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 they grow 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 kids
Although your child is not earning their own money yet, you can already set aside money for them to save so they learn the value of saving while they're still young. You can also put in the cash gifts that they receive from loved ones into their 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 kids, 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
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Image from BDO Unibank Facebook[/caption]
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
Best savings accounts for children in the Philippines | BDO Junior Savers Features:
- Age limit
- Initial deposit
- Maintaining balance
- 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)
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Image from BPI Facebook[/caption]
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.
Best savings accounts for children in the Philippines | BPI Jumpstart Features:
- Age limit
- Initial deposit
- Maintaining balance
- Requirements
- birth certificate
- school ID signed by the school head
- utility bill with your address
- 2 pieces of 1x1 ID picture
[caption id="attachment_496598" align="aligncenter" width="670"]
Image from PSBank Facebook[/caption]
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.
Best savings accounts for children in the Philippines | PSBank Kiddie and Teen Savers 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
[caption id="attachment_496599" align="aligncenter" width="670"]
Image from Security Bank Facebook[/caption]
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.
Best savings accounts for children in the Philippines | Security Bank Junior One Features:
- Age limit
- Initial deposit
- Maintaining balance
- Requirements
- 1 primary ID or 2 secondary valid IDs
- for children 6 years old and below, it should be opened as an ITF account
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Image from Eastwest bank Facebook[/caption]
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.
Best savings accounts for children in the Philippines | Eastwest Kiddie Savings Features:
- Initial deposit
- Maintaining balance
- 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
[caption id="attachment_496601" align="aligncenter" width="670"]
Image from RCBC Facebook[/caption]
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.
Best savings accounts for children in the Philippines | RCBC GoSavers Features:
- Age limit
- Initial deposit
- 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:
- for people 18 to 21 years old:
- any valid government-issued ID
[caption id="attachment_496602" align="aligncenter" width="670"]
Image from Maybank website[/caption]
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.
Best savings accounts for children in the Philippines | Maybank Yippie Savings Account Features:
- Age limit
- Initial deposit
- Maintaining balance
- Requirements
- For the full list of requirements, click here
- school ID
- birth certificate
- library ID
Selecting the best savings account for kids is a crucial step in fostering financial literacy and responsibility from an early age. By introducing children to the concepts of saving and interest, parents can instill valuable habits that will benefit their children throughout their lives. Early exposure to managing money encourages discipline, goal-setting, and an understanding of the value of delayed gratification. As these young savers grow, the lessons learned from their first savings account will lay a solid foundation for their future financial well-being, empowering them to make informed and confident financial decisions.
