Savings Accounts for Kids in the Philippines

8.18.2011

Updated September 17, 2013:

Let's teach our children how to earn, save and handle money. Let's introduce them to the world of banking and personal finance. Who knows, you might trigger in them the desire to learn how to become rich.

                 Savings accounts for kids in the Philippines

Children in the Philippines who are at least 7 years old and who can read and write can legally open savings and time deposit accounts, deposit and withdraw, using their own names and signatures, according to Presidential Decree No. 734, issued in 1975.

The most common requirements needed to open savings accounts for your children are one or more of the following. If you have them, just bring all of them, in case the bank officers ask for them.

  • Birth certificate of your child (This is the Number One requirement, and can be the sole requirement in certain banks.)
  • School ID or enrollment card, for students
  • Photos of child, usually two 1x1 pictures, just in case
  • Parent's IDs and photos for In-Trust-For (ITF) accounts for younger children
  • Baptismal certificate, just in case
  • Proof of address, just in case; can be a recent utility bill or credit card statement

Here are savings accounts designed by banks in the Philippines especially for kids:

BANCO DE ORO BDO

BDO Junior Savers Club
  • For children 12 years old and younger
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 100
  • Minimum balance to earn interest is 500
  • Annual interest rate is 0.25 %, subject to 20% withholding tax
  • Specially designed passbook
  • Shopping card for use at SM Department Stores and affiliate shops
  • ATM card for kids 7 years to 12 years old, with balance of 2,000 pesos or more
  • ID card for kids 6 years old and younger
BDO Power Teens Club
  • For children older than 12 years old up to 19 years old
  • Minimum initial deposit is 2,000 pesos
  • Minimum average daily balance is 2,000
  • Minimum balance to earn interest is 2,000
  • Annual interest rate is 0.25 %, subject to 20% withholding tax
  • Specially designed passbook
  • ATM card, which can also be used as shopping card at SM Department Stores and affiliate shops
  • Special discounts at selected affiliate shops

BANK OF THE PHILIPPINE ISLANDS and BPI FAMILY

BPI Family Jumpstart Savings
  • For children 10 to 17 years old
  • This is an ATM savings account
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 
  •    - 500 for a BPI Family account    - 1,000 for a BPI account
  • Minimum average daily balance to earn interest is:
  •    - 1,000 for a BPI Family account    - 2,000 for a BPI account
  • Annual interest rate is 0.50 % for BPI Family and 0.25 % for BPI
  • Free 4 withdrawals per month (for controlled spending)
  • Can set aside a Guaranteed Savings amount, which you cannot easily withdraw and you can use only when really needed
  • Can set regular automatic fund transfer from parents' BPI account
  • ATM can be used as shopping card at BPI Express Payment System (EPS) stores
  • Special discounts at selected EPS shops
  • Can be used to reload cellphones via BPI ATM, BPI phone 89-100, BPI Express Mobile, or BPI Online Banking 

METROBANK

Metrobank Fun Savers Club
  • For children below 18 years old
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 500 pesos
  • Minimum ADB to earn interest is 4,000
  • Annual interest rate is 0.25%
  • Welcome gift given at opening of account
  • Free educational trust benefit worth 50,000 for accounts reaching a certain minimum average daily balance (ADB) level
  • Free personal accident insurance worth twice the average daily balance for accounts reaching a certain minimum ADB (up to 1 million pesos) level
  • Special discounts at affiliate shops

For grandparents, parents, other relatives, friends, ninongs and ninangs:

- You can encourage saving in a child you love.
- You can purchase a Fun Savers Club gift check at any Metrobank branch over-the-counter for a minimum of 500 pesos. This gift check is available to all, whether Metrobank depositor or not.
- Your intended recipient should be younger than 18.
- This gift check will be used by your recipient to open a Metrobank Fun Savers Club or add to his/her existing Fun Savers Club account.


