Photo by Chris Potter via flickr creative commons
“Banking on your Future", is a program launched by the Banko Sentral ng Pilipinas (BSP) for students as young as Grade 1. The objective is to educate the youth on the benefits of saving and to create a finance-conscious generation. The project is in partnership with Philippine financial institutions and associations as well as the Department of Education (DepEd).
Teach your child to save his aguinaldo and plan for bigger things ahead. Instilling the habit of saving and thriftiness in your child will make him a prudent, money-wise and responsible adult. Start them young on the basics of economics and open an account for them today for as low as P100.
Related stories:
• 3 Ways to Teach your Kids How to Save
• Easy, clever ways to teach your kids the value of your hard-earned peso
Here are local financial institutions to help you get started:
Bank of the Philippine Islands
Development Bank of the Philippines
Allied Bank - PNB
Product: Star Kiddie Club
Age requirement: 12 years old and below
Initial Deposit: P100
Maintaining Balance: P1,000
Minimum ADB (average daily balance) to earn interest: Php 1,000.00
Interest rate: 0.25%
Privileges/perks: Specially designed passbook
Requirements:
• School ID
• Birth certificate
• Two (2) valid IDs of parent or guardian
• Two (2) pieces 1x1 ID photo
Head office: Pres. Diosdado Macapagal Boulevard, Pasay City
List of PNB-Allied Branches: www.pnb.com.ph/index.php
Website: www.pnb.com.ph
Contact number: (02)816-5575 (24/7 PNB customer service)
E-mail: customercare@pnb.com.ph
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Banco de Oro (BDO)
Product: Junior Savers Club (JSC), Junior Savers - Banking on Your Future (JS-BOYF) and Power Teens Club (PTC)
Age requirements:
• JSC: 7 - 12 years old
• JS-BOYF: 12 years old and below
• PTC: 13 - 19 years old
Initial Deposit:
• JSC: P500
• JS-BOYF: P100
• PTC: P2,000
Maintaining Balance:
• JSC: P100
• JS-BOYF: P100
• PTC: P2,000
Minimum ADB (average daily balance) to earn interest:
• JSC: P500
• JS-BOYF: P500
• PTC: P2,000
Interest rate: 0.25% per annum
Privileges/perks:
• Passbook
• Pencil case
• Shopping card that can be used in all SM Department Stores; discounts and freebies at participating establishments
• ATM card for 7 years old and up with at least P2,000 balance
• ID card for 6 years old and below
Requirements:
• Parent/legal guardian should be present in opening the account
• Two (2) valid IDs of parent/s or guardian
• 1×1 ID picture of the parent/s or guardian and child
• Original and photocopy of child’s birth certificate
• School ID
Conditions: When JS-BOYF balance reaches P500.00, it will be upgraded to the regular JSC account.
Head office: 7899 Makati Avenue, Makati City
Branches: https://www.bdo.com.ph/branches-atms-locator
Website: https://www.bdo.com.ph
Contact no: (02)631-8000
E-mail: https://www.bdo.com.ph/contact-us
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Bank of Makati
Product: Kidz Savers Account
Age requirement: 7 to 17 years old
Initial Deposit: P100
Maintaining Balance: P100
Minimum ADB (average daily balance) to earn interest: P1,000
Interest rate: 1% per annum
Privileges/perks: Passbook
Requirements:
• Birth certificate
• School ID
• 2 pcs 2x2 ID photo
Head office: 44 Sen. Puyat Ave., Makati City
Branches: http://www.bankofmakati.com.ph/contacts/bank-branches.html
Website: http://www.bankofmakati.com.ph
Contact no: (02)889-0000
E-mail: customerservice@bankofmakati.com
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Bank of the Philippine Islands (BPI)
Name of product: Jumpstart Savings
Age requirement: 10 - 17 years old
Initial Deposit: P500
Maintaining Balance: P1,000
Minimum ADB (average daily balance) to earn interest: P2,000
Interest rate: 0.25% per annum
Privileges/perks:
• Jumpstart card
• Four (4) free withdrawals a month
• Discounts and privileges at affiliated establishments
• Reload mobile phone via ATM with jumpstart card
Requirements:
• Two (2) valid IDs
• Two (2) recent 1x1 colored pictures
Head office: 109 Paseo De Roxas Corner Dela Rosa Street, Makati
Branches: info.bpiexpressonline.com
Website: http://bpiexpressonline.com/
Contact no: (02)891-0000
E-mail: https://www.mybpimag.com/form/Email:-us/contact-usa.php
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Citystate Savings Bank Inc.
