Different Bank accounts for Children & Youngsters Under Eighteen

Here are some savings accounts designed by banks especially for children & teens under the age of eighteen...

BANCO DE ORO BDO

BDO Junior Savers Club

  • For childrinternet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko accounten 12 years old and younger
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 100
  • Minimum balance to earn interest is 500
  • Annual interest rate is 0.5 %, subject to withholding tax
  • Specially designed passbook
  • Shopping card for use at SM Department Stores and affiliate shops
  • ATM card for kids 7 years to 12 years old, with balance of 2,000 pesos or more
  • ID card for kids 6 years old and younger


BDO Power Teens Clubinternet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko account

  • For children older than 12 years old up to 19 years old
  • Minimum initial deposit is 2,000 pesos
  • Minimum average daily balance is 2,000
  • Minimum balance to earn interest is 2,000
  • Annual interest rate is 0.5 %, subject to withholding tax
  • Specially designed passbook
  • ATM card, which can also be used as shopping card at SM Department Stores and affiliate shops
  • Special discounts at selected affiliate shops
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BANK OF THE PHILIPPINE ISLANDS and BPI FAMILY

BPI Family Jumpstart Savings

  • For children 10 to 17 years old
  • This is an ATM savings account
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 
  • - 500 for a BPI Family account    - 1,000 for a BPI account
  • Minimum average daily balance to earn interest is:
  • - 1,000 for a BPI Family account    - 2,000 for a BPI account
  • Annual interest rate is 0.625 % for BPI Family and 0.5 % for BPIinternet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko account
  • Free 4 withdrawals per month (for controlled spending)
  • Can set aside a Guaranteed Savings amount, which you cannoteasily withdraw and you can use only when really needed
  • Can set regular automatic fund transfer from parents' BPI account
  • ATM can be used as shopping card at BPI Express Payment System (EPS) stores
  • Special discounts at selected EPS shopsinternet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko account
  • Can be used to reload cellphones via BPI ATM, BPI phone 89-100, BPI Express Mobile, or BPI Online Banking.

METROBANK

Metrobank Fun Savers Club

  • For children below 18 years old
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 500 pesos
  • Minimum ADB to earn interest is 4,000
  • Welcome gift given at opening of account
  • Free educational trust benefit worth 50,000 for accounts reaching minimum average daily balance (ADB)
  • Free personal accident insurance worth twice the average daily balance for accounts reaching 
  • minimum ADB (up to 1 million pesos)

Special discounts at affiliate shops

For grandparents, parents, other relatives, friends, ninongs and ninangs:

- You can encourage saving in a child you love.
- You can purchase a Fun Savers Club gift check at any Metrobank branch over-the-counter for a minimum of 500 pesos. This gift check is available to all, whether Metrobank depositor or not.
- Your intended recipient should be younger than 18.
- This gift check will be used by your recipient to open a Metrobank Fun Savers Club or addto his/her existing Fun Savers Club account.


RCBC SAVINGS BANK

RCBC WISE Savings Account

WISE means Wise Investors Save Early

  • For children 7 to 14 years old 
  • For children younger than 7, parents can open a WISE account as an In-Trust-For (ITF) account
  • Minimum initial deposit is 500 pesos
  • Maintaining balance is 1,000
  • Balance to earn interest is 5,000
  • Annual interest rate of 0.5 %, subject to the 20% withholding tax
  • Can be purely a passbook account, or a passbook account with ATM
  • Free one-year personal accident insurance worth 20,000 pesos each for parent and child upon 
  • opening a WISE account with an initial deposit of at least 1,000 pesos and with the parent 65 
  • years old or below
  • Can be set for automatic fund transfer from parents' existing RCBC Savings Bank accounts.

