That little piggy went to market.. that little piggy went to bags (?!?).. but this little piggy will go all the way to the bank!
It’s the time of the year where we can spend a few extras and save a lot.. hello 13th month! Hello cash gifts from godparents!
I guess this is the best time to open an account for the kids and as I hop from bank to bank, I made a list of banks that offer savings account for kids:
- BDO Junior Savers
- BPI Jumpstart Savings
- Eastwest Bank Cools Cavers Kiddie
- PS Bank Kiddie Savers
- Metrobank Fun Savers
- RCBC Savings Banks W.I.S.E
Opening a Savings account for kid requires school ID or passport of the kids, photos (usually 2 1×1 photo) and of course the minimum initial deposit and application form from the bank. Kids ages 7 and up (or kids that can write/sign their name) can open an account of their own, while kids below the said age, can have a joint bank account with their parents.
Here’s a comparison of the 6 banks I mentioned:
Link for partner merchants:
RCBC Savings Bank WISE Account
If you look at the table, PS Bank offers the most, specially with their no initial deposit to open an account policy. PS Bank also has the highest interest rate per anum together with RCBC Savings Bank, the only difference is at RCBC, maintaining balance to earn interest is PhP 5000, while at PS Bank, there is no maintaining balance to earn interest.
I am still thinking where to open a savings account for the kids.. I’ll be very particular with the initial deposit since I will be opening 4 accounts this year (waaah) and of course the location of the bank..and the convenience of online banking. I was planning to allot a few percent of my online income for the kids, so it would be very convenient to me if I can transfer funds to their account thru online.
How about you mommies? Does you kids have their own bank accounts? If yer, what bank? Are you satisfied with your current bank?
And for those planning to open an account for their kids, where do you plan to open an account?
zoan says
December 14, 2013 at 1:06 pmI LOVE THE NEW BLOG DESIGN!!!!! ang galing! ang galing galing!!!
dimaks | Barako News says
December 16, 2013 at 2:09 pmThank you for sharing this post. Really, kids should be taught how to save as early as possible. And this listing is a great reference. I’ve been thinking about opening a bank account for my kids, so this post is very timely.
Sol Felice Alvarado says
December 16, 2013 at 3:18 pmI think Metrobank Fun Savers is a good savings account for the kids since not only are we teaching them the importance of savings, having a free educational trust would be beneficial also.
Mommy Maye says
December 16, 2013 at 3:31 pmBDO Junior Savings Account for Matthew Mommy Pehpot. 2 years na this January. Daddy and I agreed that from 500 pesos per month na deposit namin, we will increase it to 1000 pesos a month. Maliit lang pero if you think about it, after 10 years, Matt will have 120000 pesos. Hehe… Yun nga lang ang baba ng interest. Natutuwa lang talaga kami na we are saving for Matt and hopefully thru this he will learn to value money and learn how to save.
Shekinah says
December 17, 2013 at 12:18 amThis is great! I will definitely recommend this site to all the mommies that I know, most especially my aunts and friends that are already moms. Thanks for sharing this. Have a great day and God Bless. 🙂
Charmaine Manansala says
December 17, 2013 at 12:49 amoh this is great!!! doing this is definitely important for your kids future 🙂 hehe my fiance and i actually have already started putting money away for our retirement, in trust funds, and future kids education 🙂 <3 you can never start too early hehe
Franc Ramon says
December 17, 2013 at 4:37 pmI think it would really be nice to have kids open savings account to teach them the value of saving.
lalalapatricia says
December 18, 2013 at 12:21 amMy little kiddo doesn’t have this yet and got no plan yet since I’m not yet working. But if I were to choose I’ll choose BDO. Siguro na sanay ako and satisfied kasi I have an account there. Ok naman! 🙂
joy | chemist2writer says
December 18, 2013 at 5:36 amBack when I gave birth to my son, I was already thinking about opening a bank account for him; however, like the table you posted above, not all banks are willing to allow someone as young as a newborn to open a bank account. There’s a PS Bank here in our place but it is not in a very convenient location. There’s BDO at the mall but it was so OA when we went there because they wanted certain sizes for the pictures and that the baby should have his eyes open in the picture! So, we decided to open a kiddie savers for him at the coop where me and my husband belong. They didn’t even ask for the baby’s picture! haha and this coop is quite stable, being the largest in our province so there was no fear of bankruptcy.
Aisha Kristine Chong says
December 18, 2013 at 8:10 amIt’s not too late to have a bank account for kids – they can have their savings while still young and that’s not a bad idea at all.
Roch says
December 18, 2013 at 9:05 amTeaching kids how to save and value money at an early age is really important. I remember having a BDO Junior Savings Account myself when I was younger than 10.
Franc Ramon says
December 18, 2013 at 11:02 amIt’s also a good way to ensure their future and have funds when they are already aware on what they want.
Carlo | Converse Weatherized says
December 18, 2013 at 3:16 pmWow, nice tips. perfect for Christmas. I will tell this to my Mom so she can open an account for me. There’s a near BDO and BPI from our home. 🙂
Andreea Leau says
December 18, 2013 at 4:26 pmI don’t have kids yet, but my parents opened a bank account for me and another one for my parents. They opened them to a local bank very close to our home. Also, it’s about the biggest bank in our region, so it’s quite safe. They have some very nice offers for kids accounts so my parents decided to opened them. Now, after almost 15 years, I have my wedding money for my kid account, so it’s quite cool 😀
Joy says
December 19, 2013 at 5:54 amit was only my youngest son who has a kiddie account and has been maintained until now. my eldest son opened his own savings account after college graduation, i just do not know the status lol
jane says
December 19, 2013 at 9:08 amvery nice i would want my daughter to have her own savings account as well. as of now she have her own wallet hidden very carefully. she always receives money from people who sends her cards all year round
ralph says
December 19, 2013 at 10:30 pmkids must know the value of money even in their age… and saving is a good start. considering one of the options you’ve provided. thanks. Yahweh bless.
