Best Savings Account for Your Kids in the Philippines

If you are thinking about the best financial move you can do as a parent for your child then opening a savings account will be the best answer. You'll surely give a head start to your kid's financial success plus teach the importance of personal finance as early as today. The money you set aside in your kids savings account can help during tough college years. You can also keep the savings account as a gift once they turn 18 (legal age). 

In today's SavingsPinay post we will be focusing on the best savings account to open for your kids. I will also ponder upon the deciding factors as parents on which savings account to choose and whole lot more information. 

Let's start.

Why Open a Savings Account for Your Kids

Not all parents will think of opening a savings account for their kids especially in the Philippine culture. Plans and Insurance are a big no-no and scary financial terms that we are not yet ready to process. 

However, opening a savings account for your kids will actually become a great advantage to you and your family. A small savings account can help your child/children think better of his future. He will become instantly inspired to go to college or start a business. The savings account will give your child a savings mentality and adopt the best personal finance habit that will make him rich.

Savings Accounts in the Philippines For Your Kids

Now that you have idea on how important  savings account can be for your kids, we can now move on the different savings account in the Philippines you can opt to open. Note that there may be banks that offer savings account for kids which are not part of the list.

Banco De Oro Junior Savers

• Initial Deposit is 100pesos

• Minimum Balance to Earn Interest is 2,000pesos

• Interest Rate Per Annum is 0.25%

• Get a Junior Savers ID for free upon opening. Kids age 7-12 years old can choose an ATM Debit card which also serves as their Junior Savers ID Card.

• Flash the Junior Savers Card and enjoy discounts and freebies at participating merchants CLICK HERE.

READ MY BPI INVESTMENT FUND FIRST IMPRESSION

BPI Jumpstart Savings Account

• Designed for the youth ages 10 to 17 years old.

• Required Initial Deposit is 100pesos

• Required Balance to Earn Interest 1,000pesos

• Interest Rate per Annum is 0.25%

• Guaranteed savings that protects a portion of your child's funds from unplanned withdrawals

• Allow you to enjoy perks and/or privileges from partner merchants CLICK HERE

Metrobank Fun Savers 

• Initial Deposit is 500pess

• Required Balance to Earn Interest 4,000pesos

• Interest Rate Per Annum is 0.25%

• Receive a welcome gift upon opening, Fun Savers Club Gift Check.

• Free education trust benefit worth 50,000pesos (with minimum ADB requirement)

• Free personal accident insurance worth twice the ADB, not to exceed 1 million pesos (with minimum ADB requirement)

• Exclusive discounts and privileges from partner establishments CLICK HERE.

EastWest Bank Cool Savers Kiddie Account

• Minimum Initial Deposit is 2,000pesos

• Maintaining Balance to Earn Interest is 2,00pesos

• Interest Rate per Annum is .25%

• Access the account over-the-counter, via internet banking or mobile access.

• With Passbook for easy transaction record

READ MY SECURITY BANK UITF FIRST IMPRESSION

Security Bank Young Savers Savings Account

• Opening Balance is 100pesos

• Minimum Balance to Earn interest is 4,000pesos

• Interest Rate is 0.50%

• Receive a Passbook and/or Everyday Debit and Mastercard in one for fast transaction online, ATMs or over the counter

RCBC W.I.S.E. Savings Account

• Open to children ages 7-14 years old

• Will be opened as In-Trust-For (ITF) account for children below 7 years of age

• Initial Deposit sould be 500pesos

• Maintaining Balance is 1,000pesos

• Balance to earn interest is 5,000pesos

• Interest Rate per Annum is 0.50% 

• Get Free Personal Accident Insurance for a minimum initial deposit of 1,000pesos

• Free perks and privileges to partner outlets CLICK HERE. 

UCPB Kiddie Max Account

• Minimum Initial Deposit is 500pesos

• Minimum ADB to earn interest is 10,000pesos

• Annual Interest Rate is 0.25%

How to Open a Savings Account For Your Kids

Most if not all banks that offer a special savings account for kids will need the following requirements ready for opening:

1. Birth Certificate
2. Parent/Guardian's Valid ID
3. Kid's Two Valid ID's with your recent picture, name and signature available (if available)
4. Two 1x1 photos
5. Billing Statement for verification of home address
6. Initial Amount to Deposit

You can call or visit online your bank of choice to know more about their specific requirements.

Once you have prepared the above requirements all you have to do is visit the nearest branch of the bank and inquire. You will be asked to fill up application form and turn over your documents to the teller. You may ask the bank representative to explain to you briefly the advantage and disadvantage of the savings account you are purchasing. Then receive your welcome gift and/or ID and/or ATM after.

Things to Consider Before Opening a Savings Account for Your Kids

1. Fees and Requirements

Know whether the account has monthly maintenance fees or minimum balance to avoid future problems. Make sure that your child qualify to the requirements set by the bank. Also it is better to think whether the initial deposit needed for the kids savings account is within your budget as well as the additional investment you'll make weekly or monthly. From the above gathered list EastWest Bank Cool Savers Kiddie Account has the highest initial deposit to open.

2. Interest Rates

Of course you are opening a savings account for the benefit of your child's future. Thus, thinking about the interest rate should be part of your priority. Saving money for kids is a long time process and you might need an account that offers the best interest rate for long-term saving for the power of compounding to apply. From the above gathered list Security Bank Young Savers Savings Account and RCBC W.I.S.E. Savings Account have the highest interest rate earned per annum. 

3. Benefits to Your Child/Children

It is also important to take not of the services the ban offer to your child/children. The perks and privileges can give a huge different on your investment. From the list above Metrobank Fun Savers have a lot of benefits including education trust benefit, accident insurance and discounts from participating merchants. 

Now is always the best time to think about your kid's future. So what are you waiting for, allocate an amount to your child/children's future fund.  

Have you considered opening a savings account for your kids? Do you have any savings account recommendation? Don't forget to use the comment section below.

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