Teaching children financial literacy from an early age is a crucial step in preparing them for a financially responsible future. One of the most effective ways to start this process is by opening a bank account for kids. In the Philippines, several banks offer specialized accounts designed for children.
In this article, we will explore the best bank accounts for kids in the Philippines and discuss what parents and guardians should consider when making this important financial decision.
Why Open a Bank Account for Your Kids?
Opening a bank account for kids serves several purposes. It not only encourages children to save but also helps them understand the fundamental concepts of money management, such as budgeting and compound interest. Furthermore, it provides a safe and convenient place to store their money, whether it’s their allowances, gifts, or earnings.
Read: Banks in the Philippines: Account Types Maintaining Balance
What to Consider When Choosing a Bank Account for Your Kids?
1. Initial Deposit and Maintaining Balance
Banks establish an initial deposit requirement and a minimum balance to maintain for children’s savings accounts. It’s advisable to consider an account with a modest opening and ongoing balance requirements to guarantee that you can comfortably manage it until your child reaches adulthood.
2. Fees, Features, and Interest Rates
As a guardian, it’s important to be aware of the penalties incurred when the account goes below the required balance or becomes inactive. Some banks may automatically deduct a minimum of ₱300 per month for such charges.
Parents should also review the interest rates to gauge the account’s monthly increase. Typically, the top banks offering children’s savings accounts in the Philippines provide an annual interest rate of 0.5%. On the other hand, certain basic savings accounts do not generate any interest at all.
3. Benefits
The majority of children’s savings accounts provide both an ATM card and a passbook, which functions as a ledger for account transactions.
Nonetheless, in today’s digital age, accounts can be conveniently overseen online. Opt for a kids’ account that can be established, supervised, and accessed through a mobile app or the bank’s official website.
4. Branch and ATM Locations
Give preference to banks that have ATMs and branches in close proximity to your location. Not all matters related to your account can be addressed through online or telephone means, necessitating a visit to a physical branch for resolution.
Read: GUIDE: How to Register Online For a UnionBank Savings Account + Get the ATM Card!
11 Best Kiddie Savings Accounts in the Philippines
1. China Bank Savings Easi-Save for Kids
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 7 to 12 years old | 0.125% | ₱500 | ₱500 | ₱500 |
2. Equicom Kiddie Builders Savings Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 13 years old | 0.50% | ₱500 | ₱500 | ₱1,000 |
3. BPI Jumpstart Savings
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 10 to 17 years old | 0.0625% | ₱100 | ₱1,000 | ₱2,000 |
4. Metrobank Fun Savers Club
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 17 years old | 0.0625% | ₱100 | ₱500 | ₱4,000 |
5. Security Bank Junior One Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 18 years old and below | 0.0675% | ₱100 | ₱5,000 | ₱5,000 |
Read How to Register or Enroll to UnionBank of the Philippines Online Banking
6. PSBank Kiddie and Teen Savings Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 12 years old for kiddie savers; 13 to 17 years old for teen savers | Depends on prevailing interest rates | Any amount | None | ₱2,000 |
7. RCBC GoSavers Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 21 years old | 0.15% | ₱100 | None | ₱5,000 |
8. Maybank Yippie Savings Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 12 years old | 0.25% | ₱500 | ₱500 | ₱5,000 |
9. PNB MyFirst Savings Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 7 to 19 years old | 0.100% | None | None | ₱5,000 |
10. DBP Young Earner’s Savings Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 19 years old | ₱100 or US$50 | ₱100 or US$50 | ₱100 or US$50 | ₱1,000 |
Read: How to Transfer Money From BDO to Other Local Banks Real Time
11. Sterling Bank Neo Savings Account
| Age requirement | Interest rate | Initial deposit | Minimum maintaining balance | Maintaining balance to earn interest |
| 0 to 19 years old | 0.375% | Any amount | None | ₱2,000 |
How to Open a Kid’s Bank Account in the Philippines
Step 1: Document Preparation
Bank account opening requirements may vary, but the initial step involves assembling the typical essential documents:
- For children- Obtain a copy of the birth certificate, a school ID, or a school certificate endorsed by the school principal, as well as a passport. If these documents are unavailable, a Barangay Certificate with a photograph of your child and signed by the local Barangay Captain can be obtained. The certificate should include your child’s name, age, and address.
- For parents- Prepare two valid government-issued IDs along with your child’s birth certificate or proof of guardianship.
- For both the parent and child- A 1 x 1 photograph might also be requested.
Step 2: Pay a Visit to the Closest Branch
Notify the bank staff that you intend to open a kids’ bank account. Hand in the identification cards and supporting documents for validation. After the documents have been confirmed, complete the necessary account opening forms. Depending on your child’s age, some banks may need the child to complete identical forms.
READ: Transfer Funds Through BPI Online Banking For Free
Step 3: Fulfill the Specified Initial Deposit
In addition to furnishing the necessary documents, you may be required to furnish an initial deposit, the amount of which can vary depending on the bank’s policies.
Step 4: Await the Receipt of Your Deposit and Account Opening Documents
After the completion of your account setup, a bank representative will provide you with a deposit slip receipt, which you will need when obtaining the ATM card and passbook. At this stage, the account is officially active.
For some children’s savings accounts, you may need to register the ATM card number online, while others may be enrolled automatically if you possess an online account with the same bank.
Read: How do You Transfer Funds From Your GCash Wallet to Your Bank and Vice Versa?
Opening a bank account for kids in the Philippines is a valuable step in fostering financial responsibility and literacy in the younger generation. As discussed, there are several banks offering specialized accounts for children, each with its own set of features and benefits.
When choosing the best bank account for your child, consider the child’s age, minimum initial deposit, interest rates, fees, convenience, educational resources, parental control, and the bank’s accessibility. By making an informed decision, you can help your child develop sound financial habits and secure their financial future.
READ ALSO:How Can An OFW Open A MetroBank Savings Account With No Maintaining Balance And Initial Deposit?