Alwin says
December 19, 2013 at 11:54 pmIt’s good to teach kids the value of money at a very young age. I remember one financial expert suggesting to save money for kids on a daily basis, with the amount going up as they age, like saving Php1.00 daily at the age of 1, Php2.00 at the age of 2 and so forth. PS Bank does present a better option for opening a bank account. I think they do offer online banking, so that’s a plus. 🙂
Fred says
December 20, 2013 at 12:18 amA passbook is very exciting for kids. Up to this age, I never gave up my old account with a passbook. Most ATM accounts now do not come with a passbook. That PS Bank plan seems to be the best choice.
Kim @ Mom On Duty says
December 20, 2013 at 12:42 pmI’m a BPI depositor so the best choice for my kids is BPI’s Jumpstart. I haven’t opened an account for them yet, though.
Mommy Pehpot says
January 13, 2014 at 6:49 pmsi hubby nga mas gusto BPI.. parang ako na din LOL mukhang OK ung online services nila eh
Kim Reyes says
January 14, 2014 at 4:16 pmI like BPI Express Online and Express Mobile. Ang dali na lang kasi mag bayad and mag transfer ng money. 🙂
Mommy Pehpot says
January 15, 2014 at 9:23 pmganun din sabi ni hubby kaya mas gusto nya bpi 🙂
Peachy @ The Peach Kitchen says
December 20, 2013 at 6:23 pmI opened a PSBank Kiddie saver for my Ykaie 🙂
Mommy Pehpot says
January 13, 2014 at 6:49 pmwala kaseng malapit sa amin 🙁
Wanderer Juan says
December 20, 2013 at 6:32 pmIt is a good thing that children start early when it comes to saving, so that they will know the value of money when they grow up.
jamdaquio says
December 20, 2013 at 9:52 pmPS Bank has no maintaining balance so I guess that would be the best bank so far. hehehe.
jem alvarado says
December 21, 2013 at 12:18 amI also make bank comparison in choosing the best bank. Glad you share it here for our fellow moms.
nadine @ justquixotic says
January 9, 2014 at 1:00 pmAww, this reminds me of how I wasn’t able to save anything from my 13th month. Huhu. But I’m planning to open a savings account soon (one that I promise to never ever mess with!)
Thanks for sharing these, hopefully, I’ll get one for my child, in the future!
mommy peach says
January 10, 2014 at 10:31 pmMay napili ka na bang bank for your kids?
Mommy Pehpot says
January 13, 2014 at 6:42 pmwaley pa.. pinag iisipan ko pa kung BDO (kase convenient), PS Bank dahil ang taas ng interest rate or RCBC..pero gusto ni hubby BPI haha
Pal Raine says
January 11, 2014 at 10:09 amPlanning to open an account for my kids this year. Looking at your comparison table, I wonder how come PS Bank doesn’t have an initial deposit to open an account but they have great perks given. Hmmmm, I am curious by this need to go personally and check out why.
Jonalyn Repalda says
March 16, 2014 at 10:11 amI just open my son savings account for his future in metrobank.
Mary Anne Tapang says
April 8, 2014 at 7:06 amI didn’t know that you can open an account for kids, Thanks for the info Mommy Pehpot.
Arminda Puno De Leon says
April 8, 2014 at 8:04 amMy two boys already have an account with BDO. Soon my bunso naman! But at home they have this dragon piggy banks na gift ng lola nila so they still can save.
Cel Fajardo says
April 13, 2014 at 5:26 pmI opened a PSBank Kiddie saver for my kids and kapag naka 1k na ang savings mo may free insurance pa for your kids, no maintaining balance.. at there early age nila malaman nila ang value ng pagtitipid
elinor semira says
April 17, 2014 at 10:07 pmWe decided to open a BDO Junior Savers for my little kid since mas maraming branches and they are even open on Saturday and Sundays and even during holidays at the mall. We find it very convenient.
Jean Lupangco says
April 21, 2014 at 4:44 pmYour comparison table helps me a lot as I am an OFW and have no time to go in every bank for enquiry. Its actually my daughter who initiated to have a savings account. So I said, push mo yan anak while I am still working abroad. Its been a long time plan actually, but everytime na magbakasyon ako nasi-set aside sya. My mother is the one taking care of my 13 year old daughter. Now, we are thinking to go for RCBC (with high interest) or Metrobank (cause its up to 17 years and with educational trust benefit). I chose these 2 because of the insurance benefits.
monica almayda says
April 29, 2014 at 2:18 pmsuper like
Lai says
May 6, 2014 at 10:07 amI opened PS Bank kiddie savers for my eldest and now I am thinking of opening another for my youngest. I am glad this way I have also taught my eldest how to save money. It really makes him happy to see how much he already have in his bank account 🙂
Ann C. says
May 6, 2014 at 5:34 pmplano ko pong mag open accnt.yung mga kids ko,pra ssa ganun matutuo clang mag ipon pra sa sarili nila…Thanks for sharing this mommyvery helpful 🙂
Sheryll says
December 12, 2014 at 3:16 ami am thinking of opening an account for my son, he is 6 yo and i would like to know what bank ang nag aacept kahit barya braya lang ang idedeposit kasi yung saving na ilalagay ko sa bank is from his “alkansiya”.
Mommy Pehpot says
December 12, 2014 at 8:20 amlahat po nga bangko nag aaccept ng coin deposit (ang alam ko)