It’s that time of the year when children got monetary gifts from their ninongs and ninangs. It’s also the perfect time to teach them about saving money. We are about to open a new kiddie savings account for Gwen here in Cavite so I listed down some of the banks that offer savings account for kids plus its perks.
Why open a bank account and not put the money in mutual funds/stock market?
Like I said, I just want my daughter to learn the art of saving money using the small amount she got. Besides, it’s too complicated to explain to a child why it’s better in the stock market, etc… Small steps muna… lahat naman tayo sa banks din nag-umpisa. With Gwen, she started sa piggy bank, now that she’s older, I will let her experience the joy of opening a bank account. Once she reaches the right age, then she can freely choose where she’ll put her money. That’s the time I can introduce her to more options to grow her money.
Whew! Now that’s settled, let’s start with our list. What I like about kiddie savings account is that they have low initial deposit and minimum maintaining balance. They also have amazing perks for kids.
Equicom Kiddie Builders Savings Account
- Open to 0-13 years old only
- Php 500.00 minimum initial deposit and maintaining balance
Perks:
Entitled to free dental and medical benefits from Maxicare when account balance reaches Php 15,000.00.
Metrobank Fun Savers Club
- Exclusively for kids and teens under 18 years old.
- Initial deposit of Php 100.
- Minimum maintaining balance of Php 500.
Perks:
- A welcome gift upon account opening
- Free educational trust benefit worth Php 50,000 (with minimum ADB requirement)
- Free personal accident insurance worth twice the ADB, not to exceed P1 million (with minimum ADB requirement)
- Exclusive discounts and privileges from partner establishments
BPI Jumpstart Savings Account
- A savings account specially designed for teens aged 10-17 years old
- Required initial deposit of Php 100.
- Minimum maintaining balance of Php 1,000.
Perks:
- Guaranteed Savings that protects a portion of a child’s funds from unplanned withdrawals.
- Allowance Transfer Facility that ensures a child’s allowance gets credited to his/her Jumpstart Account on a scheduled basis.
- Privileges from partner merchants that can provide valuable childhood experiences
BDO Junior Savers Account
- Specially designed for children 12 years and below.
- Initial deposit of Php 100.
- Minimum maintaining balance of Php 100.
Perks:
Children between 7 to 12 years old may request for a personalized BDO EMV Debit Card upon reaching a deposit balance of Php 2,000.
Maybank Yippie Savings Account
- Specially made for children aged 12 years old and below.
- Minimum maintaining balance of Php 500 to keep the account active.
Perks:
- Free personal accident insurance 24 hours a day, 7 days a week with coverage equal to 5 times the previous month’s ADB or up to a maximum of Php 500,000.
- Free medical reimbursement benefit equal to 10% of the personal accident insurance coverage.
Security Bank Junior One Account
- Solely for children 18 years old and below.
- Initial deposit of Php 100.
- Minimum maintaining balance of Php 5,000.
RCBC GoSavers Kiddie and Teen Savings Account
- Child depositor must be 0-21 years old.
- Initial deposit of Php 100.
- Minimum maintaining balance of Php 5,000.
Perks:
It comes with a FREE Sun Life Grepa comprehensive insurance package for both the parent/s and the kid.
PSBank Kiddie and Teen Savers Account
- The PSBank Kiddie Savers account is a savings account for children from 0 – 12 years old while the PSBank Teen Savers account is for teens 13 – 17 years old.
- No minimum maintaining balance required.
Perks:
The PSBank Kiddie and Teen Savers Account come with a free personal accident insurance from Charter Ping An Insurance Corporation which is equivalent to five times (5x) the monthly average daily balance.
China Bank Easi-Save for Kids
- For children aged at least 7 until 12 years old.
- Minimum maintaining balance of Php 500.
PNB MyFirst Savings Account
- For children and teenagers aged 19 and below.
- No initial deposit and no minimum maintaining balance required.
These are just some of the banks I considered for Gwen. Most of these kiddie savings accounts come with a passbook, so you might consider going to the one with convenient location. It’s a given that interest rates are very low, that’s why I did not include it, what I like is the insurance coverage that some banks offer.
Have you picked one for your child’s bank?
Oh wow ! Thanks sa list Mommy, now I’m decided na and I’ll go kay Metrobank 🤗 Bukod sa napamaskuhan nila both, mas pala save si eldest kapag free time nya at tumutulong sa store ng Tita nya so a little amount will go a long way. Thanks Mommy 🤗 Diko talaga aware mga benefits/perks buti nalang nabasa ko to. Okay naman si RCbc kaso malayo siya.