Product: Student Savers Account
Age requirement: 7 years old to 21 years old
Initial Deposit: P 100
Maintaining Balance: P 100
Minimum ADB (average daily balance) to earn interest: P500
Interest rate: 0.25%
Privileges/perks:
• Online signature verification
• Passbook for 0-12 years old
• ATM for 13 years old and above
Requirements:
• Birth certificate
• Two (2) pieces 1x1 or 2x2 photo of child and parent
• Valid IDs of child and parent
Conditions: For younger children who can not affix signature, parent or guardian can open an account under ITF (In-Trust-For).
Head office: Citystate Centre Building 709 Shaw Boulevard Brgy. Oranbo, Pasig City
Branches: http://www1.citystate.com.ph/location_branches.php
Website: www.citystate.com.ph
Contact no: (02)470-3333
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Development Bank of the Philippines (DBP)
Product: Young Earners' Savings Account (YES), Regular Savings Account
Age requirements:
• YES: 6 yrs old and below
• Regular: 7 yrs old and above
Initial Deposit:
• YES: P100 or USD 50
• Regular: P500
Maintaining Balance:
• YES: P100
• Regular: P500
Minimum ADB (average daily balance) to earn interest: P500 for both accounts
Interest rate: 0.25%
Privileges/perks: Philippine peso or US dollars accepted
Requirements:
• YES
- Photocopy of birth certificateo
- Parent’s two (2) valid IDs and two (2) pieces ID photo
• Regular:
- School ID for regular account
Condition: Parents or the guardian have to open the YES account under ITF. Regular accounts will be under the child’s name.
Privilege/perks: Passbook
Head office: Sen. Gil J. Puyat Avenue corner Makati Avenue, Makati City, Philippines
Branches: www.dbp.ph/about.php
Website: www.dbp.ph
Contact nos.: (02)818-9511 to 20 or (02)818-9611 to 20
E-mail: info@dbp.ph
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East West Bank
Product: Cool Savers Kiddie Account
Age requirement: 0-18 years old
Initial Deposit: P 2,000
Maintaining Balance: P2,000
Minimum ADB (average daily balance) to earn interest: P 2,000
Interest rate: 0.25% per annum
Privileges/perks:
• Passbook
• Internet Banking Facility/Mobile Access
Requirements:
• Two (2) valid IDs
• Proof of billing
• 2x2 ID photo
Head office: Beaufort, 5th Avenue corner 23rd Street, Bonifacio Global City, Taguig City
Branches: http://www.eastwestbanker.com/tool/branch_list.asp
Website: http://www.eastwestbanker.com
Contact no: (02)888-1700
E-mail: service@eastwestbanker.com
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Equicom Savings Bank
Product: Kiddie Builders Account
Age requirement: 13 years old and below
Initial Deposit: P500
Maintaining Balance: P1000
Minimum ADB (average daily balance) to earn interest: P5,000
Interest rate: 1.0% interest rate per annum
Privileges/perks: Free dental and medical benefits from Maxicare and Metro Dental upon reaching an account balance of P15,000
Conditions:
• In a month, withdrawal must not be more than three (3) times
• Account for 7 years old and below must be under ITF
Requirements:
• Two (2) valid ID’s of the parents or the guardian
• Photocopy of the School ID of the Child (if applicable)
• Photocopy of the Birth Certificate of the child
• One (1) ID photo (any size) of the guardian and child
Conditions: Maximum withdrawal limit of up to three (3) times within a month
Head office: 219 Salcedo St., Legaspi Village, Makati City
Branches: http://www.equicomsavings.com/list-of-branches
Website: http://www.equicomsavings.com/
Contact no: Equicom 24/7 Customer Service at (02)241-5952 or (02)893-2540 to 41
E-mail: eqbcustomerservice@equicomsavings.com.ph.
