Thursday, December 27, 2012

Bank Accounts for Kids in the Philippines

Another Christmas day has come to pass and most, if not all, kids are surely happy with all the gifts that they have received. Of course among the things that kids received are “Ampao” aside from the most awaited toys in their wishlist. Both my kids opened their gifts Christmas morning and believe me when I say that it took all my powers in trying to convince Kenn to wait and be patient and not to open the gifts until its Christmas. Santa Claus came, as he does every year and Kenn was so eager to sleep after we went to Nanay’s house because he was thinking that Santa Claus might not be able to deliver his gift if he finds him still wide awake on Christmas Eve. He was so happy with the gift he received for this year.

So now that we are preparing for another year, it is time again to save up. Kenn is now 8 so he can already start opening a savings account with a bank. I was searching the different options we have for an account for kids and here are the things that I have stumbled upon:

Metropolitan Bank  and Trust Company
Or widely known as Metrobank, has an exclusive savings account for kids and teens 7-18 years of age. This is a better way of teaching them on the value of saving.
 What are the requirements? See below:
·         Two (2) 1 x 1 recent ID pictures
·         School I.D (must have at least 2 photocopies)
·         Birth Certificate Xerox Copy (bring along the original for verification purposes)
·         Php500 for the initial deposit (and also the maintaining balance)
·         Php4000 balance to earn an interest

Banco De Oro (BDO)
Junior Savers Club
Is a savings account for children who are 12 years and younger.
Initial deposit requirement                          PHP 500.00
Minimum monthly ADB requirement         PHP 100.00
Minimum balance to earn interest PHP 500.00
Interest rate per annum                               0.3750%
 Service Fees and Charges
Account closure within 30 days                  Php 300.00
Below minimum balance                             Php 300.00
Withholding tax for interest earned            20.0%

Power Teens Club
Get a passbook and an ATM Debit card that can be used as a shopping card at selected establishments. Available for teens 13 to 19 years old.
Initial deposit requirement                          Php 2,000.00
Minimum monthly ADB requirement         Php 2,000.00
Minimum balance to earn interest PHP     2,000.00
Interest rate per annum                               0.3750%

Bank of the Philippine Islands (BPI)
They do not offer any applicable account for kids like Kenn but just to give you giuys a heads up, here is what they have:

Initial deposit requirement                          Php100.00
Minimum monthly ADB requirement         Php1,000.00
Minimum balance to earn interest PHP 2,000.00
Interest rate per annum                               0.3750%

Rizal Commercial Banking Corporation (RCBC)
 W.I.S.E. SAVINGS ACCOUNT is open to children ages 7 – 14 years old. For children below 7 years of age, account will be opened as an ITF or In-Trust-For account.

Initial deposit                                                 Php500.00
Maintaining Balance                                     Php1,000.00
Balance to earn interest                                Php5,000.00
Interest rate per annum                               0.5%
Minimum initial deposit to get a FREE Personal Accident Insurance     

Cool Savers Kiddie Account is a savings deposit account for children ages 0 to 18 years with a minimum required initial deposit.

Minimum Initial Deposit:                              P 2,000.00
Maintaining ADB:                                      P 2,000.00
Interest Earning Balance:                           P 2,000.00
Interest Rate:                                      .25% p.a.
Withholding tax:                                            20%
und Access:                                   Over-the-counter/Internet Banking Facility/Mobile Access
Transaction Record:                                      Passbook

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