Saving is a good virtue to instill in your child, even at an early age. After all, it’s your responsibility as a parent to teach your children the importance of saving money. You can do so 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 build your child’s savings while helping them develop their habit of saving. Find out more about the Jumpstart Savings from BPI below.
What is a BPI Jumpstart Savings Account?
The BPI Jumpstart Savings Account is an ATM savings account that lets teens and pre-teens (from 10 to 17 years old) save money safely and with ease. BPI Jumpstart also has cutting-edge features to help your child spend their money more wisely.
BPI Jumpstart Features
Here are some of BPI Jumpstart Savings Account’s key features:
- Allowance Transfer Facility - You can transfer your child’s allowance to their BPI Jumpstart Account on a scheduled basis.
- Mobile Phone Reloading - BPI Jumpstart account holders can reload their mobile phones at any BPI ATM. They can also reload through the BPI mobile app or via BPI Online.
- Guaranteed Savings - Protect a portion of your child’s funds from unplanned withdrawals. You can set the minimum balance the account should have to ensure that the account is always funded.
How Much is the Opening Account in BPI for Kids?
To open a BPI Jumpstart Savings Account for your child, a minimum initial deposit of ₱100 is required.
Read more: Grow Your Money Faster with a High-Interest Savings Account
BPI Jumpstart Maintaining Balance and Interest Rate
For this type of BPI savings account, the minimum maintaining balance is ₱1,000, and you should have at least ₱2,000 in the account to start earning interest.
BPI Jumpstart accounts’ interest rate is 0.0625% per annum.
Read more: 16 Savings Accounts with No Maintaining Balance
BPI Jumpstart Savings Requirements
As mentioned, your child should be 10 to 17 years old to open this BPI savings account. You should also submit the following BPI Jumpstart account requirements:
- Proof of billing with parent or guardian’s permanent address
- Parent or guardian’s valid government-issued photo-bearing ID
- Account holder’s PSA-issued birth certificate
- School ID with principal’s signature
- Two 1x1 colored ID pictures
- ₱100 as an initial deposit
- For foreign nationals, any of the following:
- Valid ID for resident aliens
- Alien Certificate of Registration
How to Open a BPI Jumpstart Savings Account
Once you’ve prepared your BPI Jumpstart Savings Account requirements, you’re now ready to open an account for your child. Students who want to know how to open an account in BPI can also follow these simple steps:
- Visit the nearest BPI branch or any BPI branch you prefer.
- Go to the New Account Section and tell the staff that you want to open a BPI Jumpstart Savings Account.
- Fill out the application form for BPI Jumpstart Savings Account.
- Make an initial deposit of ₱100.
- Keep the validation slip, so you have a copy of your reference number and your BPI Jumpstart Savings Account number.
- Get notified when you can claim your BPI Jumpstart ATM card.
Read more: ATM Fees in the Philippines: How Much Will Your Transactions Cost?
Reminders When Opening a BPI Jumpstart Savings Account
While you can go to a BPI branch on your own to open a BPI Jumpstart account, it’s better to visit the bank with your child. It will help them feel 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 card's perks and how they can access their savings using the BPI mobile app.
More importantly, you should also explain the goal of the savings account and remind them that you’ll also monitor their account occasionally.
Related reading: Types of Bank Accounts in the Philippines: Which One is Right for You?
BPI Jumpstart Savings FAQs
1. Can I apply for a BPI Jumpstart Savings Account online?
No. To apply for a BPI Jumpstart Savings Account, you need to visit your nearest or preferred BPI branch and submit the requirements. At the moment, you can apply online only for Regular Savings with Debit Card, Saver Plus with Debit Card, and Regular USD Savings with Debit Card.
2. Does the BPI Jumpstart account have an expiration date?
No, it doesn’t have an expiration date. But if you don’t use the account for any transactions for two years, the bank will consider it dormant. If the dormant account also falls below the maintaining balance, the bank will charge a dormancy fee.
3. What happens to a BPI Jumpstart account when the child turns 18?
You have the option to maintain the Jumpstart account as long as there are fund transfers from the source account. Otherwise, you can close the Jumpstart Savings Account and open a Regular Savings Account.
The required initial deposit for a BPI Regular Savings Account is ₱3,000, and the required daily balance to earn interest is ₱5,000. Just bring the required documents with you when you visit a BPI branch to open an account. Alternatively, you can open a Regular Savings Account via the BPI Mobile App.
Even if your child 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, like the BPI Jumpstart Savings Account.
Your child can better practice their money management skills by having their own savings account. They can also learn how to be more comfortable in making financial decisions and setting financial goals for the future.
Source:  Open an Account Online (BPI)