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?
