7 is the minimum age to open a bank account in the Philippines.
This is according to Presidential Decree No. 734, signed on June 25, 1975.
“Minors who are at least seven years of age, are able to read and write, have sufficient discretion, and are not otherwise disqualified by any other incapacity, are hereby vested with special capacity and power, in their own right and in their own names, to make savings or time deposits with and withdraw the same as well as receive interests thereon from banking institutions, without the assistance of their parents or guardians, the provisions of existing laws and regulations to the contrary notwithstanding. Parents may nevertheless deposit for their minor children and guardians for their wards.”Presidential Decree No. 734
But in actual practice, Philippine banks do not allow children as young as 7 to open bank accounts without their parents or guardians with them. Even if these children can read and write.
Many banks offer kids savings accounts, but they require the presence of parents or guardians. For newborn babies or kids under 7, banks usually offer In-Trust-For (ITF) accounts. Accounts are under the names of parents or guardians, held in trust for their children, who are also named in the accounts.
So What Then Is the Minimum Age to Open a Bank Account?
If you look at the ages specified in the kids savings accounts offered by banks below, you’ll realize that for many banks, the minimum age to open a bank account in the Philippines without the assistance of parents or guardians is 18.
|Bank||Kids Savings Account||Age||Maintaining Balance|
|BDO||Junior Savers||12 and below||100|
|BPI||Jumpstart||10 to 17||1,000|
|Metrobank||Fun Savers Club||17 and below||500||passbook|
|Spark||7 to 21||500||debit card|
|USD Fun Savers Club||17 and below (USD)||$100||passbook|
|Landbank||Easy Savings Plus**||at least 7||20,000|
|Regular Passbook||at least 7||10,000|
|PNB||MyFirst Savings||7 and below (ITF)||none||In-Trust-For (ITF)|
|7 to 19||none|
|China Bank||Young Savers||under 18||100|
|under 18 (ITF)||100||In-Trust-For (ITF)|
|RCBC||GoSavers||21 and below||none||passbook, ATM|
|DBP||Young Earner’s||19 and below||100 (1st yr), then 1,000|
|19 and below (USD)||$50 (1st yr), then $100|
|Union Bank||for minors||below 18 (ITF)|
|Eastwest||Kiddie Savings||no age specified*||2,000||passbook|
|BankCom||Junior Smart Savers||below 18||200||passbook, ATM|
|Robinsons||Tykecoon||no age specified*||2,000|
|Maybank||Yippie Savings||12 and below||500||passbook, ATM|
|IM Teen||13 to 17||500||passbook, ATM|
|CTBC||My First Saves||17 and below||2,500||passbook or ATM|
|PSBank||Kiddie Savings||0 to 12||none|
|Teen Savings||13 to 17||none|
|Phil Business Bank||Campus Savers||elementary to college||100|
|China Bank Savings||Easi-Save For Kids||below 7 (ITF)||500|
|7 to 12||500|
|Bank of Makati||Young Savers||7 to 17||500|
|Sterling Bank||Neo Savings||19 and below||none|
|Wealth Dev Bank||Kiddie Savers||7 and below||500|
|Equicom||Kiddie Builders||0 to 13||500||Maxicare|
|1st Valley||Kids and Teens||500|
|Card SME Bank||Maagap||minimal||piggy bank|
|Luzon Dev Bank||Young Earner||12 and below||initial dep: 100|
** These Landbank accounts are not solely for children, and are not advertised as savings accounts for kids. They are offered to all ages, beginning at age 7.
Landbank Tries to Comply with PD No. 734 — Decree on Minimum Age to Open a Bank Account
It’s nice to see that Landbank is trying to comply with P.D. No. 734. Based on what they state on their website, they’re allowing kids as young as 7 years old to open a bank account, as long as they can read and write, and that they don’t have an incapacity that disqualifies them from opening an account.
The types of accounts offered to all — adults and children 7 years and older — are Easy Savings Plus (ESP) passbook accounts and regular passbook accounts.
Parents and guardians, of course, always have the option to open an In-Trust-For (ITF) accounts for their children. ITF accounts are good for baby savings accounts.