Money doesn’t fall from the sky, it doesn’t grow from trees, nor will it accumulate by just sitting in a piggy bank. If you want to educate your kid on the concept of money and how it works in real-life, you might want to consider putting money in a real bank.
The Real Piggy Bank
It is highly valuable to introduce your kids to the world of finance and banking. To ensure that their curiosity and interest towards money management remains strong, providing them with a simple, reliable – and most importantly: no-frills – kids savings account can be of great help. One product to look into is the UCPB kiddie max savings account.
UCPB’s Kiddie Max Savings Account
UCPB’s Kiddie Max Savings Account, the latest savings product offered by United Coconut Planters Bank (UCPB), is one of the most convenient and kid-friendly savings accounts in the market today.
- Age: 0-18 years old
- Min. Initial Deposit: 500.00 pesos
- Min. Balance: 500.00 pesos
- Annual Interest rate: 0.25% (Minimum ADB to earn interest is 10,000 peso)
- Monthly Maintaining Balance: None
Account holders and their parents / guardians will be able to manage their funds and monitor their transactions with their own passbook or an ATM card. At the same time, parents/guardians could transfer fund from their own UCPB account by phone banking or via online.
Zero Maintaining Fees
Many banks charge fees for certain behaviors that customers don’t realize are actually costing them money. However, one of the most attractive attributes of this savings product is the zero monthly maintaining fees. As long as you maintain your balance at (or more than) 500 pesos, you can save your time from worrying any annual or monthly maintenance fees as well as the minimum balance fees.
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.