EASTWESTBANK

EastWest Cool Savers Kiddie Account
  • For kids day-old to 18 years old 
  • A passbook account
  • Minimum initial deposit is 2,000 pesos
  • Maintaining average daily balance is 2,000
  • Minimum ADB to earn interest is 2,000
  • Annual interest rate is 0.5%, subjec to 20% withholding tax
  • Charge for below maintaining balance is 500 pesos per monthinternet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko account
  • Charge for two-year dormancy is 500 pesos per month

UCPB 

UCPB Kiddie Max Account
  • For children 0 to 18 years old
  • Passbook or ATM card
  • Minimum initial deposit is 500 pesos
  • Minimum ADB to earn interest is 10,000 pesos
  • Annual interest rate is 0.25%
  • Fund transfers from parents' UCPB accounts via online or phone banking

DEVELOPMENT BANK OF THE PHILIPPINES DBP

DBP Young Earners' Savings Accounts (YES)
  • For kids ages 12 years and below
  • Minimum initial deposit of 500 pesos
DBP In Trust For (ITF) Savings
Opened by parents in behalf of their children younger than 18 years old


MAYBANK PHILIPPINES

Maybank IM Teen Savings Account
  • For teenagers between the ages of 13 to 17 years old
  • (below 18 years old, as posted in their other ads
  • Minimum ADB is 500 pesos
  • Minimum ADB to earn interest is 5,000
  • Annual interest rate is
  • - 0.5% for ADB from 5k to 199,999     - 1% for ADB 200k and above     - subject to 20% withholding tax
  • Option to get a free ATM card
  • With personal accident insurance and medical reimbursement benefit 

Maybank Yippie Savings Account
  • For kids 12 years old and younger
  • Same requirements and benefits as above IM Teen Savings Account

STANDARD CHARTERED BANK

Standard Chartered DreamSavers Account

For children
Annual interest rates of:
- 1.4% for balances 25k to 500k
- 1.6% for 500k to 1M
- 2.2% for 1M to 5M
- 2.3% for 5M to 10M
- 2.5% for 10M and above
Requirements are:
- one valid unexpired primary photo ID, original and clear xerox copy
- student ID should bear signature of school head
- proof of address such as bill, mail, subdivision ID or barangay certificate with seal
- birth certificateinternet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko account


ROBINSONSBANK

RobinsonsBank Tykecoon Kiddie Savings Account
  • Minimum initial deposit is 2,000 pesos
  • Maintaining average daily balance is 2,000
  • Minimum ADB to earn interest is 2,000
  • Annual interest rate is 0.5%, credited monthly, subject to 20% withholding tax

CITYSTATE SAVINGS BANK

Citystate Student Savers Account
  • For children 7 to 21 years old
  • Minimum initial deposit is 100 pesos
  • Maintaining average daily balance is 100
  • Minimum ADB to earn interest is 500
  • Interest credited monthly

PHILIPPINE BUSINESS BANK

Philippine Business Bank Campus Savers
  • For students from elementary to college
  • Passbook account
  • Minimum initial deposit is 100 pesos
  • Maintaining average daily balance is 100 pesos
  • Minimum ADB to earn interest is 500
  • Annual interest rate is 0.25%, credited quarterly

PREMIERE DEVELOPMENT BANK

Premiere Young Savers
  • For children from 7 to 17 years old
  • Passbook or ATM account
  • Minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 500
  • ATM card customized with the child's photo or memorable event
  • Fund transfers from parents' Premiere accounts

internet shopping, nline shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card,online banking, shopping, www.shopbycards.com, globe banko, banko, banko accountPosted on Feb. 06, 2013 by The Author  |  Questions & Comments

Basic requirements for openning the above-mention kiddy accounts

Children in the Philippines who are at least 7 years old and who can read and write can legally open savings and time deposit accounts, deposit and withdraw, using their own names and signatures, according to Presidential Decree No. 734, issued in 1975.

The most common requirements needed to open savings accounts for your children are one or more of the following. If you have them, just bring all of them, in case the bank officers ask for them.

  • Birth certificate of your child (This is the Number One requirement, and can be the sole requirement in certain banks.)
  • School ID or enrollment card, for students
  • Photos of child, usually two 1x1 pictures, just in case
  • Parent's IDs and photos for In-Trust-For accounts for younger children
  • Baptismal certificate, just in case
  • Proof of address, just in case; can be a recent utility bill or credit card statement

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