There’s no such thing as “too early” when it comes to saving for your kids’ future. In fact, the earlier you prepare, the better because you can get ahead. By the time your kids start school or in the event of an emergency, you already have sufficient amount to cover for these expenses. This is why it is also important that you make the most out of your time overseas where you can earn more money.
Aside from preparing for their future, having a bank account for your kids teaches them the importance of responsibility. At an early age, you are also able to instill the value for money on them and how starting early in savings could benefit them later in life.
Thankfully, banks recognize this demand and came up with facilities that cater to children. That being said, here are the best savings account for your kids:
BPI Jumpstart Savings
This is ideal for kids between 10 and 17 years old. With initial deposit of P100, you can get a savings account for your child in BPI and BPI Family. If you want the account to start earning interest at 0.25 percent, then make sure the account has at least P1,000 for BPI Family and P2,000 for BPI accounts.
Why BPI Jumpstart Savings?
- Low maintaining balance of P500 and P1,000 for BPI Family and BPI, respectively.
- Comes with Guaranteed Savings feature, which protects the funds from unplanned withdrawal.
- The Allowance Transfer facility allows you to deposit money for allowance according to your schedule.
- Cellphone reloading is available.
BDO Junior Savers Account
If you really want to start early on savings, then BDO Junior Savers Account might be of help. This can be availed of kids between zero and 12 years old. Similar to BPI, the minimum initial deposit is P100 – and you only need this amount to maintain the account as well. To ensure that you will earn interest at 0.25 percent, P2,000 is required.
Why BDO Junior Savers Account?
- Comes with ATM card and passbook.
- In case you have an existing BDO account, you can easily transfer money to your child’s account through online banking.
- In case your child is seven and above, s/he can already request for a personalized EMV debit card as long as the balance is P2,000.
Metrobank Fun Savers Club
Many savings account for kids are limited to a particular age and will require you to “upgrade” or change by the time your child reaches the maximum age limit. If you want something longer, then Metrobank’s Fun Savers Club is ideal for you. Age limit is between zero and 18 years old and minimum initial deposit is P100. The minimum maintaining balance is at P500 but if you want the account to earn interest at 0.25 percent, then the account must have at least P4,000.
Nonetheless, this account only comes with a passbook and has no ATM option.
Why Metrobank Fun Savers Club?
- Welcome gift for kids
- Discounts and privileges from partner establishments like Active Fun and Tom’s World
- May come with free educational trust benefit worth P50,000 IF you met minimum ADB requirement
Security Bank Junior One Account
Similar to Metrobank, Security Bank’s Junior Savers facility for kids can also be extended up to 18 years old. Initial deposit is also P100, but minimum maintaining balance is P5,000. The best part is this P5,000 could already start earning interest at 0.5 percent, which is twice higher than the other savings account for kids.
Why Security Bank Junior One Account?
- It comes with a passbook.
- Debit card option is available.
- Easy and convenient account opening since you can get the card and apply for online access on the same day.
PS Bank Kiddie and Teen Savers Account
Kiddie Savers Account is available for kids between zero and 12 years old while the Teen Savers Account is for those between 12 and 18 years old. Maintaining balance is at P2,000 to allow you to earn at 0.25 percent.
Why PS Bank Kiddie and Teen Savers Account?
- There is no minimum initial deposit and maintaining balance, thereby giving you more flexibility on the account.
- It comes with passbook and ATM for In-Trust-For account.
- Free Personal Accident Insurance equivalent to five time the account’s monthly average daily balance.
Did you notice anything? Savings account for kids are easy and convenient to avail. Go to your trusted bank now to apply – and give your child the gift of security.