A Guide to Banks that Offer Kiddie Savings Accounts

Apart from teaching your child academic concepts, survival tips, and of course, values, the concept of money is also something we ought to expose them to in order to help them prepare for a brighter future. As a new mom, the value of money is something I would really like to instill in my son. I want him to be a wise spender and learn early on about the benefits of investing and saving.

I think one of my biggest regrets were those days I’d indulge in coffee or milk tea almost every other day, when I could have saved at least half of that money for better investments–definitely something my child should learn from. I mean it’s okay to treat yourself every now and then to enjoy life, but you have to learn to set boundaries so you still have more to enjoy in the future or for more important things. Luckily, a lot of the top banks in the country offer kiddie accounts for your kids to take their first step toward understanding the concept of saving. Here’s a list of a few kiddie accounts, so you can get an idea of what each account has to offer.

A Guide to Banks that Offer Kiddie Savings Accounts

Equicom Kiddie Builders Savings Account

  • Open for kids ages 0-13 years old (for children below 7 years old, it will be enrolled under ITF/In-Trust-For)
  • Initial deposit: ₱500
  • Minimum maintaining balance: ₱500
  • Interest rate of 1.00% per annum for a minimum maintaining balance of ₱1,000
  • Account holders will automatically be part of the Kiddie Care Club that offers great perks for its members
  • Accounts reaching an average daily balance of ₱15,000 also qualifies your child to avail of free dental and medical benefits from Maxicare Healthcare Corporation or Metro Dental
  • Depositors get the chance to withdraw over-the-counter for a maximum of three times a month

You can find more details here.

 

BPI Jumpstart Savings Account

  • Open for kids ages 10-17 years old
  • Initial deposit: ₱100
  • Minimum maintaining balance: ₱500 for BPI Family Savings Account; ₱1,000 for BPI Account
  • Interest rate of 0.25% per annum for a minimum maintaining balance of ₱1,000 for BPI Family Savings Account; ₱2,000 for BPI Account
  • Guaranteed savings that protect a portion of a child’s funds from unplanned withdrawals
  • Scheduled allowance transfer facility that ensures a child’s allowance gets credited to his/her Jumpstart Account
  • Cellphone reloading via BPI Express Teller ATM, BPI Phone Banking, BPI Mobile Banking Menu, or BPI Online Banking

You can find more details here.

 

Metrobank Fun Savers Club

  • Open for kids ages 0-17 years old
  • Initial deposit: ₱100
  • Minimum maintaining balance: ₱500
  • Interest rate of 0.25% per annum for a minimum maintaining balance of ₱4,000
  • Welcome gift upon account opening
  • Free education trust benefit worth ₱50,000 (with minimum average daily balance required)
  • Exclusive discounts and privileges from partner establishments
  • Passbook type (no ATM option)

You can find more details here.

 

BDO Junior Savers Account

  • Open for kids ages 0-12 years old
  • Initial deposit: ₱100
  • Minimum maintaining balance: ₱100
  • Interest rate of 0.25% per annum for a minimum maintaining balance of ₱2,000
  • Comes with a passbook
  • Children who are 7-12 years old may request for a BDO EMV debit card upon reaching a deposit balance of ₱2,000
  • Easy money transfer through online banking

You can find more details here.

 

Security Bank Junior One Account

  • Open for kids ages 0-18 years old
  • Initial deposit: ₱100
  • Minimum maintaining balance: ₱5,000
  • Interest rate of 0.5% per annum for a minimum maintaining balance of ₱5,000
  • Comes with a passbook and debit card (debit card is optional)
  • Easy account opening, you can get your Security Bank card and online access on the same day you open your account

You can find more details here.

 

RCBC Wise Savings Account

  • Open for kids ages 0-21 years old
  • Initial deposit: ₱100
  • Minimum maintaining balance: None
  • Interest rate of 0.15% per annum for a minimum maintaining balance of ₱5,000
  • Comes with a passbook and ATM card
  • Perks and discounts from partner merchants
  • Free first-year personal accident insurance coverage for initial deposit of at least ₱1,000
  • Access on online and mobile banking services
  • Unlimited over-the-counter withdrawals with interest earned as long as required balance is maintained

You can find more details here.

 

Maybank Yippie Savings Account

  • Open for kids ages 0-12 years old
  • Initial deposit: ₱500
  • Minimum maintaining balance: ₱500
  • Interest rate of 0.25% per annum for a minimum maintaining balance of ₱5,000-₱199,999.99
  • Interest rate of 0.50% per annum for a minimum maintaining balance of ₱200,000 and above
  • Comes with a passbook and ATM card (which has access to any Maybank ATMs in Malaysia, Singapore, Cambodia, and Brunei free of charge)
  • Free personal accident insurance 24/7 with coverage equal to five times the previous month’s average daily balance or up to a maximum of ₱500,000
  • Free medical reimbursement benefit equal to 10% of the personal accident insurance coverage

You can find more details here.

 

PSBank Kiddie and Teen Savers Account

  • Open for kids ages 0-12 years old for PSBank Kiddie Savers Account, and 13-18 years old for PSBank Teen Savers Account
  • Initial deposit: Any amount
  • Minimum maintaining balance: None
  • Interest rate of 0.25% per annum for a minimum average daily balance of ₱2,000
  • Comes with a passbook and ATM card upon request
  • Free personal accident insurance from Charter Ping An Insurance Corporation which is equivalent to five times the monthly average daily balance
  • Online and mobile banking options

You can find more details here.

Tagged: / / / / / /

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.