Teach Your Child To Save: 12 Kiddie Savings Accounts To Consider

Navigating the world of money—saving, budgeting, managing, investing, and more—is challenging. For parents learning to manage finances, teaching kids about spending, saving, and managing money adds another layer of complexity. If you're wondering what to do with your kids’ aguinaldo or aiming to kickstart their money-saving journey, Smart Parenting has you covered.

Best-selling author and motivational speaker Chinkee Tan emphasizes the importance of saving first before spending, using the principle of 50-25-25. This approach ensures that savings are prioritized, establishing the habit of saving from a young age. He said, “The right money value which I inherited from my parents is to save first before spending. They taught me the principle 50-25-25. For every peso I earn, 50 cents goes to savings, 25 cents goes to investment, and 25 cents goes to spending. If I want to spend one peso, I have to earn four pesos so that two pesos go to savings, one peso goes to investing and one peso for spending. That is how I acquired the habit of saving at a young age.

“What is important is that you prioritize your savings. Spend only after you’ve allotted an amount for your savings. Save early, and save regularly.”

Opening a bank account for kids is the first step in teaching them about saving money. Smart Parenting has compiled a list of banks offering kiddie savings accounts, each with unique features.

Philippine Banks Offering Kiddie Savings Accounts:

Metrobank Fun Savers Club

Age requirement: 0 to 17 years old

Initial deposit: P100

Minimum maintaining balance: P500

Maintaining balance to earn interest: P4,000

Interest rate: 0.0625%

Distinct features: The Metrobank Fun Savers Club provides an opportunity for kids to feel involved with their savings journey, as they automatically become a member of the Fun Savers Club. The account opening also includes free personal accident insurance for the parents and educational trust benefits for the child in the event of the parent or guardian’s accidental death. However, unlike other savings accounts for kids, the Metrobank kiddie savings account has no ATM option.

Information link: Metrobank Fun Savers Club

BDO Junior Savers Account

Age Requirement: 0 to 12 years old

Initial Deposit: P100

Minimum Maintaining Balance: P100

Minimum Maintaining Balance to earn interest: P2,000

Interest Rate: 0.0625%

Distinct Feature: The BDO Junior Savers Account comes with an ATM and passbook, perfect for timely monitoring of deposits and withdrawal. A Junior Savers Card is also available for ages 7 and up. Plus, this kiddie bank account can be opened online.

Information link: BDO Junior Savers Account

BPI Jumpstart Savings

Age requirement: 10 to 17 years old

Initial deposit: P100

Minimum maintaining balance: P1,000

Maintaining balance to earn interest: P2,000

Interest rate: 0.0625%

Distinct features: BPI’s Jumpstart Savings account helps kids learn the value of saving money at an early age. Built with several unique features, the Jumpstart Savings Account can help parents instill financial discipline in children. It has Guaranteed Savings feature that protects a portion of the funds from unplanned withdrawals. Allowance Transfer Facility feature also ensures that a child’s allowance gets credited to their Jumpstart Account on a scheduled basis. It also has cell phone reloading via BPI Express Teller ATM, BPI Phone Banking, BPI Mobile Banking Menu, or BPI Online Banking.

Information link: BPI Jumpstart Savings

Security Bank Junior One Savings Account

Age requirement: 18 years old and below

Initial deposit: P100

Minimum maintaining balance: P5,000

Maintaining balance to earn interest: P5,000

Interest rate: 0.0675%

Distinct features: The Security Bank Junior One gives kids the opportunity to earn more through interest rates higher than a regular savings account. They can also learn more about debit cards since it's an optional feature. It also comes with a passbook with an optional debit card. Easy account opening: Account holders can get their Security Bank Everyday Card and SB Online Access the same day the account was opened.

Information link: Security Bank Junior One Savings Account

PSBank Kiddie and Teen Savings Account

Age requirement: 0 to 12 years old for kiddie savers; 13 to 17 years old for teen savers

Initial deposit: Any amount

Minimum maintaining balance: None

Maintaining balance to earn interest: P2,000

Interest rate: Depends on prevailing interest rates

Distinct features: This requires no minimum maintaining balance, so you’re safe from extra charges that other banks would otherwise deduct from the account! Once your child reaches 13 years of age, you can upgrade your kiddie savings account to a teen savings account. There’s also Free Personal Accident Insurance equivalent to five times the monthly average daily balance. It comes with a passbook and ATM for non-ITF accounts.

Information link: PSBank Kiddie and Teen Savings

China Bank Savings Easi-save for Kids

Age requirement: 7 to 12 years old

Initial deposit: P500

Minimum maintaining balance: P500

Maintaining balance to earn interest: P500

Interest rate: 0.125%

Distinct features: The China Bank Savings Easi-save for kids comes with a passbook and can be opened through an In-Trust For (ITF) arrangement. It is an interest-earning savings account for children seven to 12 years old. This account doesn’t have an ATM card. It comes with a passbook instead, which is ideal if you just want to keep the funds in the bank.

