For Your Kids Savings Account, This 17 Banks Offers P100 Only as Opening Amount - Bahay OFW
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For Your Kids Savings Account, This 17 Banks Offers P100 Only as Opening Amount

As parents, we should teach our children values like on how to save, and it should start while they are young.


As a verse in the Book of Provers that says “Train up a child in the way he should go: and when he is old, he will not depart from it.”

As parents, we should teach our children values like on how to save, and it should start while they are young. As a verse in the Book of Provers that says “Train up a child in the way he should go: and when he is old, he will not depart from it.”

 

(Photo Credit:mymomfriday.com)

Frugality is a value that is needed to be taught to children today. Just like saving money in a piggy bank.

But to make kids saving safe, why not put it in a savings account in a bank under their names?

 

Yes, this is now possible since more banks now offer a Kiddie Accounts. This program will be expanded to cover teenagers as well.

 


The program was launched last March 8.
According to Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr., 19 years old and below will be able to open a savings account with a participating bank for just P100.


The accounts will not have any minimum maintaining balance required. 
Kiddie Accounts were converted to regular savings accounts when the account holder reached 13 years old.

Now, there are 17 banks that joined the program.

Tetangco added, “Aside from targeting a wider market of savers, we also wish to help those who have started the habit of saving sustain it until they have graduated and started working,” 

Kiddie Accounts were first introduced in 2011 to help teach young Filipinos good money habits.

 

These banks are: 


1. Banco de Oro – BDO Junior Savers
Feature

Minimum Initial Deposit Php 100.00

Minimum Monthly Average Daily Balance Requirement Php 100.00

Minimum Balance to Earn Interest Php 2,000.00

Gross Interest Rate Per Annum 0.25%

Service Fees and Charges

Account Closure – Php 300.00Falling Below Minimum Balance – Php 300.00

Account Dormancy – 300.00

Withholding Tax for Interest Earned – 20%

Requirements

A. If account will be under the name of the child.

Present any of the following: (Original copies must be presented
for verification)

Passport

School ID signed by the principal/school head

Birth Certificate issued by Local Civil Registry or NSO

B. If account will be under the name of the parent/guardian (parental account).

At least two (2) IDs of the parent/guardian.

Any of the child’s ID/document as indicated in above (passport, school ID)

Adoption papers – applicable if the account is to be opened by the adoptive Parente

Guardianship documents – applicable if the account to be opened is by the Legal Guardian.

2. & 3. Bank of the Philippine Island and BPI Family Savings Bank-BPI Jumpstart Savings Account

Minimum initial deposit – P100 pesos

Maintaining average daily balance – P500 for a BPI Family account – P1,000 for a BPI account

Minimum average daily balance to earn interest is P1,000 for a BPI Family account – P2,000 for a BPI account

Requirements

At least two valid IDs

Birth Certificate

4. China Bank Savings – Easi-Save for Kids

Passbook

For kids 12 years old and younger

In-trust-for accounts or ITF accounts are opened  for children below 7 years old

Initial deposit is 500 pesos

Minimum Balance to Earn Interest is 500 pesos

5. Development Bank of the Philippines – DBP – Young Earners’ Savings Accounts (YES)

For kids ages 12 years and below

Minimum initial deposit of 500 pesos

DBP In Trust For (ITF) Savings Opened by parents on behalf of their children younger than 18 years old

6. EastWest Bank

Minimum Initial Deposit:P 2,000.00

Maintaining ADB:P 2,000.00

Interest Earning Balance:P 2,000.00

Interest Rate:.25% p.a.

Withholding tax:20%

Fund Access:Over-the-counter/

Internet Banking Facility/Mobile Access

Transaction Record:Passbook

7. Maybank Philippines – Yippie Savings Account

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 rate*

0.250% for balances of Php 5,000 to Php 199,999.99

0.500% for balances of Php 200,000 and above

Requirements

For In-Trust-For (ITF) account, the birth certificate of the child is required to be presented.

Any valid IDs for parents/guardian

For Minors or student who are not yet of voting age: School ID (photo-bearing and signed by the Principal or Head of Schools)

Birth Certificate

Library ID

IDs must be current and unexpired.

8. Metrobank – Fun Savers Club


Requirements and features

Child’s NSO Birth Certificate

Student’s ID duly signed by School Principal or Head of School (for student)

Two 1×1 recent ID pictures

Php 500.00 initial deposit (this is also the required maintaining balance)

Balance to Earn Interest – P4,000

Interest Rate (per annum or year) – 0.25

Service Fee for Accounts Falling Below Maintaining Balance (for 2 consecutive months) -P300

9. Philippine National Bank 

10. Philippine Savings Bank 

Requirements

Completely filled-out bank forms:

Customer Information Sheet (CIS) for Individual Clients

Signature Card

Signing Instructions and Acknowledgement of Receipt Form

Fully accomplished Interbank Fund Transfer (IBFT) Enrollment form if parents and guardians want to avail of automatic intra-bank fund transfer service

Quit Claim / Waiver signed by the parent or guardian (only for PSBank Kiddie Savers and Teen Savers Accounts with PSBank Debit Mastercard)

Additional requirements for legal guardians opening an ITF account:

Customer Information Sheet (CIS) for Beneficiaries and Beneficial Owners

A Court Order is required as proof of authority to open and operate an ITF account on behalf of the ward/s

Valid IDs

Parents / Legal Guardians:

At least one primary ID or two valid secondary IDs, one of which with photo and signature

Child/ren or Ward/s

Birth Certificate issued by the NSO or Certified True Copy issued by the Local Civil Registrar

Passport or School ID (photo bearing duly signed by the principal or head of the school)

11. Philippine Veterans Bank 

12. Rizal Commercial Banking Corp. and 13. RCBC Savings Bank


RCBC- Wise Investors Save Early (WISE) Savings Account

For children younger than 7, parents can open a WISE account as an In-Trust-For (ITF) account

Minimum initial deposit is 500 pesos

Maintaining balance is 1,000

Balance to earn interest is 5,000

Annual interest rate of 0.5 %, subject to the 20% withholding tax

Can be purely a passbook account, or a passbook account with ATM

Free one-year personal accident insurance worth 20,000 pesos each for parent and child upon

14. Security Bank – Junior One Account

Opening Balance P100

Minimum Balance to

Earn Interest P5,000

Maintaining Balance P5,000

Interest Rate* (p.a.) 0.5%

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 under 5 years old, a parent or legal guardian has to be a joint account holder

15. Sterling Bank of Asia -Neo Savings Account

For kids ages 17 years old and younger

Initial deposit: any amount

No maintaining balance requirement

Minimum balance to earn interest is 2,000 pesos

Annual interest rate is 0.375%

Passbook and Visa debit card

16. United Coconut Planters Bank and 17.UCPB Savings Bank


UCPB Kiddie Max Account

For children 18 years old and younger

Passbook or ATM card

Minimum initial deposit is 500 pesos

Minimum ADB to earn interest is 10,000 pesos

Annual interest rate is 0.25%

Can be funded from parents’ UCPB accounts via online or phone banking

 

 Thriftiness should be a practice of everyone, not just for children but above all for adults. Because how can we teach our child to save when as the parents we don’t have savings? It is important also so that in times of emergency we have money to use.


This article is filed under: bank, Bank Account, Bank Account Philippines, Banking, banking needs, banks savings account, best bank for savings account, banks savings account, banks, savings account for kids, 

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