RECOMMENDED BANKS TO OPEN A SAVINGS ACCOUNT FOR KIDS:
RECOMMENDED BANKS TO OPEN A SAVINGS ACCOUNT FOR KIDS: PREPARING KIDS FUTURE
We started saving money for our daughter when she was three months old. We always make sure that all the monetary gifts she gets re being kept or deposited into her bank account including the weekly allowance for her college fund.
Parents want their kids to have the best education as possible, and that is the reason why we decided to start saving money for our daughter at an early stage, so that she would be safer, financially! We believe that saving money (early) is a significant advantage and very essential to reach that goal most especially that school or university expenses are not a joke!
Saving money is also something that we want our daughter to learn even at her early stage; we want her to understand the importance of “saving.” I’ve read an article about an activity (for 3-5 years old) which I am excited to try. According to the article, parents can provide the kids with 3 jars with labels saying “saving”, spending”, and “sharing”. Parents should explain the purpose of each jar and guide the kids on how and when to use them then each time a child receives money whether from a reward for being good in school or a gift from someone else it should be divided equally;
“Spending” Jar – Allow the kids to use the spending jar to buy candies, chocolates or anything that she wants just for small purchases.
“Sharing” jar – Let the child share the money with someone who needs it. Help the child to understand the value of sharing.
“Saving” jar – It should be for more expensive or important items, (have your child set a goal * could be a toy or something that she likes * should be something that is not too expensive * something that is very achievable to avoid frustration) and each time your child adds money to her “saving” jar, help her count how much she has, discuss with her about how much more she needs to reach the goal and when will she reach the goal. It is fun plus it could help her understand the importance of waiting and the goodness of saving.
BDO and Metrobank are the most recommended banks to open a savings account for kids by most mommies in female networks forum. However, other banks offer savings accounts for kids too!
To those who are planning to start saving money for their kids by opening savings account, please refer to the links below.
RECOMMENDED BANKS TO OPEN A SAVINGS ACCOUNT FOR KIDS: #1
BDO SAVINGS ACCOUNT FOR KIDS OR BDO JUNIOR SAVERS CLUB
BDO JUNIOR SAVERS SAVINGS ACCOUNT DETAILS:
Initial Deposit Requirement: Php100
Minimum Balance to Earn Interest: Php2,000
Interest rate per Annum: 0.25%
* Kids 7-12 years old may choose to get a personalized Junior Savers ATM Debit Card.
BDO JUNIOR SAVERS CLUB REQUIREMENTS:
1. For kids 7-12 years present at least one of the following:
-School ID signed by the principal/school head
-Passport
-Birth Certificate
2. For kids under 7 years old, the account is required to be under the name of a parent/guardian.
Please bring original copies of the following:
-At least two (2) valid government-issued IDs of the parent/guardian.
-Any of the child’s ID/document such as birth certificate, passport or school ID
-Adoption documents – applicable if the account is to be opened by the Adoptive Parent.
-Guardianship documents – applicable if the account to be opened is by the Legal Guardian.
BDO JUNIOR SAVERS CLUB BRANCHES: [ CLICK HERE ] or you may call (02) 631-8000 for more informations.
RECOMMENDED BANKS TO OPEN A SAVINGS ACCOUNT FOR KIDS: #2
METROBANK SAVINGS ACCOUNT FOR KIDS OR METROBANK FUN SAVERS:
METROBANK FUN SAVERS DETAILS:
Exclusive only for kids and teens under 18 years old.
Initial Deposit Requirements: Php100
Maintaining Balance: Php500
Minimum Balance to Earn Interest: Php4,000
Interest rate per Annum: 0.25%
METROBANK FUN SAVERS REQUIREMENTS:
1. your child’s birth certificate
2. Picture of the baby
2. 2 valid IDs of mom OR dad (whoever is opening the account)
3. 2 pc. 1×1 of mom OR dad
METROBANK FUN SAVERS BRANCHES: [ CLICK HERE ]
OTHER BANKS THAT OFFER SAVINGS ACCOUNT FOR KIDS
RECOMMENDED BANKS TO OPEN A SAVINGS ACCOUNT FOR KIDS: #3
PSBANK KIDDIE AND TEEN SAVERS
BDO JUNIOR SAVERS SAVINGS ACCOUNT DETAILS:
Minimum Maintaining Balance: Php0.00 (zero)
Daily Balance to Earn Interest: Php2,000
PSBank Kiddie savings account is for kids ages 0-12 years old while the Teen Savers is for teens ages 13-18 years old both savings account have free personal accident insurance equivalent to 5x the monthly daily average balance.
PSBANK KIDDIE AND TEEN SAVERS REQUIREMENTS:
1. Completely filled out Bank Form
2. Parents Valid IDs
2. Birth Certificate
3. Passport or School ID of the Child
In our case, my mother-in-law suggested BPI FAMILY (Get Started Account) with life insurance. Required Initial deposit is Php 50,000.00. It includes passbook and an ATM card (but we refused to have an ATM card – to avoid easy access to the fund).
For details please refer to the links below:
BPI FAMILY SAVINGS ACCOUNT DETAILS: [ CLICK HERE ]
BPI FAMILY SAVINGS ACCOUNT BRANCHES LOCATOR: [ CLICK HERE ]
RECOMMENDED BANKS TO OPEN A SAVINGS ACCOUNT FOR KIDS:
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