About 34% of the Philippine population in 2023 is below 15 years old.[1] This means one-third of the country’s population is dependent on adults and has yet to experience important milestones in their lives.
Parents have to guide their children as they go through life events—and one of the most important things to teach kids is the value of money. It’s vital to instill the concepts of saving, earning, and investing, so kids can develop the life skills they need for adulthood.
Parents can start training their kids to manage money by opening a savings account for them—especially when they receive Christmas cash gifts from their ninongs and ninangs. It’s also a great way to boost their savings, which they can use for tuition or other expenses as they grow older.
Opening a Bank Account for Kids in the Philippines: 3 Things to Know
The process is the same as opening one for adults, with a few exceptions such as the following:
👉 Parents Need to Open the Account with Their Kids
You and your child should open the account together. If you want the account to be under your child’s name, you’ll have to sign a waiver or document signifying your awareness of the account opening.
Some banks will ask you to open a joint account, depending on the child’s age. You have control over the account, but you don’t have the sole authority to manage the money coming in and out of the account.
👉 You May Choose Between a Joint or a Custodial Account
To open a regular bank account, banks require individuals to be at least 18 years old. If you decide to open one for your kid who happens to be below 18 years old, choose between a joint or custodial account.
A joint account allows both you and your child to control the account. A custodial account, while set up under your child’s name, allows only you to manage it until the child reaches legal age or the age the bank permits.
👉 Banking Rules Still Apply
Although the best savings accounts for kids may differ in terms of setup from regular savings accounts for adults, remember that banking terms and conditions still apply.
For example, you still need to make sure the account contains the required maintaining balance to avoid closure. You’ll also have to ensure the account is active with at least one transaction recorded in a year.
What to Consider When Choosing a Bank Account for Kids
Shop around for the best bank account for kids to compare different offers, benefits, and terms. If you’re unsure what features you should be looking for, read on.
📌 Initial Deposit and Maintaining Balance
Banks set an opening balance and a maintaining balance for kiddie savings accounts. You may want to choose an account that requires low opening and maintaining balances to ensure you can afford to sustain it until your kid reaches adulthood.
See also: Where to Save Money Without Worrying About the Maintaining Balance
📌 Fees, Features, and Interest Rates
As a parent, you should know how much you’ll have to pay when the account falls below the maintaining balance or becomes dormant. Some banks automatically deduct at least ₱300 per month for these charges.
Parents should also check the interest rates to understand the account’s monthly growth. The best banks for children's savings accounts in the Philippines usually set 0.5% interest per annum. Other basic savings accounts don’t earn interest at all.
- Grow Your Money with High-Interest Savings Accounts in the Philippines
- Types of Bank Accounts in the Philippines: Which One is Right for You?
📌 Benefits
A savings account for children may also come with some perks if enrolled in special programs. Some accounts entitle your child to free health services once the account reaches a certain balance.
📌 Online Accessibility
Most savings accounts for kids come with an ATM card and a passbook, which serves as a record of account activities.
However, during these modern times, accounts can be easily monitored online. Choose a kiddie account that can be set up, monitored, and viewed through a mobile app or the bank’s website.
📌 Branch and ATM Locations
Prioritize banks with ATMs and branches near you. Account-related issues can’t always be resolved online or via phone call, so you’ll have to visit a branch to fix them.
11 Best Kiddie Savings Accounts in the Philippines 2023
It's time to save for your child’s future! In no particular order, here are the best savings accounts for kids in the Philippines.
💸 China Bank Savings Easi-Save for Kids
Key features:
- Age requirement: 7 to 12 years old
- Interest rate: 0.125%
- Initial deposit: ₱500
- Minimum maintaining balance: ₱500
- Maintaining balance to earn interest: ₱500
Why it’s great for children:
- Comes with a passbook
- Can be opened through an In-Trust For (ITF) arrangement
The China Bank Savings Easi-Save for Kids[2] is an interest-earning savings account for children seven to 12 years old. This account doesn’t have an ATM card. It comes with a passbook instead, which is ideal if you just want to keep the funds in the bank.
💸 Equicom Kiddie Builders Savings Account
Key features:
- Age requirement: 0 to 13 years old
- Interest rate: 0.50%
- Initial deposit: ₱500
- Minimum maintaining balance: ₱500
- Maintaining balance to earn interest: ₱1,000
Why it’s great for children:
- Account-holders automatically become a member of Kiddie Care Club
- Free medical and dental benefits from Maxicare when the account balance reaches ₱15,000. Benefits include annual check-ups, oral prophylaxis, tooth extraction, temporary fillings, and more
- Auto-Fund Transfer Arrangement option for a minimum monthly contribution of ₱100
The Equicom Kiddie Builders Savings Account[3] is under the bank’s Kiddie Care Program, which provides free Maxicare dental and medical benefits once the account reaches an average daily balance of ₱15,000.
