Best Savings Accounts For Children To Help Teach Them The Value Of Saving

To help you take care of the “save" part of this practice, we’ve culled 7 of the best savings accounts for children in the Philippines.

It’s best to teach children about financial literacy at an early age. This way, your kid develops healthy financial habits as he grows older. How exactly do you teach a young child to do just that?

Use the Spend, Save, Share, and Invest framework. This is is one of the easiest ways to explain how to responsibly and consciously handle money to a child. Simply allocate portions of your money to spend on essentials, share with others, save in the bank, and invest so it will grow.

Choosing the best savings account for your kid

Although your child is not earning his own money yet, you can already set aside money for him to save so he learns the value of saving while he’s still young. You can also put in the cash gifts that he receives from loved ones into his own bank account.

Many banks have created their own products specifically for children and the good news is compared to regular bank accounts, most of the kids’ savings accounts have a lower initial deposit and small maintaining balance.

When picking a savings account for your little tot, you have these things to consider:

• Age limit – What is the age range that the bank allows to have this savings account?
• Initial deposit – What is the minimum amount that your child can put in as his first deposit?
• Maintaining balance – Is there a maintaining balance? How much is it?

Best savings accounts for children in the Philippines

BDO Junior Savers

Kids get a free BDO Junior Savers ID card for an initial deposit of P100. Having something tangible like this can make your child feel a sense of pride in belonging to a group of kids who save, which can further encourage him to keep at it. This is for younger kids.

However, children 7-12 years old may opt to get a BDO ATM debit card instead of the BDO Junior Savers ID. Either way, this is one way to get your child to understand the value of saving

Features

• Age limit
  • 0-12 years old
• Initial deposit
  • P100
• Maintaining balance
  • P100
• Requirements
  • To open an account, parents only need to go to the nearest BDO brand and present any of the following (for verification, please bring the original copies):
    • passport
    • school ID signed by the school head
    • birth certificate issued by the civil registry or Philippine Statistics Authority (PSA)

BPI Jumpstart

This is designed with older kids–10 to 17 years old–in mind. With this product from BPI, you can protect your kid’s savings by setting a minimum balance that cannot be withdrawn.

It also lets parents easily send money like your child’s allowance to his account easily by setting a schedule to transfer.

Features

• Age limit
  • 10-17 years old
• Initial deposit
  • P100
• Maintaining balance
  • P500
• Requirements
  • birth certificate
  • school ID signed by the school head
  • utility bill with your address
  • 2 pieces of 1×1 ID picture

PSBANK Kiddie and Teen Savers

What’s great about this savings account from PSBank is it provides free personal accident insurance from AXA Philippines. It also allows your child to get insurance coverage up to five times the value of his average daily balance.

This well-thought-out feature makes it one of the best savings accounts for children in the Philippines.

Features

• Age limit
  • 0-12 years old for PSBank Kiddie Savers
  • 13-17 years old for PSBank Teen Savers
• Initial deposit
  • No initial deposit required
• Maintaining balance
  • No maintaining balance required but to earn interest, you need to have P2,000 average daily balance
• Requirements
  • Bank forms such as Customer Information Sheet (CIS) and Signature Card
  • Signing Instructions and Acknowledgement of Receipt Form
  • Valid IDs
    • Parents/Legal Guardians – one valid government-issued ID
    • Child/ren
      • Photo bearing School ID, duly signed by the Principal or Head of School
      • Birth Certificate issued by the Philippine Statistics Authority (PSA) or Certified True Copy issued by the Local Civil Registrar

See the full list of requirements here

Security Bank Junior One

Children are able to understand the concept of saving better if there’s something tangible they can relate to it. That’s the beauty of this product from Security Bank that comes with a passbook and/or an Everyday Debit Mastercard. It also has a higher interest rate than the bank’s regular savings account so that’s a plus.

Features

• Age limit
  • 0-18 years old
• Initial deposit
  • P100
• Maintaining balance
  • P5,000
• Requirements
  • 1 primary ID or 2 secondary valid IDs
  • for children 6 years old and below, it should be opened as an ITF account

Eastwest Kiddie Savings

This savings account from EastWest bank also comes with a passbook so your child can keep track of his savings. It can also be accessed online for your convenience.

Features

• Initial deposit
  • P2,000
• Maintaining balance
  • P2,000
• Requirements
  • Accomplished customer information sheet
  • 1 ID bearing your photo and signature
  • Proof of billing
  • Proof of income
  • For children, an original copy of their birth certificate from the PSA

RCBC GoSavers

RCBC’s GoSavers has a wider scope because it’s for children 0-21 years old. Unlike most banks that are strictly for children 18 years old and below, this one is also for those up to 21 years old. It also comes with a passbook for easy monitoring of the account.

Features

• Age limit
  • 0-21 years old
• Initial deposit
  • P100
• Requirements
  • for children below 7 years old, any one of the following:
    • passport
    • school ID
    • birth certificate from the PSA
  • for children 8 years old to 17, any one of the following:
    • passport
    • school ID
  • for people 18 to 21 years old:
    • any valid government-issued ID

Maybank Yippie Savings Account

Like the savings account from PSBank, Maybank’s Yippie Savings Account also comes with personal accident insurance. However, it goes one step further by providing medical reimbursement benefits.

The nice thing about MayBank is that you can also schedule an appointment before dropping by so that makes opening an account easier during these times.

Features

• Age limit
  • 0-12 years old
• Initial deposit
  • none specified
• Maintaining balance
  • P500
• Requirements
  • For the full list of requirements, click here
  • school ID
  • birth certificate
  • library ID