RCBC SAVINGS BANK

RCBC WISE Savings Account

WISE means Wise Investors Save Early
  • For children 7 to 14 years old 
  • For children younger than 7, parents can open a WISE account as an In-Trust-For (ITF) account
  • Minimum initial deposit is 500 pesos
  • Maintaining balance is 1,000
  • Balance to earn interest is 5,000
  • Annual interest rate of 0.5 %, subject to the 20% withholding tax
  • Can be purely a passbook account, or a passbook account with ATM
  • Free one-year personal accident insurance worth 20,000 pesos each for parent and child upon 
  • opening a WISE account with an initial deposit of at least 1,000 pesos and with the parent 65 
  • years old or below
  • Can be set for automatic fund transfer from parents' existing RCBC Savings Bank accounts.

EASTWESTBANK

EastWest Cool Savers Kiddie Account
  • For kids 18 years old and younger
  • A passbook account
  • Minimum initial deposit is 2,000 pesos
  • Maintaining average daily balance is 2,000
  • Minimum ADB to earn interest is 2,000
  • Annual interest rate is 0.25%, subjec to 20% withholding tax
  • Charge for below maintaining balance is 500 pesos per month
  • Charge for two-year dormancy is 500 pesos per month

UCPB 

UCPB Kiddie Max Account
  • For children 18 years old and younger
  • Passbook or ATM card
  • Minimum initial deposit is 500 pesos
  • Minimum ADB to earn interest is 10,000 pesos
  • Annual interest rate is 0.25%
  • Can be funded from parents' UCPB accounts via online or phone banking

DEVELOPMENT BANK OF THE PHILIPPINES DBP

DBP Young Earners' Savings Accounts (YES)
  • For kids ages 12 years and below
  • Minimum initial deposit of 500 pesos
DBP In Trust For (ITF) Savings
Opened by parents in behalf of their children younger than 18 years old


MAYBANK PHILIPPINES

Maybank IM Teen Savings Account
  • For teenagers between the ages of 13 to 17 years old
  • (below 18 years old, as posted in their other ads
  • Minimum ADB is 500 pesos
  • Minimum ADB to earn interest is 5,000
  • Annual interest rate is
  •     - 0.5% for ADB from 5k to 199,999     - 1% for ADB 200k and above     - subject to 20% withholding tax
  • Option to get a free ATM card
  • With personal accident insurance and medical reimbursement benefit 

Maybank Yippie Savings Account
  • For kids 12 years old and younger
  • Same requirements and benefits as above IM Teen Savings Account


STANDARD CHARTERED BANK

Standard Chartered DreamSavers Account

For children
Annual interest rates of:
- 1% for balances 25k to 500k
- 1.25% for 500k to 1M
- 1.5% for 1M to 5M
- 1.75% for 5M to 10M
- 2% for 10M and above
Requirements are:
- one valid unexpired primary photo ID, original and clear xerox copy
- student ID should bear signature of school head
- proof of address such as bill, mail, subdivision ID or barangay certificate with seal
- birth certificate


CHINA BANK SAVINGS 

China Bank Savings Easi-Save for Kids 

  • Passbook
  • For kids 12 years old and younger
  • (In-trust-for accounts or ITF accounts are opened 
  • for children below 7 years old)
  • Initial deposit is 500 pesos
  • Minimum Balance to Earn Interest is 500 pesos


ROBINSONS BANK

RobinsonsBank Tykecoon Kiddie Savings Account
  • Minimum initial deposit is 2,000 pesos
  • Maintaining average daily balance is 2,000
  • Minimum ADB to earn interest is 2,000
  • Annual interest rate is 0.25%, credited monthly, subject to 20% withholding tax

CITYSTATE SAVINGS BANK

Citystate Student Savers Account
  • For children 7 to 21 years old
  • Minimum initial deposit is 100 pesos
  • Maintaining average daily balance is 100 pesos
  • Minimum ADB to earn interest is 500 pesos
  • Interest credited monthly
  • Amounts may increase to 500 pesos and 1,000 pesos after the promo period

PHILIPPINE BUSINESS BANK

Philippine Business Bank Campus Savers
  • For students from elementary to college
  • Passbook account
  • Minimum initial deposit is 100 pesos
  • Maintaining average daily balance is 100 pesos
  • Minimum ADB to earn interest is 500
  • Annual interest rate is 0.25%, credited quarterly