💸 BPI Jumpstart Savings
Key features:
- Age requirement: 10 to 17 years old
- Interest rate: 0.0625%
- Initial deposit: ₱100
- Minimum maintaining balance: ₱1,000
- Maintaining balance to earn interest: ₱2,000
Why it’s great for children:
- Guaranteed Savings feature that protects a portion of the funds from unplanned withdrawals
- Allowance Transfer Facility that ensures a child’s allowance gets credited to their Jumpstart Account on a scheduled basis
- Cellphone reloading via BPI Express Teller ATM, BPI Phone Banking, BPI Mobile Banking Menu, or BPI Online Banking
BPI’s Jumpstart Savings account[4] helps kids learn the value of saving money at an early age. Built with several unique features, the Jumpstart Savings Account can help parents instill financial discipline in children.
💸 Metrobank Fun Savers Club
Key features:
- Age requirement: 0 to 17 years old
- Interest rate: 0.0625%
- Initial deposit: ₱100
- Minimum maintaining balance: ₱500
- Maintaining balance to earn interest: ₱4,000
Why it's great for children:
- Comes with free personal accident insurance for parents
- Comes with educational trust benefits
The Metrobank Fun Savers Club provides an opportunity for kids to feel involved with their savings journey, as they automatically become a member of the Fun Savers Club. The account opening also includes free personal accident insurance for the parents and educational trust benefits for the child in the event of the parent or guardian’s accidental death.
However, unlike other savings accounts for kids, this Metrobank kiddie savings account has no ATM option.
💸 Security Bank Junior One Account
Key features:
- Age requirement: 18 years old and below
- Interest rate: 0.0675%
- Initial deposit: ₱100
- Minimum maintaining balance: ₱5,000
- Maintaining balance to earn interest: ₱5,000
Why it’s great for children:
- Comes with a passbook and an optional debit card
- Easy account opening: Account holders can get their Security Bank Everyday Card and SB Online Access the same day the account was opened
The Security Bank Junior One[5] gives kids the opportunity to earn more through interest rates higher than a regular savings account. They can also learn more about debit cards since it's an optional feature.
💸 PSBank Kiddie and Teen Savings Account
Key features:
- Age requirement: 0 to 12 years old for kiddie savers; 13 to 17 years old for teen savers
- Interest rate: Depends on prevailing interest rates
- Initial deposit: Any amount
- Minimum maintaining balance: None
- Maintaining balance to earn interest: ₱2,000
Why it’s great for children:
- No minimum maintaining balance
- Free Personal Accident Insurance equivalent to five times the monthly average daily balance
- Comes with Passbook and ATM for non-ITF accounts
Good news—this requires no minimum maintaining balance, so you’re safe from extra charges that other banks would otherwise deduct from the account! Once your child reaches 13 years of age, you can upgrade your kiddie savings account to a teen savings account.[6]
💸 RCBC GoSavers Account
Key features:
- Age requirement: 0 to 21 years old
- Interest rate: 0.15%
- Initial deposit: ₱100
- Minimum maintaining balance: None
- Maintaining balance to earn interest: ₱5,000
Why it’s great for children:
- Comes with a passbook and an ATM card
- Exclusive discounts from partner merchants
- Free personal accident insurance (valid for a year) for both the account holder and parent/guardian upon an initial deposit of at least ₱1,000
The RCBC GoSavers Account[7] includes three ways to access transaction records: via a passbook, statement of account, or transaction record list. There’s no maintaining balance for this RCBC kiddie savings account. And with just ₱100, you can already open an account for your child.
💸 Maybank Yippie Savings Account
Key features:
- Age requirement: 0 to 12 years old
- Interest rate: 0.25%
- Initial deposit: ₱500
- Minimum maintaining balance: ₱500
- Minimum maintaining balance to earn interest: ₱5,000
Why it’s great for children:
- Comes with a passbook and debit card
- Free 24/7 personal accident insurance equal to five times the previous month’s average daily balance or up to ₱500,000
- Free medical reimbursement benefit equal to 10% of personal accident insurance coverage
The Maybank Yippie Savings Account[8] is perfect for parents looking for savings and protection. This bank account for kids also offers medical reimbursement benefits and personal accident insurance.
💸 PNB MyFirst Savings Account
Key features:
- Age requirement: 7 to 19 years old
- Interest rate: 0.100%
- Initial deposit: None
- Minimum maintaining balance: None
- Minimum maintaining balance to earn interest: ₱5,000
Why it’s great for children:
- No initial deposit and minimum maintaining balance
- Comes with a passbook or a PNB Mabuhay Miles Debit Mastercard that lets you earn points when you shop at select merchants
The PNB MyFirst Savings Account is an easy way to build your children’s savings. There’s no initial deposit and maintaining balance required. As a bonus, you earn points when you spend using the debit card that comes with the account.
💸 DBP Young Earner’s Savings Account
Key features:
- Age requirement: 0 to 19 years old
- Initial deposit: ₱100 or US$50
- Minimum maintaining balance: ₱100 or US$50
- Minimum maintaining balance to earn interest: ₱1,000
Why it’s great for children:
- Low initial deposit and a low maintaining balance
- Passbook and ATM allow you to conveniently keep a record of transactions and cash withdrawals
With the DBP Young Earner’s Savings Account, you can let your young one save in Philippine pesos or US dollars for a very low initial deposit. Enjoy a one-year grace period that lets you build the balance up to the required minimum balance and start earning interest. It comes with a passbook to help you monitor your transactions or an ATM for easy fund withdrawal when you need it.
