How To Open A Savings Account For Kids In The Philippines

Opening A Savings Account For Kids/Teens in the Philippines

Can I open a bank savings account even if I’m not of legal age, are there any savings account for kids in the Philippines?

Of course you can and yes there are, some banks here in the Philippines offer a special bank savings account for kids and teens. You should talk to your parents first, and ask if they can help you open your savings account.

Before going to the bank with your parent, make sure you brought these things with you before applying for your savings account:

  • At least two valid IDs that shows your recent picture and your name  (School ID, Passport, Student Driver’s license etc.)
  • Two 1×1 photos of you, latest with your name and picture on it
  • Birth Certificate
  • Your parent or guardian’s valid ID (Passport, Driver’s License, School ID,Voter’s ID, PRC ID, Philhealth card, GSIS e-card, SSS ID, NBI clearance, Police clearance, Senior Citizen ID, OWWA ID, Seaman’s Book, OFW ID and other government IDs)
  • Billing Statement (For them to verify your address, can be your house’s Electric Bill, Water Bill, Credit Card bill, etc.)philippine savings account for kids or teens

The next step that you must do is personally go to the bank where you want to open your savings account, to make things easier for you here is a list of savings account for kids in the Philippines and the banks where you can open get a savings account for kids or teens.

List of Savings Account for Kids or Teens in the Philippines

  1. Bank of Philippine Islands
    Jumpstart Savings
    (BPI)

    Monthly Maintaining Balance: 1,000 pesos
    Minimum Amount to Earn interest: 2,000 pesos (.250% p.a.)
    (BPI Family Savings Bank)

    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 1000 pesos (.500% p.a.)
  2. Banco de Oro Unibank
    Power Teens Club
    Monthly Maintaining Balance: 2,000 pesos
    Minimum Amount to Earn interest: 2,000 pesos (.250% p.a.)
  3. Metrobank
    Fun Savers Club
    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 4,000 pesos (.250% p.a.)
  4. United Coconut Planters Bank (UCPB)
    Kiddie Max Account
    Monthly Maintaining Balance: —- pesos
    Minimum Amount to Earn interest: 10,000 pesos (.250% p.a.)
  5. RCBC Savings Bank
    WISE Savings Account
    Monthly Maintaining Balance: 1,000 pesos
    Minimum Amount to Earn interest: 5,000 pesos (.500% p.a.)
  6. Maybank
    IM Teen Savings

    Monthly Maintaining Balance: 500 pesos
    Minimum Amount to Earn interest: 5,000 pesos (.500% p.a.)
  7. Eastwest Bank
    Cool Savers Kiddie Account
    Monthly Maintaining Balance: 2,000 pesos
    Minimum Amount to Earn interest: 2,000 pesos (.250% p.a.)
  8. Robinsons Bank
    Tykecoon Kiddie Savings Account
    Monthly Maintaining Balance: 2,000 pesos
    Minimum Amount to Earn interest: 2,000 pesos (.375% p.a.)
  9. Development Bank of the Philippines
    Young Earner’s Savings Account
    Minimum Initial Deposit: 100 pesos or 50 US dollar
  10. Standard Chartered
    DreamSavers Account
    Minimum Amount to Earn interest: 25,000 pesos (1% p.a.)
READ ALSO:  15 Things You Can Do To Be Rich And Successful In Life (Part 1)
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