In our everyday lives, we always spent money to sustain our basic needs and pleasures. In our every move, we use money to buy, to transport, to transact, to live and be happy at all. That’s how important money to us. But are you also reminded that money can be lost in a single of time, that it can’t be forever because one day they may be gone and in the end you will realize that you will need it in the future.
As a parent, we should be vigilant in using our money. We also need to teach our children on how to be thrifty and pleasureless. Money is not that easy to get so they should know how to value even a single coin. Like parents, children should also have their savings for their near future and in times of emergencies. But how then their savings be safe and ensured not to be spent by someone.
To secure the earnings of our kids, we can put them now in a bank under their names. Yes, it is now possible since more banks are offering kiddie accounts which are also covered by teenagers. This program was launched last March 8, 2017, and according to Governor Amando Tetangco, Jr. of
Bangko Sentral ng Pilipinas (BSP), 19 years old and below can be able to open a savings account with a participating bank for just P100.
The accounts does not require minimum maintaining balance when the holder of kiddie account reach 13 years of his age, the account will be converted to a regular savings account. Since 2011, kiddie accounts were introduced aiming to teach young Filipinos to maintain a good money habits and as of now there were 17 banks that had joined the program.
The kiddie banks includes the
Banco de Oro (BDO Junior Savers). In order to open your account in this bank, you should complete a mminimum initial deposit of Php 100.00 and another Php 100.00 for its minimum monthly average daily balance. The minimum balance of Php 2,000 should be also deposited in order to earn interest and will have a gross interest rate per annum of 0.25%. The service fees and charges will be Php 300.00 for account closure, another P300.00 if falling below minimum balance and the same amount for account dormancy. The withholding tax for interest earned will be 20%. The requirements upon opening kiddie account in Banco De Oro are the following; If account will be under the name of the child, present any of the following: (Original copies must be presented for verification) passport, sschool ID signed by the principal/school head, birth certificate issued by Local Civil Registry or NSO. If account will be under the name of the parent/guardian (parental account), present at least two (2) IDs of the parent/guardian, any of the child's ID/document as indicated in above (passport, school ID), adoption papers is also needed if the account is to be opened by the adoptive Parent and guardianship documents if the account to be opened is by the Legal Guardian.
The next banks that offer an account for kids are the
Bank of the Philippine Island and BPI Family Savings Bank (BPI Jumpstart Savings Account). On here, a minimum initial deposit of P100 pesos and a maintaining average daily balance of P500 should be fulfil but for a BPI Family account, P1, 000 is required. The minimum average daily balance to earn interest is P1, 000 for a BPI Family account and also P2, 000 for a BPI account. For the requirements, bring at least two valid IDs and Birth Certificate.
Another bank is the
China Bank Savings - Easi-Save for Kids Passbook. This is open for kids 12 years old and younger. For In-trust-for accounts or ITF accounts, it is also open for children below 7 years old. The initial deposit is 500 pesos and the minimum balance to earn interest is 500 pesos.
The D
evelopment Bank of the Philippines - DBP - Young Earners' Savings Accounts (YES) is also giving chance for kids’ ages 12 years and below to open kiddie saving account. As well as for the DBP in Trust for (ITF) Savings opened by parents on behalf of their children younger than 18 years old. Its minimum initial deposit should be 500 pesos.
The next bank to ensure security of kiddie savings is the
East West Bank. Its minimum initial deposit should be P 2,000.00 and has a maintaining ADB of P 2,000.00. Its Interest earning balance is P 2,000.00 and has an interest rate of 25% per annum and Withholding tax of 20%. The Fund Access is through over-the-counter/Internet Banking Facility/Mobile Access and has a transaction record monitoring through passbook.
