Helping Hands: Savings accounts for kids in the Philippines

Let's teach our children how to earn, save and handle money. Let's introduce them to the world of banking and personal finance. Who knows, you might trigger in them the desire to learn how to become rich.

Savings accounts for kids in the Philippines

Children in the Philippines who are at least 7 years old and who can read and write can legally open savings and time deposit accounts, deposit and withdraw, using their own names and signatures, according to Presidential Decree No. 734, issued in 1975.

The most common requirements needed to open savings accounts for your children are one or more of the following. If you have them, just bring all of them, in case the bank officers ask for them.

Birth certificate of your child (This is the Number One requirement, and can be the sole requirement in certain banks.)
School ID or enrollment card, for students
Photos of child, usually two 1x1 pictures, just in case
Parent's IDs and photos for In-Trust-For (ITF) accounts for younger children
Baptismal certificate, just in case
Proof of address, just in case; can be a recent utility bill or credit card statement

Here are savings accounts designed by banks in the Philippines especially for kids:

BANCO DE ORO BDO

BDO Junior Savers Club

For children 12 years old and younger
Minimum initial deposit is 500 pesos
Maintaining average daily balance is 100
Minimum balance to earn interest is 500
Annual interest rate is 0.25 %, subject to 20% withholding tax
Specially designed passbook
Shopping card for use at SM Department Stores and affiliate shops
ATM card for kids 7 years to 12 years old, with balance of 2,000 pesos or more
ID card for kids 6 years old and younger

BDO Power Teens Club

For children older than 12 years old up to 19 years old
Minimum initial deposit is 2,000 pesos
Minimum average daily balance is 2,000
Minimum balance to earn interest is 2,000
Annual interest rate is 0.25 %, subject to 20% withholding tax
Specially designed passbook
ATM card, which can also be used as shopping card at SM Department Stores and affiliate shops
Special discounts at selected affiliate shops

BANK OF THE PHILIPPINE ISLANDS and BPI FAMILY

BPI Family Jumpstart Savings

For children 10 to 17 years old
This is an ATM savings account
Minimum initial deposit is 500 pesos
Maintaining average daily balance is
Minimum average daily balance to earn interest is:
Annual interest rate is 0.50 % for BPI Family and 0.25 % for BPI
Free 4 withdrawals per month (for controlled spending)
Can set aside a Guaranteed Savings amount, which you cannot easily withdraw and you can use only when really needed
Can set regular automatic fund transfer from parents' BPI account
ATM can be used as shopping card at BPI Express Payment System (EPS) stores
Special discounts at selected EPS shops
Can be used to reload cellphones via BPI ATM, BPI phone 89-100, BPI Express Mobile, or BPI Online Banking

METROBANK

Metrobank Fun Savers Club

For children below 18 years old
Minimum initial deposit is 500 pesos
Maintaining average daily balance is 500 pesos
Minimum ADB to earn interest is 4,000
Annual interest rate is 0.25%
Welcome gift given at opening of account
Free educational trust benefit worth 50,000 for accounts reaching a certain minimum average daily balance (ADB) level
Free personal accident insurance worth twice the average daily balance for accounts reaching a certain minimum ADB (up to 1 million pesos) level
Special discounts at affiliate shops

For grandparents, parents, other relatives, friends, ninongs and ninangs:

- You can encourage saving in a child you love.
- You can purchase a Fun Savers Club gift check at any Metrobank branch over-the-counter for a minimum of 500 pesos. This gift check is available to all, whether Metrobank depositor or not.
- Your intended recipient should be younger than 18.
- This gift check will be used by your recipient to open a Metrobank Fun Savers Club or add to his/her existing Fun Savers Club account.

RCBC SAVINGS BANK

RCBC WISE Savings Account

WISE means Wise Investors Save Early

For children 7 to 14 years old
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
opening a WISE account with an initial deposit of at least 1,000 pesos and with the parent 65
years old or below
Can be set for automatic fund transfer from parents' existing RCBC Savings Bank accounts.

EASTWESTBANK

EastWest Cool Savers Kiddie Account

For kids 18 years old and younger
A passbook account
Minimum initial deposit is 2,000 pesos
Maintaining average daily balance is 2,000
Minimum ADB to earn interest is 2,000
Annual interest rate is 0.25%, subjec to 20% withholding tax
Charge for below maintaining balance is 500 pesos per month
Charge for two-year dormancy is 500 pesos per month

UCPB

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

DEVELOPMENT BANK OF THE PHILIPPINES DBP

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 in behalf of their children younger than 18 years old

MAYBANK PHILIPPINES

Maybank IM Teen Savings Account

For teenagers between the ages of 13 to 17 years old
Minimum ADB is 500 pesos
Minimum ADB to earn interest is 5,000
Annual interest rate is
Option to get a free ATM card
With personal accident insurance and medical reimbursement benefit

