• Home
  • Banking
  • Different Bank Accounts for Children & Youngsters Under Eighteen
Bank Accounts Banking

Different Bank Accounts for Children & Youngsters Under Eighteen

Family saving money in piggy bank

Here are some savings accounts designed by banks, especially for children & teens under eighteen…

BANCO DE ORO BDO

BDO Junior Savers Club

  • The minimum initial deposit is 500 pesos
  • Maintaining average daily balance is 100
  • The minimum balance to earn interest is 500
  • The annual interest rate is 0.5%, subject to withholding tax
  • Specially designed passbook
  • buying card to be used at SM Department Stores and online stores
  • ATM card to get children seven years to 12 years older, with an equilibrium of 2,000 pesos or more
  • ID card to get children six years of age and younger

BDO Power Teens Club

  • For children older than 12 years aged around 19 years older
  • The minimum initial deposit is 2,000 pesos
  • Minimum average daily balance is 2,000
  • The minimum balance to earn interest is 2,000
  • The annual interest rate is 0.5%, subject to withholding tax
  • Specially designed passbook
  • ATM cards that may likewise be utilized as purchasing cards in SM Department Stores and online stores
  • Particular discounts at chosen affiliate stores
BANK OF THE PHILIPPINE ISLANDS and BPI FAMILY

BPI Family Jumpstart Savings

  • For kids 10 to 17 years old
  • That can be an ATM savings accounts
  • The minimum initial deposit is 500 pesos
  • Maintaining average daily balance is
    • 500 to get a BPI Family account – 1,000 to get a BPI accounts
  • The minimum average daily balance to earn interest will be:
    • 1,000 to get a BPI Family account – 2,000 to get a BPI accounts

The annual interest rate is currently 0.625% to get BPI Household and 0.5% to get BPI.

  • Free 4 withdrawals per month (for regulated paying )
  • You could set aside a Secured Savings sum, which you can not quickly draw and can only utilize when necessary.
  • Can place regular automated fund transfers in parents’ BPI accounts
  • ATMs be utilized as purchasing cards in BPI Express Payment System (EPS) shops.
  • Particular discounts at chosen EPS stores
  • It May be utilized to reload cellphones through BPI ATM, BPI telephone 89-100, BPI Express Mobile, or even BPI Online Banking.
METROBANK

Metrobank Fun Savers Club

  • For children under 18 years old
  • The minimum initial deposit is 500 pesos.
  • Maintaining an average daily balance is 500 pesos.
  • Minimum ADB to make attention is 4,000
  • A welcome present was given at the launch of the consideration.
  • Free instructional trust advantage worth 50,000 for account attaining minimum average daily balance (ADB)
  • Free private injury insurance value doubles the average daily balance for balances attaining.
  • minimal ADB (around 1 million pesos)

Special discounts at online affiliate stores

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

– You also can promote saving in a kid you love.

– You can now buy a more Fun Savers Club present check in any Metrobank branch afresh to get no less than 500 pesos. This present test is available to everybody, whether Metrobank depositors or never.

– Your planned receiver ought to be more than 18.

– Your receiver will employ this present check to start a Metrobank Fun Savers Club or add to their present Fun Savers Club account.

RCBC SAVINGS BANK

RCBC WISE Savings Account

WISE signifies Wise Investors Save Historical

  • For kids 7 to 14 years old
  • Parents could start smart accounts within an In-Trust-For (ITF) account for children younger than seven.
  • The minimum initial deposit is 500 pesos.
  • Maintaining equilibrium is 1,000
  • The balance to earn interest is 5,000
  • The annual rate of interest of 0.5%, subject to the 20% withholding taxation
  • It could be only a passbook account or a passbook account with ATM.
  • Complimentary one-piece private injury insurance value 20,000 pesos per child and parent upon
  • opening a brilliant account with an initial deposit of 1,000 pesos and together with all the parents, 65
  • years old or under
  • Could be set for automatic fund transfer in parents’ current RCBC Savings Bank accounts.
EASTWESTBANK

EastWest Cool Savers Kiddie Account

  • For youngsters day-old to 18 years old
  • A passbook account
  • The minimum initial deposit is 2,000 pesos.
  • Maintaining an average daily balance is 2,000
  • Minimum ADB to make attention is 2,000
  • The annual interest rate is 0.5%, subject to a 20% withholding tax.
  • The charge for the below-maintaining balance is 500 pesos per month for internet shopping, online shopping, Online Purchasing, Internet buying, Online banking, debit card, credit card, online banking, shopping, www.shopbycards.com, globe banko, banko, bank account.
  • The 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
  • The minimum initial deposit is 500 pesos
  • The minimum ADB to earn interest is 10,000 pesos
  • The annual interest rate is 0.25%
  • Fund transfers from parents’ UCPB accounts via the Internet or phone banking
  • DEVELOPMENT BANK OF THE PHILIPPINES DBP
DBP Young Earners’ Savings Accounts (YES)
  • for Children ages 12 Decades and below
  • A minimum initial deposit of 500 pesos

DBP In Trust For (ITF) Savings

Opened by parents on 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
  • The minimum ADB is 500 pesos
  • The minimum ADB to earn interest is 5,000
  • The annual interest rate is

-0.5% for ADB from 5k to 199,999 – 1% for ADB 200k and above – subject to 20% withholding tax

  • The choice to Have a free ATM card
  • With personal accident insurance and medical reimbursement benefit

Maybank Yippie Savings Account

  • For kids 12 years old and younger
  • Exact requirements and benefits as above IM Teen Savings Account
STANDARD CHARTERED BANK

Standard Chartered DreamSavers Account

For Kids

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 Main photo ID, original and clear xerox copy

– student ID should bear the signature of the school head

– proof of address like bill, mail, subdivision ID, or barangay certificate with seal

– birth certificate

ROBINSONS BANK

RobinsonsBank Tykecoon Kiddie Savings Account

  • The minimum initial deposit is 2,000 pesos.
  • Maintaining an average daily balance is 2,000
  • The minimum ADB to earn interest is 2,000
  • The annual interest rate is 0.5%, credited monthly, subject to a 20% withholding tax.
CITYSTATE SAVINGS BANK

Citystate Student Savers Account

  • For children 7 to 21 years old
  • The minimum initial deposit is 100 pesos.
  • Maintaining average daily balance is 100
  • The 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
  • The minimum initial deposit is 100 pesos.
  • Maintaining an average daily balance is 100 pesos.
  • The minimum ADB to earn interest is 500
  • The annual interest rate is 0.25%, credited quarterly.
PREMIERE DEVELOPMENT BANK

Premiere Young Savers

  • for Kids from 7 to 17 years old
  • Passbook or ATM account
  • The 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
Basic requirements for opening the above-mention kiddy accounts

Kids from the Philippines that are seven years old and can write and read can lawfully open economies. Time deposit accounts, deposit, and draw, with their signatures and names, based on Presidential Decree No. 734, issued in 1975.

The most usual requirements required to start a savings account for your kids are just one or more of the next. In case you’ve got them, bring all of them if the bank officers request them.

  • Occupational certification of your kid (That is the Number One necessity and may be the only absolute requirement in certain banks)
  • School ID or registration card for pupils
  • Pictures of kids, typically two 1×1 photos, just if
  • Parent’s IDs and photographs to get In-Trust-For accounts for younger kids
  • Baptismal certificate, only if
  • Proof of speech, just if could be a current utility bill or credit card invoice

 

Related posts

The Best Banks That Offer Car Loan in the Philippines

admin

What is E-banking, Online banking or Electronic banking?

admin

How to Apply for a Bank Account?

admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More