💸 Sterling Bank Neo Savings Account
Key features:
- Age requirement: 0 to 19 years old
- Interest rate: 0.375%
- Initial deposit: Any amount
- Minimum maintaining balance: None
- Minimum maintaining balance to earn interest: ₱2,000
Why it’s great for children:
- No minimum initial deposit and maintaining balance
- Monthly interest crediting
- Comes with a passbook and Visa debit card
The Neo Savings Account is designed for young ones who want to start their savings journey. Because there’s no opening balance requirement, your kids can deposit any amount until the account starts earning interest. You can also access the Neo Savings Account via Sterling Bank Online, BancNet Online, ATMs, and over-the-counter transactions.
How to Open a Kid's Bank Account in the Philippines
Now that you know your different options for the best kiddie savings accounts in the Philippines this 2023, here’s a step-by-step guide to opening an account:
Step 1: Prepare the Documents
Banks differ in requirements for account opening. However, start preparing the usual primary documents:
- For children - Secure a copy of the birth certificate, school ID or school certificate signed by the principal, and passport. If these documents are inaccessible, you can secure a Barangay Certificate with your child’s photo signed by your local Barangay Captain. The certificate must indicate your child’s name, age, and address.
- For parents - Prepare two valid government-issued IDs and your child's birth certificate or proof of guardianship.
- For both the parent and child - A 1 x 1 picture may also be required.
Step 2: Visit the Nearest Branch
Inform the bank personnel that you’re opening a bank account for kids. Submit the IDs and other documents for verification. Once the documents are verified, fill out the account opening forms. Depending on your child's age, some banks require children to fill out the same forms.
Step 3: Pay the Required Deposit Amount
Aside from submitting the required documents, you may also need to provide a minimum initial deposit amount, depending on the bank.
Step 4: Wait for Your Deposit Receipt and Account Opening Documents
Once your account is processed, the bank representative will hand over the deposit slip receipt, which you must present when claiming the ATM and passbook. At this point, the account is already active.
Some savings accounts may require the ATM card number to be enrolled online. Other savings accounts for kids can be enrolled automatically if you have an online account with the same bank.
FAQs on Bank Accounts for Kids
1. Why is financial literacy important for kids?
Every parent wants their kids to enjoy a comfortable life in the future. However, financial literacy isn’t necessarily taught at school. It's up to you to provide your kid's financial education in a way they can easily understand.
Without the basic knowledge of spending and saving, it’s easy to make poor financial decisions. Therefore, it's important to teach kids smart money habits sooner rather than later.
Here are other reasons why teaching financial independence to children is important:
- They'll be able to make sound financial decisions when they're older.
- They'll be more business-savvy as adults.
- They'll have basic knowledge of money principles.
2. What are the benefits of opening a savings account for kids?
Apart from the basics of banking, a kiddie savings account can teach your child good spending habits:
- Teaches kids to plan ahead. Your kid can plan where and when they will spend their money. They can withdraw their savings to finance a purchase or choose to keep it in their account for future use.
- Shows how their money can grow. Since you can earn interest in a savings account, your kid can see how much their money can grow just by keeping it in their account.
- Teaches kids the value of money. Your kid can see the rise and fall of their account’s balance. They will learn why it is crucial to only use the money on necessities and save for the things they want instead of shopping impulsively.
- Helps build confidence. Your kid will have a bit of financial freedom with a savings account. It will help them become more confident, not just about their financial decisions, but also about their life choices in general. This can positively affect all aspects of their lives and their choices as they get older.
3. At what age can you open a bank account?
You must be at least 18 years old to open a bank account in the Philippines. Parents or legal guardians can open one on behalf of their child until they reach the age of 18.
4. Which bank is best for a junior account?
The best bank account for children depends on what you’re looking for in a junior account. The different bank accounts for kids listed in this article are all great options. However, they vary in interest rates, initial deposits, and maintaining balances.
Some have higher requirements before you can start earning interest. Others offer free personal accident insurance and education benefits.
Final Thoughts
Opening a savings account for kids (and teens) is an excellent way to teach them the basics of personal finance. It will allow them to learn basic concepts such as saving, tracking finances, and compounding interest.
Give them the responsibility of handling their own money. It’s a great way to teach them habits and values that develop their character.
Meanwhile, if you're considering getting a supplementary credit card for your child as well, we've got some great options. Compare the cards below and apply easily through Moneymax:
Sources:
- [1] Philippines Population (CountryMeters, 2023)
- [2] China Bank Savings Easi-Save for Kids
- [3] Equicom Savings Bank Deposit Products
- [4] BPI Jumpstart
- [5] Security Bank Junior One Account
- [6] PSBank Kiddie and Teen Savers Account
- [7] Teach your kids the habit of saving with GoSavers
- [8] Maybank Yippie Savings Account
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