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Insular Bank
Product: Youth Savers Account
Age requirements: 7-17 years old; ITF account for children 0-6 years old
Initial Deposit: P100
Maintaining Balance: P100
Minimum ADB (average daily balance) to earn interest: P1,000
Interest rate: 1.5%
Privileges/perks: Passbook
Requirements:
• Birth certificate
• Two (2) pieces 1x1 or 2x2 ID photo of child and parent
• School ID
• Parent's 2 valid ID and proof of billing
Head office: G/F Net Plaza 31st Street, Bonifacio Global City, Taguig, Metro Manila
Branches: http://insularbank.ph/cms/branches
Website: http://insularbank.ph/
Contact no: (02)804-1370
E-mail: http://insularbank.ph/cms/contact-us
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Maybank
Product: Yippie Savings Account and IM Teen Savings Account
Age requirements:
• Yipee: 12 years old and below
• IM: 13 to 17 years old
Initial Deposit:
• Yipee: P500.00
• IM: P500.00
Maintaining Balance:
• Yipee: P5,000
• IM: P5,000
Minimum ADB (average daily balance) to earn interest:
• Yipee: P5,000.00
• IM: P5,000
Interest rates:
• Yipee: 0.05% to 1% per annum
• IM: 0.25% to .5 % per annum
Privileges/perks:
• Passbook
• ATM card free accident insurance
Requirements:
• 2 valid IDs with photo (with at least one issued by the government)
• Proof of billing
• Birth Certificate
Head office: Maybank Corporate Centre 7th Avenue corner 28th Street Bonifacio High Street Central Bonifacio Global City
Branches: www.maybank2u.com.ph
Website: http://www.maybank2u.com.ph
Contact no: (02)588-3888
E-mail: customerservice@maybank.com.ph
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Metrobank
Product: Fun Savers Club
Age requirement: Teens under 18
Initial Deposit: P500
Maintaining Balance: P500
Minimum ADB to earn interest: P4,000
Interest rate: 0.25% per annum
Privileges/perks:
• Welcome gift
• Educational trust benefit worth P50,000
• Personal accident insurance
• Exclusive discounts and privileges from partner establishmentsRequirements:
• Two (2) pieces 1x1 recent ID photos
• Two (2) photocopies of school ID
• Photocopy of birth certificate
Requirements for In-Trust-For (ITF) accounts:
• Original birth certificate of the minor
• Two (2) valid IDs of parent/guardian• 1x1 picture of the parent/guardian
• One (1) photo of the minor
Head office: Metrobank Plaza Bldg, Sen. Gil J. Puyat Ave, Makat
Branches: http://www.metrobank.com.ph/locate_branch.asp
Website: http://www.metrobank.com.ph
Contact no: (02)870-0700
E-mail: customercare@metrobank.com.ph
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MVSM Bank
Product: Regular savings account
Age requirement: For children 7 years old and below, account can opened by the parent.
Initial Deposit: P100
Maintaining Balance: P100
Minimum ADB (average daily balance) to earn interest: P500
Interest rate: 0.25% per annum
Privileges/perks: Passbook
Requirements:
• Valid ID or school ID
• Two (2) pieces 1x1 or 2x2 ID photo of the parent and child
• Birth certificate
Head office: 389 J.P. Rizal St., Sto. Nino, Marikina City
Branches: http://www.mvsmbank.com/contact2.html
Website: http://www.mvsmbank.com/
Contact no: (02)681-0075 and 681-6984
E-mail: feedback@mvsmbank.com
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Philippine Business Bank
Product: Campus Savers
Age coverage: Students from elementary to college level
Initial Deposit: P100.00
Maintaining Balance: P100
Minimum ADB (average daily balance) to earn interest: P500
Interest rate: 0.25% p.a.
Privileges/perks: Passbook
Requirements:
• School ID and registration of school
• Two (2) pieces 2x2 ID
• Child must already be able to affix his own signature.
