In school, we are not taught how to save, budget, and how to invest. This is why a lot of people somehow fail when it comes to personal financial management when they get thrown to the real world. A lot of books, articles, and blogs revolve around this topic and some people really don’t just get it.


Here in the Philippines, a lot of people fail when it comes to managing their finances. 54 percent of the total population of the Philippines is older than 19 years old. That means that 46 percent of our total population is a minor.

Family Savings Account
Image was taken from One Family | OneFamily.com

What does this mean?

Almost half of the total population is either starting with their real lives or they are just about to see what the world has to offer. These people are the ones still in college, they are to graduate, to get married, and all those adulting things we have experienced or we are yet to experience.

So, if you are a parent, you would want to educate your child while they are still young; not educate like how they are taught in school, but to educate them about managing their finances successfully and effectively.

Read: Relevant Money Lessons you were not Taught in School

In this article, we will be listing the best savings accounts for your children while they are still young. This way, they can somehow train and practice handling their own finances so when they get older, it’s going to be easy for them.

These are the best savings account types for children.

Equicom Kiddie Builders Savings Account

  • Age limit: From 0 to thirteen (13) years old
  • Maintaining Balance to Earn Interest: P1,000.00 will have a 1.00% interest rate
  • Minimum Maintaining Balance: P500.00

Benefits of having the Equicom Kiddie Builders Savings Account:

  1. Having this account will incur free medical and dental benefits from Maxicare when the account balance reaches a total of P15,000.00
  2. An automatic fund transfer arrangement for a monthly minimum contribution of P100.00.
  3. Account holders would be automatically be a member of the Kiddie Care Club.

If you are interested in the Equicom Kiddie Builders Savings Account, you can visit their website by clicking here.

PS Bank Kiddie and Teen Savers Account

  • Age limit: From 0 to twelve (12) years old; twelve (12) to eighteen (18) years old for teen savers.
  • Initial deposit requirement: Any amount
  • Maintaining Balance to Earn Interest: P2,000.00 will have a 0.25% interest rate
  • Minimum Maintaining Balance: Any amount

Benefits of having the PS Bank Kiddie and Teen Savers Account:

  1. It comes with a Passbook and an ATM for non In-Trust-For (ITF) accounts.
  2. No minimum maintaining balance which means no extra charges and no account suspensions. However, the account needs to be deemed as active to avoid floating status.
  3. It comes with a free personal accident insurance equal to five (5) times the monthly average daily balance.

If you want to know the requirements and more information about the PS Bank Teen and Kiddie Savers account, you can visit their website.

Metrobank Fun Savers Club

  • Age limit: From 0 to eighteen (18) years old.
  • Initial deposit requirement: P100.00
  • Maintaining Balance to Earn Interest: P4,000.00 will have a 0.25% interest rate
  • Minimum Maintaining Balance: P500.00

Benefits of having a Metrobank Fun Savers Club account:

  1. It includes a free educational trust benefit worth P50,000.00 with a minimum ADB requirement.
  2. Discounts exclusive to Metrobank Fun Savers Club account holders from different establishments.
  3. Welcome gift for children and for kids.

Read: Applying for an ATM Bank Account in Metrobank

The only downside is that the Metrobank Fun Savers Club has no ATM option. They won’t have an ATM card. If you are looking for more information about this Metrobank Fun Savers club, check their website.


Maybank Yippie Savings Account

  • Age limit: From 0 to twelve (12) years old.
  • Initial deposit requirement: P500.00
  • Maintaining Balance to Earn Interest: P5,000 to P199,999.99 will have a 0.25% interest rate and a 0.50% interest rate for an amount P200,000 and above.
  • Minimum Maintaining Balance: P500.00

Benefits of having a Maybank Yippe Savings Account:

Read: Contact Numbers of Philippine Banks You Need To Know In Cases Of Emergency

  1. It comes with a free personal accident insurance equivalent to give (5) times the previous month’s average daily balance up to P500,000.00.
  2. Includes a free medical reimbursement benefit which is equivalent to ten (10) percent of personal accident insurance coverage.
  3. It includes an ATM card and a passbook which is accessible in other countries like Cambodia, Brunei, Malaysia, and Singapore (FREE OF CHARGE).

If you are interested in getting a Maybank Yippie Savings account, you can view it in their website.

BDO Junior Savers Account

  • Age limit: From 0 to twelve (12) years old.
  • Initial deposit requirement: P100.00
  • Minimum Maintaining Balance: P100.00

The benefits of having a BDO Junior Savers Account:

Read: Opening A BDO Kabayan Savings Account

  1. Children from seven (7) to twelve (12) years old can request a personalized BDO EMV Debit Card when they reach a deposit balance of P2,000.00.
  2. Current BDO accounts can transfer money anytime to any BDO Junior Savers Account through online banking.
  3. It includes a passbook.

More information on BDO Junior Savers Accounts? Visit the BDO website and check what the requirements are if you are interested.

BPI Jumpstart Savings

  • Age limit: From ten (10) to seventeen (17) years old.
  • Maintaining balance to earn interest: P1,000.00 for BPI Family account and P2,000.00 for regular BPI account (0.25% interest rate).
  • Initial deposit requirement: P100.00
  • Minimum Maintaining Balance: P500.00 for BPI Family Account; P1,000.00 for regular BPI Account.

Benefits of having the BPI Jumpstart Savings Account:

Read: How to apply for BPI Savings Account

  1. Program allows cellphone reloading via the BPI Express Teller ATM, Online Banking, BPI Mobile Banking Menu, and the BPI Phone banking. One of the many advantages of the BPI Jumpstart savings vs. other children savings in the Philippines.
  2. Includes a guaranteed Savings feature that protects and secures a part of the funds from withdrawals that are unplanned.
  3. It has a facility called Allowance Transfer. This makes sure that a child’s allowance is credited properly to his or her Jumpstart account on a regular and scheduled basis.

If you are interested, you can learn about this via the BPI website. Check the BPI Jumpstart Savings.

RCBC Wise Savings Account

  • Age limit: From 0 to twenty-one (21) years old
  • Maintaining balance to earn interest: P5,000.00 and will earn a (0.50% interest rate)
  • Initial deposit requirement: P500.00
  • Minimum Maintaining Balance: P500.00

Read: RCBC Telemoney Savings Account for OFW Savings

Benefits of being a member or having an RCBC Wise Savings Account:

  1. Discounts exclusive for RCBC members from partner merchants and clients.
  2. It includes an ATM card and a Passbook.
  3. Both the parent or guardian and the account holder are entitled to a free personal accident insurance when they open at an initial deposit of at least P1,000.00. This is valid for a year.

If you want to learn more about the RCBC Wise Savings Account, you can visit them by clicking here.

These are among the best savings account type for kids or children or minors here in the country. Why are they the best? Well, because of the fact that a majority of them don’t have a minimum maintaining balance and an initial deposit not that high.

Read: Negosyong Pinoy: Starting a PisoNet Business here in the Philippines

Further to those facts, having accounts in these types also has bonuses and incentives that would be beneficial to both the account holders and the parents or guardians of the children.

So, if you are planning on your child’s financial future, make sure to let them exercise their skill in financial planning and budgeting. Start it by getting them their own savings account and these banks are here to help!

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