maintaining balance: PhP100

Maintaining balance to earn interest: PhP2,000 (0.25% interest rate)

Requirements:

  • For a child under 7 years old, which the account will be under the name of a parent/guardian, bring original copies of the following:
  1. at least two (2) valid government-issued IDs of the parent/guardian
  2. any of the child’s ID/document (child’s passport, PSA birth certificate, school ID)
  3. adoption documents (if applicable)
  4. guardianship documents (applicable if account is opened by the legal guardian)
  5. PhP100 for initial deposit
  • For a 7 to 12-year old child, bring at least one (1) original copy of the following:
  1. schoold ID signed by the principal/school head
  2. passport
  3. Local Civil Registry or PSA-issued birth certificate
  4. PhP100 for initial deposit

Perks:

  • It comes with a passbook to monitor your kid’s savings.
  • Children between 7 to 12 years old may request for a personalized BDO EMV Debit Card upon reaching a PhP2,000 deposit balance.
  • Existing BDO accounts can transfer money to a BDO Junior Savers Account via online banking.

Age limit: 10 to 17 years old

Minimum maintaining balance:

  • PhP1,000 for regular BPI account
  • PhP500 for BPI Family account

Maintaining balance to earn interest:

  • PhP2,000 for regular BPI account (0.25% interest rate)
  • PhP1,000.00 for BPI Family account (0.25% interest rate)

Requirements:

  • your child’s PSA birth certificate
  • school ID signed by the principal/school head
  • two (2) 1x1 ID photos
  • utility bill with the parent/guardian’s permanent address

Perks:

  • Has a Guaranteed Savings feature that protects a portion of the funds from unplanned withdrawals.
  • Has an Allowance Transfer Facility that ensures a child’s allowance gets credited to his/her Jumpstart Account on a scheduled basis.
  • Allows cellphone reloading via BPI Express Teller ATM, BPI Phone Banking, BPI Mobile Banking Menu, or via BPI Online Banking.
  • Occasional offers from partner merchants.

Age limit: 0 to 18 years old

Minimum maintaining balance: PhP500

Maintaining balance to earn interest: PhP4,000 (0.25% interest rate)

Requirements:

Perks:

  • Your child will receive a welcome gift upon opening an account.
  • Takes you to free educational trust benefit worth PhP50,000 (with minimum ADB requirement).
  • Inclusive of free personal accident insurance worth twice the ADB, but does not to exceed PhP1,000,000 (with minimum ADB requirement).
  • Exclusive discounts and privileges from partner merchants such as Active Fun, FunHouse, Tom’s World, and Trampoline Park.

Age limit:

  • 0 to 12 years old for kiddie savers
  • 13 to 17 years old for teen savers

Minimum maintaining balance: any amount

Maintaining balance to earn interest: PhP2,000 (0.25% interest rate)

Requirements:

  • accomplished Customer Information Sheet (individual)
  • signature card
  • accomplished Interbank Fund Transfer (IBFT) Enrollment form to avail automatic intra-bank fund transfer service
  • accomplished Quit Claim/Waiver signed by the parent/guardian (only for PSBank Kiddie Savers and Teen Savers Account with PSBank Debit Mastercard)
  • additional requirements for legal guardians opening an ITF account
  • CIS for Beneficiaries and Beneficial Owners
  • a Court Order as proof of authority to open and operate an ITF account on behalf of the child
  • valid IDs
  • for parent/guardian: at least one (1) primary ID or two (2) valid secondary IDs with photo and signature
  • for child/children: birth certificate (PSA-issued or Local Civil Registrar-issued certified true copy); passport or school ID signed by the principal/school head

Perks:

  • No initial deposit required.
  • No minimum maintaining balance required; thus, your child’s account is safe from extra charges and fees incurred when falling below maintaining balance.
  • Comes with a free personal accident insurance equivalent to five times (5x) the monthly average daily balance; insurance of up to PhP500,000 maximum accidental death or disability for 0-7 years old, while up to an aggregate limit of PhP5,000,000 for more than 7-18 years old (subject to terms and conditions).
  • Comes with passbook and ATM for non-ITF (In-Trust-For) accounts.
  • Allows electronic banking through PSBank Online and PSBank Mobile.

Age limit: 0 to 18 years old

Minimum maintaining balance: PhP5,000

Maintaining balance to earn interest: PhP5,000 (0.5% interest rate)

Requirements:

  • one (1) primary valid ID of two (2) secondary valid IDs
  • PhP100 for initial deposit

Perks:

  • Comes with a passbook and Everyday Debit MasterCard (optional).
  • Account holders can get their Security Bank Everyday Card and SB Online Access on the same day the account was opened.
  • Entitles your child to perks and discounts from Security Bank partner merchants.

Age limit: 0 to 17 years old

Minimum maintaining balance: PhP2,000

Maintaining balance to earn interest: PhP2,000 (0.125% interest rate)

Requirements:

  • accomplished Customer Information Sheet
  • 1x1 or 2x2 ID photo
  • PSA-issued birth certificate
  • additional requirement for legal guardian or administrator: original copy of the Court Order appointing them
  • PhP2,000 for initial deposit

Perks:

  • Comes with a passbook.
  • Allows electronic banking through EastWest Online.

Age limit: 0 to 21 years old

Minimum maintaining balance: none

Maintaining balance to earn interest: PhP5,000 (0.150% interest rate)

Requirements:

  • accomplished form
  • one (1) valid ID or latest barangay certificate
  • PhP100 for initial deposit

Perks:

  • Easy transactions with a passbook and/or ATM card.
  • Comes with a free Sun Life Grepa comprehensive insurance package for both the parents and the kid.
  • Allows electronic banking through RCBC Online Banking and BancNet Mobile Banking.

Also read: The Importance of Savings

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