13 Kiddie Savings Accounts: Mom Who Is a Banker Lists Pros and Cons

I remember enjoying going to the bank with my mom when I was a little girl. Not only did I love staying in the air-conditioned room while waiting for our turn, but I also looked forward to seeing the numbers grow in my bank passbook. 

Every time I received cash gifts from relatives and godparents, my mom would put them in my savings account almost immediately and would show me how much my money has grown. I remembered feeling so good each time I saw how much I saved, and it is this feeling that I carry up to this day each time I am tempted to splurge. Those early moments with my mom marked the beginning of my lessons about the importance of saving. 

Now that I’m a mother myself, I am eager to start teaching my little daughter the value of being prudent with money. She’s only almost 2 years old now, but I’ve already opened a savings account and a mutual fund account under her name. Once she turns 5 years old, I will involve her in managing these accounts, and hopefully, she will discover the thrill of making her savings grow. Like how my mom did with me, I hope I get to teach my little girl that saving money can be as fun and fulfilling as spending it (if not more).

For parents who are interested in teaching their kids about saving, opening a kiddie savings account is one of the easiest ways and most convenient tools to start educating your child about money. These accounts usually require a very minimum initial deposit as well as low maintaining balance. Also, most of them allow you to open an account for your baby as soon as they are born.

To help you decide on which bank to choose to open a kiddie account, here are 13 kiddie accounts offered by local banks with their respective pros and cons. For more details, go to websites by clicking on the bank name.

1. Metrobank Fun Savers Club

Advantages: 

1. Open to children under 18 years old (can be 0 years old)
2. It comes with an additional free education trust benefit worth Php50,000 and personal accident insurance when a minimum average daily balance of Php4,000 is met.
3. Initial deposit requirement – P100 only
4. Minimum maintaining balance – P500 only
5. Exclusive discounts and privileges from partner establishmentsAlso available in dollar currencyA welcome gift upon account opening

Disadvantages: 

• No ATM option (only passbook)Balance to earn interest (0.25%) is relatively higher than others at Php4,000 

2. BDO Kiddie Savers Club

Advantages:

1. Open to children ages 0 to 12 years old
2. Kids who are 7-12 years old may choose to get a personalized Junior Savers ATM Debit Card
3. Required initial deposit – Php100 only
4. Minimum maintaining balance – Php100 only
5. Balance to earn interest (0.25% p.a.) is Php2,000 

Disadvantage: 

• When the child is more than 12 years old, the account will be converted to a regular savings account.

3. BPI Jumpstart Savings

Advantages:

1. Required initial deposit – Php100 only
2. Maintaining average daily balance – Php500 for BPI Family account and Php1,000 for BPI account
3. Balance to earn interest (0.25% p.a.) – Php1,000 for BPI Family account and Php2,000 for BPI account
4. Guaranteed Savings feature that protects a portion of the funds from unplanned withdrawals
5. Allowance Transfer Facility that ensures a child’s allowance gets credited to his/her Jumpstart Account on a scheduled basis.
6. Allows transfers via cellphonePrivileges from partner merchants

Disadvantage: 

• Children ages 10 to 17 years old are the only ones eligible for this account

4. PS Bank Kiddie and Teen Savers

Advantages:

1. It has savings account for children ages 0 to 12 years old (kiddie savings) and teens ages 12 to 18 years old.
2. No minimum initial deposit requirement. You can start with any amount.
3. No minimum maintaining balance so you’ll be safe from extra charges from falling below a certain balance.
4. Balance to earn interest (0.25% p.a.) – Php2,000
5. Free Personal Accident Insurance equivalent to five times the monthly average daily balance
6. Comes with Passbook and ATM for non-ITF (In-Trust-For) accounts

Disadvantage: 

• ITF accounts will not be issued an ATM card

5. Equicom Kiddie Builders Savings Account

Advantages:

