Personal Development, Finance, and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
Big futures start with small savings. Teach children the value of saving money.
Some of the most important lessons that parents can impart to their children are the values of thrift saving, discipline, and perseverance. These values prepare their children to become the best persons that they can be when they grow up.
Did You Know?
Children who learn to manage their finances early become adults who are better equipped to live independently. Parents, by teaching your kids to make good financial decisions, they learn to make a budget properly.
Even the word of God in the Bible says that according to Proverbs 22: 6, "Start children off on the way they should go, and even when they are old they will not turn from it."
In the Philippines, most banks offer basic savings accounts for children. And the good news is their parents can open bank savings accounts for their children for only a small amount.
So, in this article, I'm going to share some savings accounts that are best for the kids within the family.
(Take Note: Bank details are subject to change. When there is an update, I will immediately update the details.)
EastWest Bank Kiddie Savings Account
The Kiddie Savings Account is an interest earning Peso savings deposit account for children that is evidenced by a passbook. Here are the product features for this account.
RCBC GoSavers Account
The RCBC GoSavers is ideal for kids and teen savings accounts. It comes with free comprehensive insurance for both the parent/s and the child. Also, comes with an ATM Card and Passbook.
Young Earners’ Savings Account of the Development Bank of the Philippines (DBP)
This Peso or US Dollar Savings Account is good for kids and teens aged 19 years old and below. The low initial deposit allows a one (1) year grace period from account opening which builds-up the balance up to the required ADB to earn interest. It has a higher interest rate than a regular savings account. The initial deposit is only PhP 100 or US$50.
UCPB’s Start2Save Junior Savings Account
Ready. Set. Save! As early as today, you can have your kids a headstart to a better future. This account is open for 0-19 years old. To open an account, bring the following requirements to any UCPB Branch:
In-Trust-For Accounts (ITF) - in behalf of children 0-6 years old
Principal Accounts - for children and teens 7 to 19 years old
Start2Save Junior Savings Account Principal Accountholders may be issued ATMs or allowed to enroll to UCPB Connect, or Mobile Phone Banking Service if with written parental conformity.
Start2Save Junior Savings Account shall be converted to UCPB Regular ATM or Passbook Savings accounts on the child’s 20th birthday.
Initial deposit: PhP 100
Maintaining balance: PhP 100
Balance to earn interest: PhP1,000
Yippie Savings Account of Maybank Philippines
This savings account is specially made for children aged 12 years old and below, that comes with personal accident insurance and medical reimbursement benefits.
Simply maintain a minimum balance of PhP 500 to keep the account active, and a minimum balance of PhP 5,000 to enjoy interest.
Interest*: 0.25% p.a. based on the Month-to-Date Average Daily Balance
*Subject to change without prior notice
Junior Savers Account of BDO Unibank, Inc.
Kick off saving for your child’s future as early as today. With a BDO Junior Savers Account, parents are more in control of what the future holds for their children. With only a few required documents and a visit to your nearest BDO branch, you’re one step closer to preparing for your child’s future—whatever they choose to be.
To open a Junior Savers Account, you will need:
For Child, any of the following:
For Parent/Legal Guardian
IDs must be original and within their period of validity.
Initial deposit: PhP100
Maintaining balance: PhP 100
Balance to earn interest: PhP 2,000
Jumpstart Savings Account of BPI
This savings account is specially designed for teens aged 10-17 years old to help them develop the habit of saving at an early age.
Fun Savers Club of Metrobank
This savings account is specially made for children aged 18 years old and below. Parents or guardians may open in-trust-for arrangement on behalf of kids below 7 years old.
Interest Rate: 0.375%
Initial deposit: PhP 500
Maintaining balance: PhP 500
Balance to earn interest: PhP 4,000
Neo Savings Account of Sterling Bank of Asia
Experience the fun of saving! A fun, colorful future awaits! Paint your kid's future bright with Neo Savings Account. Neo is a special savings deposit account for kids aged 19 and below. Through Neo, kids can already save and earn at the same time at an early age and grow their money for their future.
Opening Balance Requirement: Any Amount
Minimum ADB Requirement: None
Interest Earning Balance: PhP 2,000
Interest Crediting: Monthly
Interest Rate: 0.375% P.A.
Account Access: Over-the-counter transactions, ATMs, Sterling Bank Online, BancNetonline
Junior One Account of Security Bank
This account is specifically catered to help build a better future for your young ones. It also comes with a passbook and/or an Everyday Debit Mastercard. The Junior One Account is solely for children 18 years old and below.
How to open an Account:
For Resident Citizen, Non-resident Citizen and Resident Alien
For Non-resident Alien
Opening Balance: PhP 100
Minimum Balance to Earn Interest: PhP 5,000
Maintaining Balance: PhP 5,000
Interest Rate (p.a.): 0.5%
Young Savers of China Bank
An interest-bearing Peso savings account for children and teens ages 17 years old and below with low initial deposit and maintaining balance requirements.
Initial Deposit Requirement: PhP 100
Minimum Monthly Average Daily Balance (ADB) Requirement: PhP 100
Minimum Balance to Earn Interest: PhP 2,000
Interest Rate: 0.125% per annum, subject to 20% withholding tax. All amount tiers and interest rates are subject to change without prior notice. Kindly coordinate with your branch of account for the applicable interest rates.
Access Points: Branch, ATM, and China Bank Online
PSBank Kiddie and Teen Savers
Your children can start saving with a small amount as these accounts do not require an initial deposit or maintaining balance. The PSBank Kiddie Savers account is a savings account for children from 0 - 12 years old while the PSBank Teen Savers account is for teens 13 - 17 years old. The PSBank Kiddie Savers may be opened as an In-Trust-For (ITF) account, a joint account or an individual account for each of your children.
Minimum Maintaining Balance: No minimum maintaining balance required
Average Daily Balance to Earn Interest: PhP 2,000
Evidence of Deposit: Passbook and ATM Card (issued upon request)
Interest Rate (per annum): 0.50%
Interest Crediting: Monthly
ATM Card is not available for In-Trust-For (ITF) accounts
Kiddie Builders Savings Account of Equicom Savings Bank
An interest bearing passbook savings product designed for young achievers with high interest rate.
Minimum Initial Deposit: PhP 500
Maintaining Balance: PhP 500
Account Balance to Earn Interest: PhP 1,000
Interest Rate (per annum): 0.50%*
Auto Fund Transfer Arrangement (AFTA) option; minimum monthly contribution of PhP 100
Open to 0-13 years old only
Entitled to free dental and medical benefits from Maxicare when the account balance reaches PhP 15,000
Maximum withdrawal limit of up to three (3) time within a month
*Effective January 1, 2021
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.