Start them Young: Where to Open a Bank Account for Kids

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:

Allied Bank - PNB

Banco de Oro

Bank of Makati

Bank of the Philippine Islands

Citystate Savings Bank Inc.

Development Bank of the Philippines

Eastwest Bank

Equicom Savings Bank

Insular Bank

Maybank

Metrobank

MVSM Bank

Philippine Business Bank

Philippine Savings Bank

Planters Development Bank

RCBC Savings Bank

Robinsons Bank

Security Bank Corporation

Sterling Bank of Asia

The Real Bank

United Coconut Planters Bank

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