Conditions: Parents can open an ITF account for very young children who can not affix signature. Maintaining balance for ITF account is P1,000.
Head office: 350 Rizal Avenue Extension cor 8th Ave. Grace Park Caloocan City
Contact no: (02)363-3333
Branches: http://www.pbb.com.ph/metro_manila.htm
Website: http://www.pbb.com.ph
E-mail: info@pbb.com.ph
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Philippine Savings Bank
Products: Kiddie Savers Account and Teen Savers Account
Age requirements:
• Kiddie savers: 0-12 years old
• Teen Savers Accounts: 13-18 years old
Initial Deposit: Any amount
Maintaining Balance: None
Minimum ADB (average daily balance) to earn interest: Any amount
Interest rate: 0.5%
Privileges/perks:
• Free personal accident insurance
• Passbook
Requirements:
• Completely filled-out bank forms
• Additional requirements for legal guardians opening an ITF account
• Valid IDs
• Parents / legal guardian's primary ID or two (2) valid secondary IDs, one of which with photo and signature/s of child/children or ward/s
• Birth Certificate
• Passport or School ID
Conditions: Kids / teens from 7-17 years old should be accompanied by his parent(s) or legal guardian/s during account opening. Kiddie Savers Account may be opened as an In-Trust-For (ITF) account.
Head office: PSBank Center, 777 Paseo de Roxas Avenue corner Sedeño Street Makati City
Branches: http://www.psbank.com.ph/psbank-branch-directory_makati.aspx
Website: http://www.psbank.com.ph
Contact no: (02)845-8888
E-mail: http://www.psbank.com.ph/psbank-contact-us.aspx
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Planters Development Bank
Products:
• SME Kiddie Club
• SME Teen ClubAge requirements:
• SME Kiddie Club: 7 to 12 years of age
• SME Teen Club: 13 to 19 years of age
Initial Deposit:
• SME Kiddie Club: P500
• SME Teen Club: P1,000
Maintaining Balance:
• SME Kiddie Club: P500
• SME Teen Club: P1,000
Minimum ADB to earn interest:
• SME Kiddie Club: P1,000
• SME Teen Club: P2,000
Interest rate: 0.5% per annum for both accounts
Privileges/perks: Fund transfer option
Requirements:
• Birth certificate of child
• Child must be physically present upon opening of account
• Two (2) pieces 1x1 ID photo of parent and child
• Valid ID of parent and child (school ID)
Conditions: Children 6 years old and below can be enrolled under ITF
Head office: Plantersbank Building 314 Sen. Gil Puyat Avenue Makati City
Branches: http://www.plantersbank.com.ph/branches/
Website: http://www.plantersbank.com.ph/
Contact no: (02)812-5325
E-mail: customerrelations@plantersbank.com.ph
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RCBC Savings Bank
Product: WISE Savings Account
Age requirements: 7 – 14 years old
Initial Deposit: P500
Maintaining Balance: P1,000
Minimum ADB (average daily balance) to earn interest: P5,000
Interest rate: 0.5% per annum
Privileges/perks:
• Free personal accident insurance
• Optional ATM / discount card with tie-up to establishments like Fully Booked, Dave's Fun House and Manila Ocean Park
Requirements:
• IDs
• Birth Certificate
• Valid school ID/identification card
Head office: RCBC Savings Bank Corporate Center, 26th and 25th Streets, Bonifacio Global City, Taguig City
Branches: http://www.rcbcsavings.com/?p=39
Website: http://www.rcbcsavings.com
Contact no: (02)555 - 8772
Email: rsbcustomercare@rcbcsavings.com
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Robinsons Bank
Product: Tykecoon Kiddie Savings Account
Age requirement: 18 and below
Initial Deposit: P2,000
Maintaining Balance: P2,000
Minimum ADB (average daily balance) to earn interest: 2,000
Interest rate: 0.25%
Privileges/perks: Passbook
Requirements:
• Filled up documents
• Two (2) valid IDs of signatory
• One (1) photo/picture per signatory
• Proof of billing
Head office: Ground Floor Galleria Corporate Center, EDSA corner Ortigas Avenue, Quezon City