Maybank Yippie Savings Account

For kids 12 years old and younger
Same requirements and benefits as above IM Teen Savings Account

STANDARD CHARTERED BANK

Standard Chartered DreamSavers Account

For children
Annual interest rates of:
- 1% for balances 25k to 500k
- 1.25% for 500k to 1M
- 1.5% for 1M to 5M
- 1.75% for 5M to 10M
- 2% for 10M and above
Requirements are:
- one valid unexpired primary photo ID, original and clear xerox copy
- student ID should bear signature of school head
- proof of address such as bill, mail, subdivision ID or barangay certificate with seal
- birth certificate

CHINA BANK SAVINGS

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

ROBINSONS BANK

RobinsonsBank Tykecoon Kiddie Savings Account

Minimum initial deposit is 2,000 pesos
Maintaining average daily balance is 2,000
Minimum ADB to earn interest is 2,000
Annual interest rate is 0.25%, credited monthly, subject to 20% withholding tax

CITYSTATE SAVINGS BANK

Citystate Student Savers Account

For children 7 to 21 years old
Minimum initial deposit is 100 pesos
Maintaining average daily balance is 100 pesos
Minimum ADB to earn interest is 500 pesos
Interest credited monthly
Amounts may increase to 500 pesos and 1,000 pesos after the promo period

PHILIPPINE BUSINESS BANK

Philippine Business Bank Campus Savers

For students from elementary to college
Passbook account
Minimum initial deposit is 100 pesos
Maintaining average daily balance is 100 pesos
Minimum ADB to earn interest is 500
Annual interest rate is 0.25%, credited quarterly

SECURITY BANK SAVINGS

Young Savers Savings Account

For children aged 7 to 17
Passbook of SBS CashLink ATM card
Maintaining balance requirement is 100 pesos
Interest Rate:
100 - 2K: 0.0%
2K - 9K: 0.5%
10K - 19K: 0.75%
20K - 49K: 1.0%
50K and above - 1.25%

PLANTERS DEVELOPMENT BANK

SME Kiddie Club

For children 7 to 12 years of age
Minimum initial deposit is 500 pesos
Maintaining balance requirement is 500 pesos
Balance to earn interest is 1,000 pesos
Interest rate of 0.5% per annum
Can have scheduled fund transfer option from a designated source account

SME Teen Club

For children 13 to 19 years of age
Minimum initial deposit is 1,000 pesos
Maintaining balance is 1,000 pesos
Minimum balance to earn interest is 2,000 pesos
Interest rate of 0.5% per annum
May come with a passbook or an ATM card
Can have scheduled fund transfer option from a designated source account

STERLING BANK OF ASIA

Sterling Bank 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

EQUICOM SAVINGS BANK

Equicom Savings Kiddie Builders Savings Account

For children 13 years and younger
Minimum initial deposit is 500 pesos
Maintaining balance is 500 pesos
Balance to earn interest is 1,000 pesos
Annual interest rate is 1%
Auto Fund Transfer Arrangement (AFTA) option
Minimum monthly contribution is 100 pesos
Entitled to free dental and medical benefits from Maxicare
or Metro Dental when account balance reaches 15,000 pesos
Maximum withdrawal limit is 3 times within a month

ONE NETWORK BANK

One Network Bank Young PeraSavers

Free Emmet the Ant Passbook
Initial deposit is 50 pesos
Maintaining balance is 50 pesos
Interest rate is 0.50% per year, credited monthly

BANK OF MAKATI

Bank of Makati Kidz Savers Account

For kids and teens ages 7 to 17 years old
Minimum initial deposit is 100 pesos
Interest rate per year is 1%, credited monthly

1ST VALLEY BANK

1st Valley SD Micro

For children and micro entrepreneurs
Minimum initial deposit is 20 pesos
Makes use of the wais box

1st Valley SBR (Save Build & Read)

For students attending public elementary and high schools
This savings program helps build the school reading center

BANGKO KABAYAN

Bangko Kabayan Bibo Kid Savers

For children ages 7 to 12
Passbook
Minimum deposit is 100 pesos

WORLD PARTNERS BANK

World Partners Kiddie Savers Club

For kids 12 years and below
Comes with a welcome kit and passbook
Minimum initial deposit is 100 pesos
Maintaining balance requirement is 100 pesos
Minimum balance to earn interest is 500 pesos
Interest rate per year is 2%, credited monthly
Fee for falling below maintaning balance is 50 pesos

World Partners Teen Savers Club

For young people 13 to 19 years old
Comes with Teen Savers Club giveaway
Passbook and ATM card
Minimum initial deposit is 200 pesos
Maintaining balance requirement is 500 pesos
Interest rate per year is 2%, posted monthly
Fee for falling below maintaining balance is 50 pesos

EARN MONEY NOW

Helping Hands

Sunday, March 29, 2015

Savings accounts for kids in the Philippines

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