Best Savings Accounts For Kids In The Philippines

3/12/2021

Big futures start with small savings. Teach children the value of saving money.

The most important lessons parents can impart to their children are the values of thrift, saving, discipline, and perseverance. These values prepare their children to become the best people 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 that 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 in 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.

This image is from EastWest Bank's Website

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.

Minimum Initial Deposit	Interest Rate	Required ADB	Balance To Earn Interest
PHP 100	0.15%	None	PHP 5,000

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.

This image is from DBP Bank's Website

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

One (1) Valid ID of the Parent
NSO copy of Birth Certificate of the Child – photocopy is required, but original copy shall be required for authentication
1×1 ID picture

Principal Accounts - for children and teens 7 to 19 years old

One (1) Valid ID from the Child
1×1 ID picture

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.

Interest: 0.25%
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.

Product Features:

Be covered with free personal accident insurance 24 hours a day, 7 days a week with coverage equal to 5 times the previous month’s ADB or up to a maximum of PhP 500,000.
Free medical reimbursement benefit equal to 10% of the personal accident insurance coverage.
Monitor the funds through a passbook and access them with a regional ATM card which you can use at any Maybank ATMs in Malaysia, Singapore, Cambodia, and Brunei free of charge!

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:

Minimum initial deposit of Php 100.00
Bring original copies of the following documents to the BDO branch nearest you.

For Child, any of the following:

Birth Certificate issued by Local Civil Registry or Philippine Statistics Authority
School ID signed by the principal/school head
Passport

For Parent/Legal Guardian

Two (2) valid government IDs
Adoption documents - applicable if the account will be opened by the Adoptive Parent
Guardianship documents - applicable if the account will be opened by the Legal Guardian

IDs must be original and within their period of validity.

Interest: 0.25%
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.

Account Features:

Guaranteed Savings - Protect your child's savings and set a minimum balance that cannot be withdrawn.
Cellphone Reloading - Load your mobile phone from any BPI ATM or through BPI Mobile App or BPI Online.
Allowance Transfer Facility - Set a schedule to transfer your child's allowance regularly.

This image is from BPI Bank's Website

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.

Product Features:

Open with any amount you have - Neo's low opening balance requirement is sure to keep them started with any amount they have.
Saving while earning interest - Neo’s low opening balance requirement helps them get started with any amount they have.
Neo’s passbook and Visa debit card - Neo also comes with a specially designed passbook and a Visa debit card for them to easily monitor transaction histories and current account balances. If they’re saving up for the future, this will come handy as it keeps them up-to-date on the progress of their savings.

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:

Go to the Account Opening Online (Security Bank's Website) or Human Switch Kit.
Accomplish the form by filling out all the required fields.
Wait for the confirmation text message.
Go to the indicated branch and submit the required items.

Requirements:

For Resident Citizen, Non-resident Citizen and Resident Alien

1 primary valid ID or 2 secondary valid IDs
Available for children aged 18 years and below. For children 6 years old and below, the account should be opened as an ITF account

For Non-resident Alien

Passport or Alien Certification of Registration (ACR) I – Card
Available for children aged 18 years and below. For children 6 years old and below, the account should be opened as an ITF account

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.
Documentation: Passbook
Access Points: Branch, ATM, and China Bank Online

Others:

Deposits are insured by PDIC up to P500,000 per depositor.
Upon reaching the age of 18, all Young Savers Account will be automatically converted to an ATM Savings Account, and will be subject to all the terms and conditions governing such account.
Client is required to visit their respective branch of accounts to apply for an ATM TellerCard upon conversion
The Bank reserves the right to close the converted account for non-compliance by the customer of all terms and conditions governing the ATM Savings Account.

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

This image is from Equicom Savings Bank's Website

4 Comments

Melinda

8/1/2022 08:17:33 am

Hello Sir, what do you think is the good age for a kid to learn about money? I have a 2 year old daughter. Thank you so much!

Ralph link

8/1/2022 11:29:11 am

Hello Melinda!

Education begins at home. Parents create the environments and experiences in which learning happens, which makes them the first teachers their children will ever have. Parents must know the importance of financial education. Parents are a child's first teachers and role models.

Children who learn to manage their finances early become adults who are better equipped to live independently.

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."

So, what is a good age for kids to learn about money?

You can start teaching your kids about money as early as age three or four, as long as you consider what will make sense to them at that age. Before five, focus on concepts like delayed gratifications and the value of work and of things. Storybooks are especially helpful because they present essential ideas in relatable ways.

As kids grow, so does the capacity to learn about finances. To keep them engaged, make talking about money and saving a part of everyday life. Point out prices while you're grocery shopping; provide an allowance and help your child manage it; open a savings account and involve your child in the process.

By the time your child is a teen, it's time to introduce how goal setting, part-time jobs, and even credit can help them reach their own financial goals.

📌Trivia!

Did you know that Warren Buffett bought his first stock at the age of 11? Kids can invest their money. The earlier the better!

For more learning about Personal Finance and Development, visit http://www.kuripotpinoy.com/

Rachell

8/24/2022 08:41:11 am

Hello, my husband and I just got married. I just want to ask for an opinion on whether it's okay for us to include saving for our future child's education. We still have a loan from the Pag-IBIG Fund. What is a good investment to include in a child's educational plan? Thank you so much!

8/24/2022 09:04:48 am

First of all, congrats! Yes! If you're an expecting parent or planning to have a child in the future, you can start saving even before your child is born.

Here's the thing: It's an ideal time to save because your expenses won't be as big compared to when your child starts preschool or grade school. Starting your child's elementary, high school, or college (I guessed) fund while they're still very young gives you at least years to save up for tuition.

Of course, you have other expenses. Just like you said you are still paying the loan to Pag-IBIG but the sooner you find and employ ways how to save up for your child's tuition, the more funds there will be available to offer more options for the future student.

What is a good investment to include in a child's educational plan? To answer this question, you must consider the following questions: Which school do you plan to enroll your child in? What is your time horizon (when will the child go to school years from now?)? What's your risk tolerance, the amount of risk that you're comfortable with? What is your savings strategy? What is your source of income to fund the educational plan or investment?