It’s essential for parents to guide their children as they go through life events—finishing school, getting a job, and building their own family.
One of the most important things parents have to teach their children is the value of money. It’s vital to instill the concepts of saving, earning, and investing so they can develop life skills they can use through adulthood.
It’s a good idea to open a bank account for kids in order to train them to manage their money, like 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.
Importance of Financial Literacy for Kids
Every parent wants their kids to flourish and enjoy a healthy financial lifestyle in the future. However, being smart with money isn’t necessarily taught at school. It is up to you to provide your kid's financial education in a way that they can understand.
Without a basic knowledge of spending and saving, it’s easy to make financial decisions that can jeopardize the future. Therefore, it is important to teach kids smart money habits sooner rather than later.
Here are other reasons why teaching your financial independence to children is important:
- They will be able to make sound financial decisions when they are older.
- To be be more business-savvy in the future.
- Have the basic knowledge of money principles.
Benefits of Opening a Kiddie Savings Account
Apart from learning the basics of banking, a kiddie savings account can teach your child good spending habits. Here are the other benefits of opening a savings account for kids:
- It teaches kids to plan ahead. With a savings account, 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 on their account for future use.
- It shows how their money can grow. Since you can earn interest in a savings account, your kid can see how their money can grow just by keeping it on their account.
- It 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 on impulse.
- It 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. Their financial literacy can positively affect all aspects of their lives and their choices as they get older.
What You Need to Know When Opening a Bank Account for Kids
The process of opening a bank account for kids in the Philippines 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 in the Philippines 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 Account or a Custodial Account
Minors can’t open a bank account in the Philippines. 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 Also Apply to Kiddie Savings Accounts
Although the best savings account for kids may differ in terms of setup from regular savings accounts for adults, remember that banking terms and conditions still apply to kids' bank accounts.
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 kind of features you should be looking for in a kiddie savings account, read on.
1. Initial Deposit and Maintaining Balance
Banks set an opening balance and a maintaining balance for kids’ bank 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: 16 Savings Accounts with No Maintaining Balance
2. Fees, Features, and Interest Rates
As a parent, you should know how much the fees 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 watch out for the interest rates to understand the account’s monthly growth. The best bank for children's savings accounts in the Philippines usually sets 0.5% interest per annum, while other basic savings accounts for kids don’t earn interest at all.
Related articles:
- ATM Fees in the Philippines: How Much Will Your Transactions Cost?
- What Banks are Open on Weekends? Here's a Guide for Your Weekend Banking Needs
- Grow Your Money Faster with These High-Interest Savings Accounts
3. Benefits
A savings account for children may also come with some perks if enrolled in special programs. Some accounts entitle your child to free dental and health services once the account reaches a balance of at least ₱15,000.
4. 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 bank 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.
5. Branch and ATM Locations
Prioritize banks with ATMs and branches near you. Choose a bank that’s easily accessible for you and your child. Account-related issues like forgotten passwords and resets can’t be resolved online or via phone call, so you’ll have to visit a branch to fix them.
13 Best Kiddie Savings Accounts in the Philippines 2023
Is it 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
The China Bank Savings Easi-Save for Kids[2] is an interest-earning savings account for children 7 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.
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
Equicom Kiddie Builders Savings Account
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.
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 of this savings account for kids 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
BPI Jumpstart Savings
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.
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
Metrobank Fun Savers Club
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. Check out the Metrobank kiddie savings account features here:
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
Security Bank Junior One Account
The Security Bank Junior One[5] gives kids the opportunity to earn more through interest rates higher than a regular savings account. Learn more about this kiddie account and other Security Bank account opening requirements below:
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
PSBank Kiddie and Teen Savers Account
You can open a PSBank kiddie savings account and shift to a teen savings account[6] when your child reaches 13 years.
Key features:
- Age requirement: 0 to 12 years old for kiddie savers; 13 to 17 years old for teen savers
- Interest rate: 0.1000% (Peso savings deposit)
- 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, so you’re safe from extra charges that other banks would otherwise deduct from the account
- Free Personal Accident Insurance equivalent to five times the monthly average daily balance
- Comes with Passbook and ATM for non-ITF accounts
RCBC GoSavers Account
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.
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
Maybank Yippie Savings Account
The Maybank Yippie Savings Account[8] is perfect for parents looking for savings and protection. It’s also one of the bank accounts for kids that offer medical reimbursement benefits and personal accident insurance.
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 ATM card (accessible also in Malaysia, Singapore, Cambodia, and Brunei free of charge)
- 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
PNB MyFirst Savings Account
The PNB MyFirst Savings Account is an easy way to build your children’s savings. There’s no initial deposit and maintaining balance required, and you can earn points when you spend using the debit card that comes with the account.
Key features:
- Age requirement: 0 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 and a PNB Mabuhay Miles Debit Mastercard that lets you earn points when you shop at select merchants
DBP Young Earner’s Savings Account
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.
Key features:
- Age requirement: 0 to 19 years old
- Initial deposit: ₱100 or $50
- Minimum maintaining balance: ₱100 or $50
- Minimum maintaining balance to earn interest: ₱1,000
Why it’s great for children:
- It has a low initial deposit and a low maintaining balance
- The passbook and ATM allow you to conveniently keep a record of transactions and cash withdrawals
Sterling Bank Neo Savings Account
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 it starts earning interest. You can also access the Neo Savings Account via Sterling Bank Online, BancNet Online, ATMs, and over-the-counter transactions.
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
UCPB Start2Save Junior Savings Account
Make saving money more fun for your kids with a Start2Save Junior Savings Account at UCPB. You can get an ATM or login access to UCPB Connect and the Mobile Phone Banking Service. When your child turns 20, you can also convert the account to a regular ATM or passbook savings account.
Key features:
- Age requirement: 0 to 19 years old
- Initial deposit: ₱100
Why it’s great for children:
- Easy account opening process and low initial deposit
- Option to turn it into regular savings account upon reaching the age of 20
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 how to open a bank account for kids:
1. Prepare the Documents
Banks differ in documentary 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.
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.
3. Pay the Required Deposit Amount
Aside from submitting the required documents, you may also need to provide a minimum of ₱100 initial deposit amount, depending on the type of account.
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. 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.
2. Which bank is best for a junior account?
It depends on what you’re looking for in a junior account. The different bank accounts for kids mentioned in this article are all great options. But they vary in interest rates, initial deposits, and maintaining balances.
Some also 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. A savings account will allow them to learn basic concepts such as saving, tracking finances, and compounding interest. Learning basic money habits is essential for kids and adults alike.
Choose from the suggested bank accounts for kids and give them the responsibility of handling their own money. It’s a great way to teach them habits and values that develop their character.
Sources:
- [1] World Population Dashboard Philippines (UNFPA, 2021)
- [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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