Teaching children financial literacy from an early age is a crucial step in preparing them for a financially responsible future. One of the most effective ways to start this process is by opening a bank account for kids. In the Philippines, several banks offer specialized accounts designed for children.

In this article, we will explore the best bank accounts for kids in the Philippines and discuss what parents and guardians should consider when making this important financial decision.

Why Open a Bank Account for Your Kids?

Opening a bank account for kids serves several purposes. It not only encourages children to save but also helps them understand the fundamental concepts of money management, such as budgeting and compound interest. Furthermore, it provides a safe and convenient place to store their money, whether it’s their allowances, gifts, or earnings.

What to Consider When Choosing a Bank Account for Your Kids?

Initial Deposit and Maintaining Balance

Banks establish an initial deposit requirement and a minimum balance to maintain for children’s savings accounts. It’s advisable to consider an account with a modest opening and ongoing balance requirements to guarantee that you can comfortably manage it until your child reaches adulthood.

Fees, Features, and Interest Rates

As a guardian, it’s important to be aware of the penalties incurred when the account goes below the required balance or becomes inactive. Some banks may automatically deduct a minimum of ₱300 per month for such charges.

Parents should also review the interest rates to gauge the account’s monthly increase. Typically, the top banks offering children’s savings accounts in the Philippines provide an annual interest rate of 0.5%. On the other hand, certain basic savings accounts do not generate any interest at all.

Benefits

The majority of children’s savings accounts provide both an ATM card and a passbook, which functions as a ledger for account transactions.

Nonetheless, in today’s digital age, accounts can be conveniently overseen online. Opt for a kids’ account that can be established, supervised, and accessed through a mobile app or the bank’s official website.

Branch and ATM Locations

Give preference to banks that have ATMs and branches in close proximity to your location. Not all matters related to your account can be addressed through online or telephone means, necessitating a visit to a physical branch for resolution.

11 Best Kiddie Savings Accounts in the Philippines 2023

1. China Bank Savings Easi-Save for Kids

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
7 to 12 years old	0.125%	₱500	₱500	₱500

2. Equicom Kiddie Builders Savings Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 13 years old	0.50%	₱500	₱500	₱1,000

3. BPI Jumpstart Savings

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
10 to 17 years old	0.0625%	₱100	₱1,000	₱2,000

4. Metrobank Fun Savers Club

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 17 years old	0.0625%	₱100	₱500	₱4,000

5. Security Bank Junior One Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
18 years old and below	0.0675%	₱100	₱5,000	₱5,000

6. PSBank Kiddie and Teen Savings Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 12 years old for kiddie savers; 13 to 17 years old for teen savers	Depends on prevailing interest rates	Any amount	None	₱2,000

7. RCBC GoSavers Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 21 years old	0.15%	₱100	None	₱5,000

8. Maybank Yippie Savings Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 12 years old	0.25%	₱500	₱500	₱5,000

9. PNB MyFirst Savings Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
7 to 19 years old	0.100%	None	None	₱5,000

10. DBP Young Earner’s Savings Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 19 years old	₱100 or US$50	₱100 or US$50	₱100 or US$50	₱1,000

11. Sterling Bank Neo Savings Account

Age requirement	Interest rate	Initial deposit	Minimum maintaining balance	Maintaining balance to earn interest
0 to 19 years old	0.375%	Any amount	None	₱2,000

How to Open a Kid’s Bank Account in the Philippines

Step 1: Document Preparation

Bank account opening requirements may vary, but the initial step involves assembling the typical essential documents:

For children- Obtain a copy of the birth certificate, a school ID, or a school certificate endorsed by the school principal, as well as a passport. If these documents are unavailable, a Barangay Certificate with a photograph of your child and signed by the local Barangay Captain can be obtained. The certificate should include your child’s name, age, and address.
For parents- Prepare two valid government-issued IDs along with your child’s birth certificate or proof of guardianship.
For both the parent and child- A 1 x 1 photograph might also be requested.

Step 2: Pay a Visit to the Closest Branch

Notify the bank staff that you intend to open a kids’ bank account. Hand in the identification cards and supporting documents for validation. After the documents have been confirmed, complete the necessary account opening forms. Depending on your child’s age, some banks may need the child to complete identical forms.

Step 3: Fulfill the Specified Initial Deposit

In addition to furnishing the necessary documents, you may be required to furnish an initial deposit, the amount of which can vary depending on the bank’s policies.

Step 4: Await the Receipt of Your Deposit and Account Opening Documents

After the completion of your account setup, a bank representative will provide you with a deposit slip receipt, which you will need when obtaining the ATM card and passbook. At this stage, the account is officially active.

For some children’s savings accounts, you may need to register the ATM card number online, while others may be enrolled automatically if you possess an online account with the same bank.

Opening a bank account for kids in the Philippines is a valuable step in fostering financial responsibility and literacy in the younger generation. As discussed, there are several banks offering specialized accounts for children, each with its own set of features and benefits.

When choosing the best bank account for your child, consider the child’s age, minimum initial deposit, interest rates, fees, convenience, educational resources, parental control, and the bank’s accessibility. By making an informed decision, you can help your child develop sound financial habits and secure their financial future.