Best Savings Accounts for Children in the Philippines

Updated October 24, 2022:

We think the best savings accounts for children in the Philippines are those with free insurance policies for the parent or guardian. So far, it’s only RCBC  that offers one. Some others offer insurance too but only for the child.

Here’s info on RCBC’s children’s savings account. 

RCBC GoSavers

  • For kids and teens 21 years old and below
  • Initial deposit is 100 pesos.
  • No maintaining balance required
  • Monthly average daily balance to earn interest: 5,000
  • Free comprehensive insurance for both the parent and the child
  • ATM card and passbook
    • Required identification:
      – For less than 7 years old: passport or school ID and PSA birth certificate for those who do not know yet how to read and write
      – From 8 years old to 17 years old: passport or school ID
      – From 18 years old to 21 years old: any valid government-issued ID
  • You can start applying online

Why Rank Children’s Savings Accounts by Factors Other than Interest Rate?

Interest rates for children’s savings accounts are now insignificant. The same with regular savings accounts.

So, for me, the second best savings accounts for children, are those offered by banks within walking distance from your residence. Or those banks inside the mall that you and your kids frequently go to. It’s easier to lead your kids there and have them do the process of depositing.

Let’s introduce our children to the world of banking and personal finance. Who knows, you might trigger in them the desire to learn how to become rich.

Common Requirements to Open a Savings Account for Kids

If you have these documents below, then 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. Some banks require the certificate issued by PSA.)
  • School ID or enrollment/registration card, for students. With signature of student and school head and validity date.
  • Photos of child, usually two 1×1 pictures, just in case
  • Parent’s IDs and photos for In-Trust-For (ITF) accounts for kids under 7
  • Proof of address, can be a recent utility bill, credit card statement, or receipt for a package delivery
  • Guardianship papers issued by the court, for guardians

Here are savings accounts for children. The best are the ones offered by banks near your residence or those in your favorite malls.

BANCO DE ORO BDO

BDO Junior Savers 

  • For children 12 years old and younger 
  • Minimum initial deposit is 100 pesos
  • Maintaining average daily balance is 100
  • Minimum balance to earn interest is 2,000
  • Personalized Junior Savers ATM debit card for kids 7 years to 12 years old
  • Can be enrolled in BDO online banking for automatic funds transfer from a parent’s existing BDO Savings account
  • Annual interest rate is 0.25 %, subject to 20% withholding tax
  • For 7-12 years old kids, bring at least one original copy of the following:
    • School ID signed by the principal/school head
    • Passport
    • Birth Certificate issued by Local Civil Registry or PSA
  • For kids 7 years old or younger, account will be under the name of a parent or guardian. Bring original copies of the following:
    • At least two valid government-issued IDs of the parent or guardian
    • Any of the child’s ID/document as indicated
    • Adoption documents – if with an adoptive parent
    • Guardianship documents – if with a legal guardian

BANK OF THE PHILIPPINE ISLANDS

Jumpstart Savings

  • For children 10 to 17 years old
  • This is an ATM savings account
  • Minimum initial deposit is 100 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 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 was 500 pesos, now 100 pesos
  • Maintaining average daily balance is 500 pesos
  • Minimum ADB to earn interest is 4,000 pesos
  • For US dollar accounts:
       – initial deposit is $100
       – maintaining balance is $100
       – minimum balance to earn interest is $200
  • Annual interest rate is 0.25% (peso account)
  • Annual interest rate is 0.125% (US dollar account, subject to change)
  • Free educational trust benefit worth 50,000 pesos 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.
– Anyone can purchase this gift cheque — depositors or non-depositors.


EASTWESTBANK

EastWest Kiddie Savings 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 0.125%, subjec to 20% withholding tax
  • Charge for below maintaining balance is 500 pesos per month

DEVELOPMENT BANK OF THE PHILIPPINES DBP

DBP Young Earners’ Savings Accounts (YES)

  • For kids ages 12 years and below
  • Minimum initial deposit of 100 pesos, during build-up period
  • Maintaining balance: 100 pesos, during build-up period
  • Maintaining balance: 1,000 pesos, after build-up period
  • For a US dollar YES account, initial deposit and maintaining balance is $50 during build-up period; maintaining balance is $1,000 after the build-up period

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

    – 0.25% for ADB from 5k to 199,999     – 0.50% for ADB 200k and above     – subject to 20% withholding tax

  • Passbook and an ATM card that can be used in Malaysia, Singapore and Brunei fee of charge
  • With free personal accident insurance equal to 5 times the previous month’s ADB, up to 500,000 pesos, and medical reimbursement benefit equal to 10% of the personal accident insurance

Maybank Yippie Savings Account

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

PSBANK

PSBank Kiddie Savers Account
– For kids 0-12 years old

PSBank Teen Savers Account

  • For teens 13 to 18 years old
  • Initial deposit: any amount
  • No maintaining balance
  • Free personal accident insurance from Charter An Insurance Corp., equal to 5 times the average daily balance
  • Earns interest regardless of the balance


    CHINA BANK SAVINGS 

China Bank Savings Easi-Save for Kids 

  • Passbook
  • For kids 7 to 12 years old 
  • 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 Savings Account

  • A passbook account for kids below 18 years old
  • 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 Beginners Club Account

  • For children 12 years old and younger
  • Minimum initial deposit is 100 pesos
  • Maintaining average daily balance is 100 pesos
  • Minimum ADB to earn interest is 500 pesos
  • Free interbranch withdrawal
  • CSB Kiddie passbook

Citystate Student Savers Teen Card

  • For teens 13 to 19 years old 
  • Minimum initial deposit is 200 pesos
  • Maintaining average daily balance is 100 pesos
  • Minimum ADB to earn interest is 1,000 pesos
  • ATM card can be used as debit card

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

STERLING BANK OF ASIA

Sterling Bank NEO Savings Account

  • For kids ages 19 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 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 

1ST VALLEY BANK

1st Valley SD Micro

  • For children and micro entrepreneurs
  • Minimum initial deposit is 20 pesos
  • Makes use of the wais box (an improvised piggy bank made of cardboard with padlock whose key is kept in the bank; it’s for receiving small coins and bills deposited by micro depositors

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

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

3 Comments

  1. Bobbytan 01/05/2015
    • Ruby Blade 11/25/2015
  2. Anonymous 01/10/2015

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