Save Early for Your Child With These Best Savings Accounts for Kids

by Moneymax, on category "Personal Finance"

February 12, 2019


Best Savings Accounts for Kids Philippines | Moneymax

Roughly 46% of the Philippine population is 19 years old and younger. This means that half the country’s population is yet to experience important milestones in their lives – graduating college, getting their first job, getting married, and more. With so many life events they’ve yet to experience, it’s important for parents to help provide a brighter future for their children.

Parents can provide their kids with a bright future in multiple ways. Apart from educating them about basic money concepts, another way to teach them about money is by opening a savings account for kids.  Giving them the responsibility of handling their own account teaches them important values and skills they need when they grow older. It’s also a great way to boost their savings, which they can use for tuition or other expenses as they grow older.

Save for your child’s future. In no particular order, here are the best savings accounts for kids.

1. BDO Junior Savers Account

Best Savings Accounts for Kids - BDO Junior Savers

Photo from BDO Unibank’s Facebook page

Age limit: 0 to 12 years old
Initial deposit requirement: PHP 100
Minimum maintaining balance: PHP 100
Maintaining balance to earn interest: PHP 2,000 (0.25% interest rate)

Why it’s great for children:

  • Comes with a passbook
  • 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
  • Existing BDO accounts can transfer money to a BDO Junior Savers Account through online banking. A unique perk as compared to other savings accounts for kids in the Philippines.

Learn more about BDO Junior Savers Account here.

2. Equicom Kiddie Builders Savings Account

Age limit: 0 to 13 years old
Initial deposit requirement: PHP 500
Minimum maintaining balance: PHP 500
Maintaining balance to earn interest: PHP 1,000 (1.00% interest rate)

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 account balance reaches PHP 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 PHP 100

Learn more about Equicom Kiddie Builders Savings Account here.

3. BPI Jumpstart Savings

Best Savings Accounts for Kids - BPI Jumpstart Savings

Photo from BPI website

Age limit: 10 to 17 years old
Initial deposit requirement: PHP 100
Minimum maintaining balance: PHP 500 for BPI Family account, PHP 1,000 for regular BPI account
Maintaining balance to earn interest: PHP 1,000 for BPI Family account, PHP 2,000 for regular BPI account (0.25% interest rate)

Why it’s great for children:

  • Has a Guaranteed Savings feature that protects a portion of the funds from unplanned withdrawals
  • Has an Allowance Transfer Facility that ensures a child’s allowance gets credited to his/her Jumpstart Account on a scheduled basis
  • Allows cellphone reloading via BPI Express Teller ATM, BPI Phone Banking, BPI Mobile Banking Menu, or BPI Online Banking

Learn more about BPI Jumpstart Savings here.

4. Metrobank Fun Savers Club

Age limit: 0 to 18 years old
Initial deposit requirement: PHP 100
Minimum maintaining balance: PHP 500
Maintaining balance to earn interest: PHP 4,000 (0.25% interest rate)

Why it’s great for children:

  • Welcome gift for kids
  • Free educational trust benefit worth PHP 50,000 (with minimum ADB requirement)
  • Exclusive discounts and and privileges from partner establishments such as Tom’s World and Active Fun

*Unlike other savings accounts for kids, the Metrobank Fun Savers Club has no ATM option.

Learn more about Metrobank Fun Savers Club here.

5. Security Bank Junior One Account

Best Savings Accounts for Kids - Security Bank Junior One Account

Photo from Security Bank

Age limit: 0 to 18 years old
Initial deposit account: PHP 100
Minimum maintaining balance: PHP 5,000
Maintaining balance to earn interest: PHP 5,000 (0.50% interest rate)

Why it’s great for children:

  • Comes with a passbook and debit card (optional)
  • Easy account opening – account holders can get their Security Bank Everyday Card and SB Online Access on the same day the account was opened

Learn more about Security Bank Junior One Account here.

6. PS Bank Kiddie and Teen Savers Account

Age limit: 0 to 12 for kiddie savers; 12 to 18 years old for teen savers
Initial deposit account: any amount
Minimum maintaining balance: any amount
Maintaining balance to earn interest: PHP 2,000 (0.25% interest rate)

Why it’s great for children:

  • There is no minimum maintaining balance so you’re safe from extra charges and fees incurred when falling below the minimum maintaining balance set by PS Bank
  • Free Personal Accident Insurance equivalent to five times the monthly average daily balance
  • Comes with Passbook and ATM for non-ITF (In-Trust-For) accounts

Learn more about PS Bank Kiddie and Teen Savers Account here.

7. RCBC Wise Savings Account

Best Savings Accounts for Kids - RCBC Wise Savings Account

Photo from RCBC Bankard’s Facebook page

Age limit: 0 to 21 years old
Initial deposit account: PHP 500
Minimum maintaining balance: PHP 500
Maintaining balance to earn interest: PHP 5,000 (0.50% interest rate)

Why it’s great for children:

  • Comes with a passbook and ATM card
  • Exclusive discounts from partner merchants
  • Account holder and his parent/guardian are entitled to a free personal accident insurance upon opening initial deposit of at least PHP 1,000 valid for a year

Learn more about RCBC Wise Savings Account here.

8. Maybank Yippie Savings Account

Age limit: 0 to 12 years old
Initial deposit account: PHP 500
Minimum maintaining balance: PHP 500
Maintaining balance to earn interest: PHP 5,000 to PHP 199,999.99 (0.25% interest rate.); PHP 200,000 and above (0.50% interest rate)

Why it’s great for children:

  • Comes with a passbook and ATM card (accessible in Malaysia, Singapore, Cambodia and Brunei free of charge)
  • Includes free personal accident insurance equal to five times the previous month’s average daily balance up to PHP 500,000
  • Has a free medical reimbursement benefit equal to 10% of personal accident insurance coverage

Learn more about Maybank Yippie Savings Account here.

The Best Savings Accounts for Kids

Opening a savings account for kids (and teens) is a good way to start teaching them the basics of personal finance. Having a savings account will give them the opportunity to learn basic concepts such as saving, tracking finances, and compound interest. Learning basic money habits is an important value for kids and adults alike.

Choose from the suggested savings accounts for kids and give them responsibility when it comes to handling their own money. It’s a great way to teach them habits and values that develop their character.