The Maybank Philippines - Yippie Savings Account also offers the same. Once you are now a member, you will be benefited of free personal accident insurance 24 hours a day, 7 days a week with coverage equal to 5 times the previous month’s ADB or up to a maximum of Php 500,000 and free medical reimbursement benefit equal to 10% of the personal accident insurance coverage. The funds through a passbook will also be monitored and access them with a regional ATM card which you can use at any Maybank ATMs in Malaysia, Singapore, Cambodia and Brunei free of charge. The Interest rate of 0.250% for balances of Php 5,000 to Php 199,999.99 be applied and 0.500% for balances of Php 200,000 and above. In order to open account in the Maybank Philippines, you should present the requirements including the birth certificate of the child if under the For In-Trust-For (ITF) account, any valid IDs for parents/guardian and for the minors or student who are not yet of voting age, present school ID (photo-bearing and signed by the Principal or Head of Schools), birth Certificate and Library ID. Of course, IDs must be current and unexpired.
The next bank that offers kiddie account is the
Metrobank - Fun Savers Club. The Requirements includes the Child's NSO Birth Certificate, Student's ID duly signed by School Principal or Head of School (for student), Two 1x1 recent ID pictures, and Php 500.00 for the initial deposit (this is also the required maintaining balance) In order to earn interest, the balance should be P4, 000 and its Interest Rate (per annum or year) is 0.25. The Service Fee of P300 will be applied if accounts falling below its maintaining Balance (for 2 consecutive months).
The
Philippine National Bank also offers the same, as well as with the
Philippine Savings Bank which requires the following; completely filled-out bank forms: Customer Information Sheet (CIS) for Individual Clients, Signature Card, Signing Instructions and Acknowledgement of Receipt For, Fully accomplished Interbank Fund Transfer (IBFT) Enrollment form if parents and guardians want to avail of automatic intra-bank fund transfer service, Quit Claim / Waiver signed by the parent or guardian (only for
PSBank Kiddie Savers and Teen Savers Accounts with PSBank Debit Mastercard). There is also additional requirements for legal guardians opening an ITF account, this includes the Customer Information Sheet (CIS) for Beneficiaries and Beneficial Owners, A Court Order as proof of authority to open and operate an ITF account on behalf of the ward/s, Valid IDs and for Parents / Legal Guardians, present at least one primary ID or two valid secondary IDs, one of which with photo and signature. For the Child/ren or Ward/s, present the Birth Certificate issued by the NSO or Certified True Copy issued by the Local Civil Registrar, Passport or School ID (photo bearing duly signed by the principal or head of the school)
Another bank that offers the same service is the
Philippine Veterans Bank, Rizal Commercial Banking Corp. and the RCBC Savings Bank (RCBC-
Wise Investors Save Early (WISE) Savings Account). For the last bank, it requires that children younger than 7, parents can open them a WISE account as an In-Trust-For (ITF) account. The minimum initial deposit would be 500 pesos and a maintaining balance of 1,000. In order to earn interest, the Balance supposed to be is Php 5,000 and an Annual interest rate of 0.5 %, subject to the 20% withholding tax will be applied. Your savings can be put in purely a passbook account, or a passbook account with ATM. A free one-year personal accident insurance worth 20,000 pesos each for parent and child will be insured to them upon registering.
The Security Bank - Junior One Account is also ensuring security for our kiddos saving. You just need an Opening Balance of P100 and P5, 000 as minimum balance to earn interest and be your maintaining balance. The Interest Rate per annum would be 0.5%. Requirements to be submitted would be the ff; for Resident Citizen, Non-Resident Citizen and Resident Alien, present 1 primary valid ID or 2 secondary valid IDs, this is also available for children aged 18 years and below. For children under 5 years old, a parent or legal guardian has to be a joint account holder.
Another bank that opening kiddie account is the
Sterling Bank of Asia -Neo Savings Account. This is for kid’s ages 17 years old and younger. The Initial deposit requires any amount and does not need maintaining balance but the minimum balance to earn interest is 2,000 pesos. The annual interest rate of 0.375% will be added to your account yearly and Passbook and Visa debit card are the available documents for transaction. The last banks in the Philippines that offers the same is the United Coconut Planters Bank and the UCPB Savings Bank (UCPB Kiddie Max Account). The UCPB bank is available for children 18 years old and younger. They are offering passbook or ATM card for the transaction and requires minimum initial deposit of 500 pesos. The Minimum ADB to earn interest is 10,000 pesos and has an Annual interest rate of 0.25%. The bank account can be funded from parents' via online or phone banking.
source:
jbsolis