Published: July 21, 2020 | Updated: July 23, 2020 | Posted by: Moneymax | Personal Finance
Saving is a good virtue that you can instill in your child, even at an early age. After all, it’s a parent’s responsibility to teach their children the importance of saving money. One way you can do this is by opening a kiddie savings account for them.
One of the best savings accounts for kids in the Philippines is the BPI Jumpstart Savings Account as it lets you transfer your kid’s allowance on a scheduled basis. Keep on reading to know more about this kiddie savings account and how you can open one for your kid.
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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:
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:
The BPI Jumpstart Savings Account caters to pre-teens and teens from 10 to 17 years old. This ATM saving account lets teens and pre-teens save their money at ease and keep their money safely. BPI Jumpstart also has cutting-edge features that can help your child spend their money more wisely.
Here are some of the key features of a BPI Jumpstart Savings Account:
With a BPI Jumpstart account, you can enjoy exclusive perks from the following partner merchants:
|Arena||10% off on select items|
|Bert Lozada Swimming School||PHP 250 off on regular-priced courses|
|Brother's Burger||10% off for every PHP 500 spent on food and beverages|
|Claire's||10% discount on regular-priced items|
|Galileo||8% loyalty discount for a minimum enrollment period of three months on any program|
|K-Swiss||10% discount on regular-priced items|
|PETA||10% discount on enrollment fee for Youth Workshops|
|Planet Sports||10% off on select items|
|Yupangco Music Academy||15% discount on music courses, minimum of 24 lessons|
Visit the BPI Jumpstart Savings Account web page to see the full list of participating merchants.
This kiddie savings account offers five card designs you and your child can choose from.
This card design is perfect for the fuss-free kid who wants something simple yet colorful.
Your video game-loving kiddo will love the arcade card with its game-inspired design.
For the teenager who wants a more serious-looking design, the black version is a good choice.
For the future artist, the abstract design is the perfect card that expresses creativity and individuality.
This lime card design is an amazing pop of color for the kid who wants to stand out.
For this type of BPI savings account, the minimum maintaining balance is PHP 1,000. However, the minimum maintaining balance is waived for one year for accounts opened starting March 16, 2012.
To earn interest, the account should have at least PHP 2,000. BPI Jumpstart accounts’ interest rate is 0.25% per annum.
Ready to open a BPI Jumpstart Savings Account for your kid? Follow these simple steps:
After one week, you will be notified when you can claim your BPI Jumpstart ATM card.
While you can go to a BPI branch on your own to open a BPI Jumpstart account, it is better to visit the bank with your child. It will help them be comfortable in a bank and see how bank transactions work. You can also teach them how to use various bank forms while you’re there.
Once you receive your kid’s BPI Jumpstart ATM card, show your kid how to use it. Explain the perks of the card and how they can access their savings using the BPI mobile app. You should also explain the goal of the savings account and that you will also monitor their account occasionally.
Even if your kid is already a teenager, it’s never too late to teach them how to become money-savvy. Start by setting an example and teaching them the value of money. Then, open a kiddie savings account for them. By having their own savings account, your child can better practice their money management skills. They can also learn how to be more comfortable in making financial decisions and setting goals for the future.
Source:  BPI Jumpstart Partner Merchants
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.