Branches: www.robinsonsbank.com.ph/atmlocator.do
Website: http://www.robinsonsbank.com.ph
Contact no: 637-2273
E-mail: c3@robinsonsbank.com.ph
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Security Bank Corporation
Product: Jr One Savings
Age requirement: 7 to 18 years old, ITF (In-Trust-For) account for 6 years old and below
Initial Deposit: P100
Maintaining balance: P100
Minimum ADB (average daily balance) to earn interest: P4,000
Interest rate: 0.50%
Privileges/perks: ATM card
Requirements:
• Valid ID of parent and child
• Birth certificate of child if without an ID
• Two (2) pieces 1x1 or 2x2 ID photo
Head office: Security Bank Centre 6776 Ayala Avenue, Makati City
Branches: http://www.securitybank.com/branchatm/
Website: http://www.securitybank.com/personal/
Contact no: 887-9188
E-mail: http://www.securitybank.com/contactus/
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Sterling Bank of Asia
Product: Neo Savings Account
Age requirement: 7 to 17 years old, ITF (In-Trust-For) if child is 6 years old and below
Initial Deposit: Any amount
Maintaining Balance: None
Minimum ADB (average daily balance) to earn interest: Php 2,000
Interest rate: 0.375% per annum
Privileges/perks:
• Passbook
• ATM/Visa debit card
Requirements: Valid ID (school ID) or birth certificate of the child. If ITF, birth certificate of child, valid ID of parent.
Head office: Sterling Bank Corporate Center, Ortigas Avenue, Greenhills, San Juan City
Branches: http://www.sterlingbankasia.com/Branches.aspx
Website: http://www.sterlingbankasia.com/
Contact no: (02)721-6000
E-mail: customer.service@sterlingbankasia.com
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The Real Bank
Product: Real Kiddie Savers’ Club
Age requirement: 7 - 12 years old
Initial Deposit: P100
Maintaining Balance: P500
Minimum ADB (average daily balance) to earn interest: P500
Interest rate: 0.5% per annum with interest credited monthly
Privileges/perks: Passbook
Requirements:
• Filled-out application form
• Two (2) Valid IDs of signatory (original & photocopy)
• Two (2) pieces 1x1 ID photo of signatory and child
• Birth certificate of child
• P100 initial cash deposit
Conditions: Parents can open an In-Trust-For (ITF) account if their child is under 7 years old. The account can be transferred to the child's name once he/she reach 7 years old.
Head office: 7th Floor, President Tower, #81 Timog Avenue, Diliman, Quezon City
Branches: http://www.realbank.com.ph/branch-network
Website: http://www.realbank.com.ph/
Contact nos.: (02)990-7325 local 880 to 883
E-mail: http://www.realbank.com.ph/contact-us
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United Coconut Planters Bank (UCPB)
Products: Kiddie Max Account and In-Trust-For Accounts (ITF) in behalf of children 0-6 years old
Age requirements: 0-17 years old
Initial deposit: P500
Maintaining Balance: P1,000
Minimum ADB to earn interest: P10,000
Interest rate: 0.25%
Privileges/perks:
• Passbook
• ATM card
• Accountholders 16-17 years old shall be issued ATMs and allowed to enroll to UCPB Connect, Mobile Phone Banking Service or Telebanking.
Requirements:
• Birth Certificate
• 2x2 ID picture
• Proof of billing for utilities or ccredit card bills of parent/guardian
• Two (2) valid IDs of parents/guardian
• School ID of children and teens 7 to 17 years old
Conditions: With written parental conformity if account holder is less than 16 years old. ITF accounts shall be converted to a Kiddie Max when the child turns 7 years old, Kiddie Max accounts shall be converted to UCPB Regular ATM accounts on the child's 18th birthday.
Head office: UCPB Corporate Offices, 7907 Makati Avenue, Makati City
Branches: http://www.ucpb.com/lzBlank_Network_index.php
Website: http://www.ucpb.com/UCPB_Product&Services_Accounts.php
Contact no: (02)811-9111
E-mail: crc@ucpb.com
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