SECURITY BANK SAVINGS

Young Savers Savings Account 

  • For children aged 7 to 17
  • Passbook of SBS CashLink ATM card
  • Maintaining balance requirement is 100 pesos
  • Interest Rate:
  • 100 - 2K: 0.0%
  • 2K - 9K: 0.5%
  • 10K - 19K: 0.75%
  • 20K - 49K: 1.0%
  • 50K and above - 1.25%


PLANTERS DEVELOPMENT BANK

SME Kiddie Club

  • For children 7 to 12 years of age
  • Minimum initial deposit is 500 pesos
  • Maintaining balance requirement is 500 pesos
  • Balance to earn interest is 1,000 pesos
  • Interest rate of 0.5% per annum
  • Can have scheduled fund transfer option from a designated source account


SME Teen Club

  • For children 13 to 19 years of age
  • Minimum initial deposit is 1,000 pesos
  • Maintaining balance is 1,000 pesos
  • Minimum balance to earn interest is 2,000 pesos
  • Interest rate of 0.5% per annum
  • May come with a passbook or an ATM card
  • Can have scheduled fund transfer option from a designated source account


STERLING BANK OF ASIA

Sterling Bank NEO Savings Account

  • For kids ages 17 years old and younger
  • Initial deposit: any amount
  • No maintaining balance requirement
  • Minimum balance to earn interest is 2,000 pesos
  • Annual interest rate is 0.375%
  • Passbook and Visa debit card


EQUICOM SAVINGS BANK

Equicom Savings Kiddie Builders Savings Account

  • For children 13 years and younger
  • Minimum initial deposit is 500 pesos
  • Maintaining balance is 500 pesos
  • Balance to earn interest is 1,000 pesos
  • Annual interest rate is 1% 
  • Auto Fund Transfer Arrangement (AFTA) option
  • Minimum monthly contribution is 100 pesos
  • Entitled to free dental and medical benefits from Maxicare 
  • or Metro Dental when account balance reaches 15,000 pesos
  • Maximum withdrawal limit is 3 times within a month


ONE NETWORK BANK

One Network Bank Young PeraSavers

  • Free Emmet the Ant Passbook
  • Initial deposit is 50 pesos
  • Maintaining balance is 50 pesos
  • Interest rate is 0.50% per year, credited monthly


BANK OF MAKATI

Bank of Makati Kidz Savers Account

  • For kids and teens ages 7 to 17 years old
  • Minimum initial deposit is 100 pesos 
  • Interest rate per year is 1%, credited monthly


1ST VALLEY BANK

1st Valley SD Micro

  • For children and micro entrepreneurs
  • Minimum initial deposit is 20 pesos
  • Makes use of the wais box 

1st Valley SBR (Save Build & Read) 

  • For students attending public elementary and high schools 
  • This savings program helps build the school reading center


BANGKO KABAYAN 

Bangko Kabayan Bibo Kid Savers

  • For children ages 7 to 12 
  • Passbook 
  • Minimum deposit is 100 pesos


WORLD PARTNERS BANK

World Partners Kiddie Savers Club

  • For kids 12 years and below
  • Comes with a welcome kit and passbook
  • Minimum initial deposit is 100 pesos
  • Maintaining balance requirement is 100 pesos
  • Minimum balance to earn interest is 500 pesos
  • Interest rate per year is 2%, credited monthly
  • Fee for falling below maintaning balance is 50 pesos

World Partners Teen Savers Club

  • For young people 13 to 19 years old 
  • Comes with Teen Savers Club giveaway
  • Passbook and ATM card
  • Minimum initial deposit is 200 pesos
  • Maintaining balance requirement is 500 pesos
  • Interest rate per year is 2%, posted monthly
  • Fee for falling below maintaining balance is 50 pesos


Related Article:
Savings Accounts with Low Maintaining Balances
Cash Cards for Students
3 Time Deposit Accounts with High Interest Rates

5 comments:

Jonz said...

Wow! Thanks! I appreciate you collating all this information for us.

Anonymous said...

THANK YOU VERY MUCH!!!

ruth said...

THank you so much!! it's very helpful and time saving. But sir, how about savings account for children below 7 y/o. In my case for example, I want to save for my less than a year old.

Anonymous said...

Hi Ruth. Look at info on Maybank, DBP and UCPB.

Anonymous said...

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