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 month old. We always make sure that all the monetary gifts she gets re being kept or deposited to her bank account including the weekly allowance for her college fund.
Parents want their kids to have the best education as possible, and that’s 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 big advantage and very essential to reach that goal most especially that school or university expenses is not a joke!
Saving money is also something that we want our daughter to learn even at her early stage (in a positive way); we want her to understand the importance of “saving”. I’ve read an article about an activity (for 3-5 years old) which I’m excited to try as well. The article says, we can create or provide them with 3 jars – each labeled “saving”, spending”, and “sharing” – make sure to teach or explain the purpose of each jar or how and when to use them, then each time your child receives money – whether from a reward for being good in school, gift from someone (small amount) etc., it should be divided equally;
“Spending” Jar – let your child use the spending jar to buy candies, chocolates or anything that she wants (small purchases).
“Sharing” jar – let your child use the money to share with someone who needs it, Help her understand the value of sharing.
“Saving” jar – 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 she will reach it. It’s 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 femalenetwork’s 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%
BDO JUNIOR SAVERS CLUB REQUIREMENTS:
1. your child’s birth certificate
2. Picture of the baby
3. 2 valid IDs of mom OR dad (whoever is opening the account)
4. 1 pc. 1×1 of mom OR dad
5. Required amount (Initial Deposit – Php 100.00)
BDO JUNIOR SAVERS CLUB BRANCHES: Click HERE
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: 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
4. Required amount (Initial Deposit – Php 500.00)
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: Any Amount
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 with 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 plus you can request for 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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