The Best Savings Accounts For Kids and Teens In The Philippines

Kids these days are growing up faster than ever. Even before reaching their teen years, they already know so much about so many things, and speak and act well beyond their age.

It’s only right then that certain things we used to consider “for adults only” have given birth to their own kiddie version as well. One such example is the standard bank account. Whether it’s for your child’s Christmas aguinaldo or just a little something you want to put away for their future, there are a number of kiddie bank accounts you can choose from.

Here’s a list of Philippine banks which offers kiddie accounts:

• Bank of the Philippine Islands (BPI) — JUMPSTART SAVNGS

• Target Age: 10 to 17 years old
• Required Initial Deposit: 500 PHP
• Interest Rate (per annum): 0.5% for BPI, 0.625% for BPI Family Savings Bank
• Added Perks: An ATM savings account that allows parents to transfer money from their account to their child’s (think: automated allowance!). Children can also shop in selected stores without cash, and reload their cellphones via BPI Express Teller ATMs

• Banco De Oro (BDO) — JUNIOR SAVERS CLUB

• Target Age: 12 years and below
• Required Initial Deposit: 500 PHP
• Interest Rate (per annum): 0.5%
• Added Perks: Passbook and ATM card for those seven years old and above, and special discounts at SM Department Store

• Banco De Oro (BDO) — POWER TEENS CLUB

• Target Age: 12 to 19 years old
• Required Initial Deposit: 2,000 PHP
• Interest Rate (per annum): 0.5%
• Added Perks: Passbook and ATM card, and special discounts at SM Department Store

• Metrobank — FUN SAVERS CLUB

• Target Age: 18 years and below
• Required Initial Deposit: 500 PHP
• Interest Rate (per annum): 0.5%
• Added Perks: A P50,000 educational trust fund, free personal accident insurance, and exclusive discounts and privileges from partner establishments. It also allows others to deposit into the account using Fun Savers Club Gift Checks, as a perfect gift alternative for any occasion

• RCBC — W.I.S.E. (WISE INVESTORS SAVE EARLY)

• Target Age: 7 to 14 years old (For children below 7, an In-Trust-For [ITF] account can be opened)
• Required Initial Deposit: 500 PHP (1,000 PHP to avail of free insurance)
• Interest Rate (per annum): 0.5%, once an average daily balance of P5,000 is reached
• Added Perks: Free personal accident insurance for the child and parent for one year

• Development Bank of the Philippines — YOUTH SAVINGS ACCOUNT

• Target Age: Up to 14 years old
• Required Initial Deposit: 1,000 PHP
• Interest Rate (per annum): 1%

• Equicom Savings — KIDDIE BUILDERS ACCOUNT

• Target Age: 13 years and below
• Required Initial Deposit: 1,000 PHP
• Interest Rate (per annum): 1%
• Added Perks: Free dental benefits from the Kiddie Care Club, plus free fun blocks