1. Open to children under 13 years old
2. Required initial deposit – Php500 only
3. Minimum maintaining balance – Php500 only
4. Higher interest rate of 1.00% p.a. for at least Php1,000 balance
5. Account holders automatically become members of Kiddie Care Club where kids will get perks along with their clubmates
6. Free dental and medical benefits from Maxicare if an average daily balance is at least Php15,000

Disadvantage: 

• Only allows three maximum over-the-counter withdrawals every month

6. RCBC Wise Savings Account 

Advantages:

1. Children ages 0 to 21 years old are eligible to open this account
2. Required initial deposit – Php100 only
3. Maintaining average daily balance – Php500
4. Higher interest of 0.5% interest a year, beginning with Php5,000 average daily balance
5. Account holder and his parent/guardian are entitled to a free personal accident insurance upon opening initial deposit of at least P1,000 valid for a year
6. Has passbook or ATM options
7. Discounts from partner merchants

Disadvantage: 

• Balance to earn interest is relatively higher than others at Php5,000

7. UCPB Start2Save Junior Savings

Advantages:

1. For children who are 0-18 years old
2. Required initial deposit – Php100 only
3. Maintaining average daily balance – Php100
4. Balance to earn interest – Php1,000  

8. East West Kiddie Savings Account

Advantages:

1. For children who are 0-17 years old
2. Balance to earn interest (0.25% p.a.) – Php2,000 

Disadvantages: 

1. Minimum Initial Deposit is relatively higher than others at Php2,000
2. Required maintaining average daily balance to avoid charges is relatively higher at Php2,000
3. No ATM option (only passbook)

9. Maybank Yippie Savings Account

Advantages:

1. For children 0 to 12 years old
2. Minimum balance to keep the account active – Php500
3. Comes with free personal accident insurance equal to five times the previous month’s average daily balance up to Php500,000
4. Comes with free medical reimbursement benefit equal to 10% of personal accident insurance coverage
5. Comes with passbook and ATM (accessible in Malaysia, Singapore, Cambodia and Brunei free of charge)

Disadvantage: 

• Balance to earn interest (0.25%) is relatively higher than others at Php5,000

10. China Bank Savings – Easi-Save for Kids

Advantages:

1. Minimum maintaining balance – Php500
2. Higher interest of 0.5% interest per year beginning at Php500 average daily balance

Disadvantages: 

1. For kids aged 7 to 12 years old only but ITF accounts can be opened below 7 years old
2. No ATM option (only passbook)

11. Sterling Bank of Asia – Neo Savings Account

Advantages:

1. For children ages 19 years old and younger
2. No minimum initial deposit requirement. You can start with any amount
3. No minimum maintaining balance so you’ll be safe from extra charges and fees from falling below a certain balance
4. Relatively higher interest of 0.375% interest p.a. beginning at P2,000 average daily balance
5. Comes with passbook and a Visa debit card

12. Security Bank Junior One Account

Advantages:

1. For children ages 18 years old and younger
2. Minimum balance to keep account active – Php100
3. Relatively higher interest of 0.5% starting at Php5,000 balance
4. Has passbook or debit card options

Disadvantages: 

1. Balance to earn interest (0.5%) is relatively higher than others at Php5,000
2. Minimum maintaining balance is relatively higher at P5,000

13. Development Bank of the Philippines – Young Earners’ Savings Account

Advantages:

1. For children ages 12 years old and younger
2. Required initial deposit – Php100 only
3. Minimum daily balance requirement – Php100
4. Balance to earn interest – Php1,000
5. Available in dollar currency

Teaching a child the value of saving money is one of the surest ways to make sure he is ready for the future. And giving them the responsibility of handling their account is the most effective method to make them discover the joy and fulfillment of building their savings. So go ahead, open for your child a bank account. More than the savings, it’s the lessons and skills he will gain from managing his money that he will bring until he becomes a grown-up.

Hazel Antolin-Rosero is paid to make investment banking deals happen. But she finds the utmost joy in being hands-on working mom to her daughter, Nixi, alongside her loving husband, Ron. In her spare time, she enjoys singing for the Lord, engaging in fun conversations over a good meal and watching her favorite TV series.