Where To Open A Savings Account For Babies and Kids

When I was younger, I was thrifty but I didn’t save money. I learned how to be cost-effective, so that I can spend the remaining amount on other stuff. Everything was about spending less here, so I can buy more there. Saving up, as in pag-iipon, wasn’t part of my agenda. I wasn’t able to latch onto the ‘kapag may isinuksok, may madudukot’ kind of attitude.

But when I finally graduated and I don’t have my allowance anymore, I started to understand how hard it was to earn money. I also learned how unpredictable life can be. Jobs disappear, health fluctuates, gas prices hike up, and imported lipstick prices are insane! Diba bes?

Without savings, it’s hard to live a stable life as you get older. People who start saving young put themselves in an enormous advantage! Now that we have Baby Rigel, we’re determined to teach her some important financial lessons, so she has a grasp on the concepts of saving at an early age.

Rigel’s First Savings Account:

There are several local banks which offer savings account for infants and kids. It’s basically a joint account with the parents, but it’s advertised in such a way that the kids are encouraged to save. For instance, they have their own passbook so they can see their savings grow every time they make a deposit. At some banks, the kids are provided with their own IDs, ATM Cards, and even gift bags.

We chose BDO Unibank, Inc. because there was a branch at our condo building. Their savings account for kids is called BDO Junior Savers. Here are the requirements for kids below 7 years old:

• At least two (2) IDs of the parent/guardian
• Present any of the following: (Original copies must be presented for verification)

1. Baby’s passport
2. School ID signed by the principal/school head
3. Birth Certificate issued by Local Civil Registry or NSO

There are other and/or additional requirements for special cases; you may check them out here.

Junior Savers Account Features:

• Minimum Initial Deposit:  P100.00
• Minimum MADB* Requirement:  P100.00
• Min. Balance to Earn Interest:  P2,000.00
• Gross Interest Rate per year:  0.25%

*Monthly Average Daily Balance

For fees, charges, and other details, click here.

I’ve also done some research on other local banks which you might be interested in. Check out the links below:

1. PS Bank Kiddie and Teen Savers Account

• Minimum Initial Deposit:  P0.00
• MADB Requirement:  P0.00
• Min. Balance to Earn Interest:  Any amount
• Gross Interest Rate per year:  Prevailing rates

Check out the requirements here.

2. BPI Jumpstart Savings Account

• Minimum Initial Deposit:  P100.00
• MADB Requirement:  P1,000.00
• Min. Balance to Earn Interest:  P2,000.00
• Gross Interest Rate per year:  0.25%

Check out their website here.

3. MetroBank Fun Savers Club

• Minimum Initial Deposit:  P100.00
• MADB* Requirement:  P500.00
• Min Balance to Earn Interest:  P4,000.00
• Gross Interest Rate per year:  0.25%

You can check the details and requirements here.

4. EastWest Bank Kiddie Savings

• Minimum Initial Deposit:  P2,000.00
• MADB* Requirement:  P2,000.00
• Min Balance to Earn Interest:  P2,000.00
• Gross Interest Rate per year:  0.125%

For more information, click here.

5. DBP Young Earners’ Savings Account

• Minimum Initial Deposit:  P100.00
• MADB* Requirement:  P1,000.00
• Min Balance to Earn Interest:  P1,000.00
• Gross Interest Rate per year:  prevailing rate

For details and requirements, click here.

6. China Bank Easi-Save for Kids

• Minimum Initial Deposit:  P500.00
• MADB Requirement:  P500.00
• Min Balance to Earn Interest:  P500.00
• Gross Interest Rate per year:  0.5%

For more information, click here.

7. Security Bank Junior One Account

• Minimum Initial Deposit:  P100.00
• MADB Requirement:  P5,000.00
• Min Balance to Earn Interest:  P5,000.00
• Gross Interest Rate per year:  0.5%

Check their website here.

8. RCBC WISE Savings Account

• Minimum Initial Deposit:  P100.00
• MADB Requirement:  P1,000.00
• Min Balance to Earn Interest:  P5,000.00
• Gross Interest Rate per year:  0.5%

Know more here.

For parents, old and new, it’s never too early to open an account for your child/ren. Let’s give them the advantage of knowing the value of money at a very young age. I hope this is helpful!

 

If you’re planning to secure your little one’s passport, you can check out my blog on How To Apply For Philippine Passport For Babies.

Also see my post on How to Change Your Passport To Your Married Name.