Information link: China Bank Savings Easi-Save for Kids

RCBC GoSavers Account

Age requirement: 0 to 21 years old

Initial deposit: P100

Minimum maintaining balance: None

Maintaining balance to earn interest: P5,000

Interest rate: 0.15%

Distinct features: The RCBC GoSavers Account includes three ways to access transaction records: via a passbook, statement of account, or transaction record list. There’s no maintaining balance for this RCBC kiddie savings account. And with just ?100, you can already open an account for your child. Comes with a passbook and an ATM card. There’s also exclusive discounts from partner merchants and free personal accident insurance (valid for a year) for both the account holder and parent/guardian upon an initial deposit of at least ?1,000.

Information link: RCBC GoSavers Account

Equicom Kiddie Builders Savings Account

Age requirement: 0 to 13 years old

Initial deposit: P500

Minimum maintaining balance: P500

Maintaining balance to earn interest: P1,000

Interest rate: 0.50%

Distinct features: The Equicom Kiddie Builders Savings Account is under the bank’s Kiddie Care Program, which provides free Maxicare dental and medical benefits once the account reaches an average daily balance of ?15,000. Account-holders automatically become a member of Kiddie Care Club. Maxicare benefits include annual check-ups, oral prophylaxis, tooth extraction, temporary fillings, and more. Auto-Fund Transfer Arrangement option for a minimum monthly contribution of ?100.

Information link: Equicom Kiddie Builders Savings Account

PNB MyFirst Savings Account

Age requirement: 7 to 19 years old

Initial deposit: None

Minimum maintaining balance: None

Maintaining balance to earn interest: P5,000

Interest rate: 0.100%

Distinct features: The PNB MyFirst Savings Account is an easy way to build your children’s savings. There’s no initial deposit and maintaining balance required. As a bonus, you earn points when you spend using the debit card that comes with the account. No initial deposit and minimum maintaining balance. It also comes with a passbook or a PNB Mabuhay Miles Debit Mastercard that lets you earn points when you shop at select merchants.

Information link: PNB MyFirst Savings Account

Sterling Bank Neo Savings Account

Age requirement: 0 to 19 years old

Initial deposit: Any amount

Minimum maintaining balance: None

Maintaining balance to earn interest: P2,000

Interest rate: 0.375%

Distinct features: The Neo Savings Account is designed for young ones who want to start their savings journey. Because there’s no opening balance requirement, your kids can deposit any amount until the account starts earning interest. You can also access the Neo Savings Account via Sterling Bank Online, BancNet Online, ATMs, and over-the-counter transactions. It comes with a passbook and Visa debit card.

Information link: Sterling Bank Neo Savings Account

DBP Young Earner’s Savings Account

Age requirement: 0 to 19 years old

Initial deposit: P100 or US$50

Minimum maintaining balance: P100 or US$50

Maintaining balance to earn interest: P1,000

Distinct features: With the DBP Young Earner’s Savings Account, you can let your young one save in Philippine pesos or US dollars for a very low initial deposit. Enjoy a one-year grace period that lets you build the balance up to the required minimum balance and start earning interest. It comes with a passbook to help you monitor your transactions or an ATM for easy fund withdrawal when you need it. It provides passbook and ATM allow you to conveniently keep a record of transactions and cash withdrawals.

Information link: DBP Young Earner’s Savings Account

Maybank Yippie Savings Account

Age requirement: 0 to 12 years old

Initial deposit: P500

Minimum maintaining balance: P500

Maintaining balance to earn interest: P5,000

Distinct features: The Maybank Yippie Savings Account is perfect for parents looking for savings and protection. This bank account for kids also offers medical reimbursement benefits and free 24/7 personal accident insurance equal to five times the previous month’s average daily balance or up to ?500,000. The medical reimbursement benefit is equal to 10% of personal accident insurance coverage. It comes with a passbook and debit card.

Information link: Maybank Yippie Savings Account

How to open your child’s bank account:

Step 1. Secure the required documents. Most of the banks require the same documents: birth certificate, school ID, school certificate and passport. If these documents are not available, secure a Barangay Certificate from your local barangay indicating the child’s name, age, address and photo. For parents, two valid government-issued IDs are a must, or any proof of guardianship such as a birth certificate. Some banks also require a photo from both parent and child.

Step 2. Visit the nearest branch. Fill up the necessary forms and submit the requirements for verification. Some banks will require older kids to fill up forms.

Step 3. Deposit the initial amount required. Depending on the bank, an initial amount may be required to open the bank account. Deposit the amount after submitting the requirements.

Step 4. Bank account confirmation. Once the deposit is made, the bank representative will give the deposit slip receipt, which may be required when claiming the ATM and passbook (if available). This means that the child’s bank account is already active. If the bank account has an online facility, registering them in the online account can be done.

Excited to teach kids about money? Share your money-saving stories at Smart Parenting Village!