Minimum Age to Open a Bank Account in the Philippines

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.

BankKids Savings AccountAgeMaintaining Balance
BDOJunior Savers 12 and below100
BPIJumpstart10 to 171,000
MetrobankFun Savers Club17 and below500passbook
Spark7 to 21500debit card
USD Fun Savers Club17 and below (USD)$100passbook
LandbankEasy Savings Plus**at least 720,000
Regular Passbookat least 710,000
PNBMyFirst Savings7 and below (ITF)noneIn-Trust-For (ITF)
7 to 19none
China BankYoung Saversunder 18100
under 18 (ITF)100In-Trust-For (ITF)
RCBCGoSavers21 and belownonepassbook, ATM
DBPYoung Earner’s19 and below100 (1st yr), then 1,000
19 and below (USD)$50 (1st yr), then $100
Union Bankfor minorsbelow 18 (ITF)
EastwestKiddie Savingsno age specified*2,000passbook
BankComJunior Smart Saversbelow 18200passbook, ATM
RobinsonsTykecoonno age specified*2,000
MaybankYippie Savings12 and below500passbook, ATM
IM Teen13 to 17500passbook, ATM
CTBCMy First Saves17 and below2,500passbook or ATM
PSBankKiddie Savings0 to 12none
Teen Savings13 to 17none
Phil Business BankCampus Saverselementary to college100
China Bank SavingsEasi-Save For Kidsbelow 7 (ITF)500
7 to 12500
Bank of MakatiYoung Savers7 to 17500
Sterling Bank Neo Savings19 and belownone
Wealth Dev BankKiddie Savers7 and below500
EquicomKiddie Builders0 to 13500Maxicare
1st Valley Kids and Teens500
Card SME BankMaagapminimalpiggy bank
Luzon Dev BankYoung Earner12 and belowinitial 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.

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