It is Christmas time and most of our kids will most likely receive an “aguinaldo” in the form of money from their god parents, relatives and even family friends.
You will be surprised because when you pool those crisp bills they got, they can more or less open up a savings account for themselves. And if your child already has a concept of money, then now is the best time to open up a savings account for them.
Most major banks have kiddie savings account which are basically just joint accounts with their parents but the packaging is aimed at encouraging kids to save up. For instance, they have pass books, kiddie IDs, Kiddie ATM Cards, and some even have welcome gift item for kids
Anyway, if you are looking to open a bank account for your child whether to deposit Christmas Aguinaldos, pooled coins from his or her alkansya or coin bank, or simply to teach your kid to save up money, this post is for you.
I compiled a list of some of the banks that offer kiddie savings deposit accounts. Most of these accounts will require a legal identification for your child like any ID – school ID, government issued ID such as passport, or birth certificate etc. They will also require two valid IDs from the parents, two copies of photos for both the parent and the child, and duly accomplished application forms. Some banks may have additional requirements, hence I have included a link to their website.
Anyway, here is a list of Banks with deposit savings accounts for kids in the Philippines:
- BDO Junior Savers– Banco de Oro has the Junior Savers account open to children aged 7-12 years old. Their initial deposit is at P500.00. Minimum balance is at P100.00. Your kid can get a shopping card in SM, a passbook, you can also apply for an ATM. Click here for more details through their website.
- PS Bank Kiddie and Teen Savers Account – This one is open for kids aged 0-12 years old, while the teen savers account is open to children aged 13-18 years old. This deposit account does not have an initial deposit requirement, and does not also have a required maintaining balance. Apart from the option to have a passbook account, you can also opt to give apply for an ATM which is perfect for teenagers, especially those living in dormitories or away from home. Check out the requirements here.
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- BPI Jumpstart Savings Account – Is open to kids 10 years old and up, and has an initial minimum deposit of P500.00 and required daily balance of P1,000.00. Check out their website here for the requirements.
- Eastwest Cool Savers Kiddie Account – Well if you wish to open an account in a bank with less lines and shorter queues, plus cleaner bank branches to boot then you may want to open an account for your child in Eastwest bank. They may not have as much branches as other banks but your chances of getting stressed while inside a branch is lower versus other branches that are kind of toxic. They have here the Cool Savers Kiddie Account offered to children from 0-18 years old Initial and minimum deposit though is higher than most banks – it is at P2,000.00. Click here to find out about the branch nearest you.
- Metrobank Fun Savers Club – Metrobank may seem old school compared to most of the banks that I have mentioned, but yes they have a deposit account meant for kids. Initial deposit and maintaining balance is both at P500.00. They offer various perks such as welcome gifts for the kids, insurance and more. Check out the other perks here in their website.
So, there you have it. For sure there are other banks with savings deposit accounts for kids in the Philippines. If your bank is not in the list above, just ask any of their representatives if they offer kiddie savings deposit account products. If you have the time, hope you could drop by my Facebook page and hit the like button, so you can receive regular updates from Happypinaymommy.com direct on your newsfeed.
Thank you so much!
A Happy Homemaker is a Happy Pinay Mommy.
Leaving you with this video on teaching kids to save on money: