- Gift Guide 6 Christmas Gifts That Will Protect Families And Loved Ones During The Pandemic
- Baby Baby Food Menu Ng 30 Days Atbp! Meal Planning Tips Para Sa 6-Month-Old Baby
- Baby Mula Kay Primo Hanggang Kay Alana! Mga Potty Training Techniques Ni Iya Villania
- Health & Nutrition Ano Ang Duphaston At Bakit Ito Nirereseta Sa Buntis?
6 Kiddie Savings Accounts Moms Choose For Their Newborns (Savings And Insurance In One!)Setting up an emergency fund for your children is more important than ever.by Kitty Elicay .
One of the biggest lessons that parents learned during this pandemic is to have an emergency fund. An emergency fund is extra money that you set aside to cover financial surprises that life throws your way, like job loss, medical emergencies, and other unplanned expenses.
A good way to start on this is to open a kiddie savings account for your little one. On our Facebook community, Smart Parenting Village, moms shared that they opened an account for their kids as soon as they turned a year old. But did you know that you can even open a bank account for your baby who’s less than a year old?
6 kiddie savings accounts for your newborn
Having their own bank account is the easiest way to start educating your child about money. “These accounts usually require a very minimum initial deposit as well as low maintaining balance,” writes mom and banker Hazel Antolin-Rosero in an article for SmartParenting.com.ph. “Also, most of them allow you to open an account for your baby as soon as they are born.”ADVERTISEMENT - CONTINUE READING BELOW
So which bank should you choose for your child’s kiddie account? Here are seven that moms chose for their babies.CONTINUE READING BELOWRecommended Videos
PSBank Kiddie Savers
For kids 0-12 years old
There is no minimum maintaining balance required, but you’d need at least an average daily balance of Php2,000 to earn a 0.25% interest per annum (p.a.). You’ll be given a passbook upon application and you can also request for an ATM card.
Each kiddie savers account comes with a free personal accident insurance that is equivalent to five times of your monthly average daily balance (ADB). Children 0-7 years old can be insured against accidental death or disability for a maximum of Php500,000, and children 7-18 years old can have an aggregate limit of Php5 million.
Mommy tip: One mom says she chose PSBank “kasi kaunti lang lagi ang tao at walang pila!”
Metrobank Fun Savers Club
For kids 0 to 17 years oldADVERTISEMENT - CONTINUE READING BELOW
The initial deposit required is Php100, but you’ll need to maintain a minimum of Php500 monthly balance to keep the account open. To earn a 0.125% interest p.a., you’ll need at least Php4,000 in the account.
Accounts that reach the minimum ADB can avail of the free educational trust benefit worth Php50,000. You can also opt for a free personal accident insurance worth twice the ADB, with a cap of Php1 million. You also get exclusive discounts and privileges from partner establishments! A caveat: this is a passbook-only account; there is no ATM option for your kids.
BDO Junior Savers
For kids 0 to 12 years old
The minimum initial deposit and ADB requirement is Php100. To earn interest of 0.25% p.a., you’ll need at least Php2,000 in the account. Once your child turns 7 years old, he or she may apply for a personalized Junior Savers ATM Debit card.ADVERTISEMENT - CONTINUE READING BELOW
Security Bank Junior One
For kids 0 to 18 years old
The minimum initial deposit is Php100 but the minimum maintaining balance and amount needed to earn interest at 0.50% p.a. is Php5,000.
Each Junior One account comes with a passbook and an Everyday Debit Mastercard, which entitles you to benefits such as discounts and perks from partner merchants, no annual fee, and free renewal of the card upon expiry.
Mommy tip: To get free life insurance up to three times your ADB (or a maximum of Php3 million), moms suggest getting an All Access Savings account. This requires Php5,000 opening balance, a Php25,000 maintaining balance, and Php100,000 balance to earn an interest rate of 0.10% p.a.
RCBC Go Savers
For kids 0 to 21 years old
The minimum initial deposit is Php100 and there is no required ADB. To earn interest at 0.15% p.a., you’ll need to have Php5,000 in your account. It comes with a passbook and MyDebit ATM Mastercard, which you can use worldwide.ADVERTISEMENT - CONTINUE READING BELOW
Mommy tip: To get free comprehensive insurance for both parent and child, maintain at least a 6-month ADB of at least Php10,000. It covers life insurance for the parents and personal accident and accident medical reimbursement for the child.
If you’re a Globe subscriber, you can get started on an online bank account powered by CIMB Bank. It offers a high interest rate of 3.1% per annum and you only need 1 valid ID to get started. There’s no minimum deposit and maintaining balance required!
Does your child have a kiddie savings account? Which bank did you choose? Share it with us in the comments! For more bank options, click here.
What other parents are reading
Trending in Summit Network