14 best savings accounts in the Philippines for the kids

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Thinking of starting an account for your children?

In the Philippines, banks are offering basic deposit accounts for kids. Primarily, they’re marketed to parents to open and invest in these accounts
as soon as they’re able to for variety of reasons. In this article, we’re going to talk about 14 savings accounts that are best for the youngsters in the family.

What are the features of kid-friendly savings accounts?

Bank accounts for kids share the same features as the regular savings accounts such as interest, initial deposit, maintaining balance, and required balance to earn interest. However, kid-friendly ones offer so much more.

  • Lower initial deposit which is great for families on budget.
  • Small maintaining balance.
  • Lower required balance to earn interest.
  • Deposit earns competitive interest rates as the ones available in regular savings accounts.
  • Automatic deduction or fund transfer from parents’ accounts to kids’.
  • Some accounts offer insurance coverage.
  • Some accounts offer educational benefits.
  • Accounts with ATM cards or passbook.
  • Parents can open in-trust-for (ITF) accounts for their very young children.

What are the benefits of opening a savings account for kids?

There are many advantages in opening savings account while children are young. Firstly, they are taught at an early age how to deal with banking. They can also learn to start and appreciate the habit of saving. Because they’re taught the value of money, passive income, and compound interest, they’re more likely to have discipline in terms of managing their own money. This is going develop their characters positively.

Moreover, they’re taught how to prepare for future goals. By saving early and for long-term, they can see how they can achieve financial goals such as schools, camps, hobbies, travel, and others.

Top 14 best savings accounts in the Philippines for children

Without any further ado, these are the top 14 best savings accounts for kids ranked from highest to lowest interest rates.

The top 14 best savings accounts in the Philippines for kids.
The top 14 best savings accounts in the Philippines for kids.

From the image above, you can also see the required balance to earn interest.

BankNameInterest
EquicomKiddie Builders Savings Account1.00%
BPI Family Savings BankJumpstart Savings1.00%
PS Bank Kiddie and Teen Savers Account0.50%
China BankEasi-Save for Kids0.50%
Security BankJunior One Account0.50%
Sterling Bank of AsiaNeo Savings Account0.375%
Metrobank Fun Savers Club0.25%
BPIJumpstart 0.25%
BDOJunior Savers0.25%
MaybankYippie Savings Account0.25%
UCPBStart2Save Junior Savings0.25%
RCBC Wise Savings Account0.15%
Development Bank of the PhilipinesYoung Earners’ Savings Account0.15%
EastWestKiddie Savings Account0.125%

But not only that. To better assist you, we put a comparison on the earnings at the end of 1 year and at the end of 10 years. The amount we’re using is P5,000, as this is the maximum required balance for all of the banks mentioned in the image above.

NameInterestafter 1 yrafter 10 yr
Equicom Kiddie Builders Savings Account1.00%40.00414.71
BPI Jumpstart Savings1.00%40.00414.71
PSBank Kiddie and Teen Savers Account0.50%20.00203.64
Chinabank Easi-Save for Kids0.50%20.00203.64
Security Bank Junior One 0.50%20.00203.64
Sterling Neo Savings Account0.375%15.00152.04
Metrobank Fun Savers Club0.25%10.00100.90
BPI Jumpstart0.25%10.00100.90
BDO Junior Savers0.25%10.00100.90
Maybank Yippie Savings 0.25%10.00100.90
UCPB Start2Save Junior Savings 0.25%10.00100.90
RCBC Wise Savings0.15%6.0060.33
DBP Young Earners’ Savings0.15%6.0060.33
EastWest Kiddie Savings0.125%5.0050.23

As you can see, the Kiddie Builders and the Jumpstart Savings give P40 on the first year while the last on the list only gives P5. That’s like 8x difference. Additionally, after 10 years, the first two give P414.71 of interest, and the last one gives P50.23. That’s a difference of P364.49.

That’s why it really pays to do research. Literally. Of course, you need to read on as each one actually brings more perks, discounts, and benefits on top of the interest earnings.

Below is a summary of the discussion points of the products reviewed in this article. You can click on each link to directly lead you to their details as well as projection on the growth of your savings.

  1. Equicom Kiddie Builders Savings Account
  2. BPI Family Savings Bank Jumpstart Savings
  3. PS Bank Kiddie and Teen Savers Account
  4. China Bank Savings Easi-Save for Kids
  5. Security Bank Junior One Account
  6. Sterling Bank of Asia Neo Savings Account
  7. Metrobank Fun Savers Club
  8. BPI Jumpstart Savings
  9. BDO Junior Savers
  10. Maybank Yippie Savings Account
  11. UCPB Start2Save Junior Savings
  12. RCBC Wise Savings Account
  13. Development Bank of the Philippines Young Earners’ Savings Account
  14. EastWest Kiddie Savings Account

1. Equicom Kiddie Builders Savings Account

The Equicom Kiddie Builders Savings Account offers the highest interest rate in the market. At 1.00% per year, it’s even higher than most of the traditional savings accounts for adults. That’s why it tops our list.

Parents can open accounts for their kids who are younger than 13 years old. They may start an in-trust-for accounts for those who are younger than 7 years old. Bear in mind that there are only three withdrawals allowed each month.

Interest: 1.00%
Initial deposit: P500.00
Maintaining Balance: P500.00
Balance required to earn interest: P1,000

Equicom Kiddie Builders Savings Account offers high interest rate and Maxicare cover.
Equicom Kiddie Builders Savings Account offers high interest rate and Maxicare cover.

When the account reaches P15,000, the kids can avail of free dental insurance coverage as part of being a member of the Kiddie Care Club. Annual oral and dental examination, emergency dental treatment, tooth extraction, among other things are free. For children who are three years old and younger, they’re given free unlimited pediatric consultations available at the Maxicare Primary Care Center.

So, if you deposit P500 at the start and choose to save P1,000 monthly for a new-born kid, this is how your money will grow with Equicom Kiddie Builders Savings Account over time for the next 18 years.

YearDepositBalance
112,500.00
12,564.13
224,500.00 24,725.07
336,500.0036,983.58
448,500.0049,340.46
560,500.0061,796.49
672,500.0074,352.47
784,500.0087,009.19
896,500.0099,767.48
9108,500.00112,628.14
10120,500.00125,591.99
11132,500.00138,659.86
12144,500.00151,832.59
13156,500.00165,111.02
14168,500.00178,496.00
15180,500.00191,988.38
16192,500.00205,589.02
17204,500.00219,298.79
18216,500.00233,118.57

2. BPI Family Savings Bank Jumpstart Savings

The BPI Family Savings Bank Jumpstart Savings allows you to open an account for as little as P100. It comes next in our list with an interest of 0.50% with only P1,000 required balance to earn interest. The maintaining balance is waived for one year on accounts that were opened starting March 16, 2012.

Interest: 0.50%
Initial deposit: P100
Maintaining balance: P500
Balance required to earn interest: P1,000

BPI Family Savings Bank Jumpstart Savings Account with five variants of the debit card.

On top of the low account requirements, the bank allows scheduled automatic transfer to the kid’s account. And the kids can enjoy discounts from participating partner merchants that provide wonderful childhood experiences.

Should you decide to open an account today for a newborn, the table below shows the projection of your funds if you save P1,000 with P100 initial deposit until age 18.

YearDepositBalance
112,000.0012,030.03
224,000.0024,108.25
336,000.0036,234.86
448,000.0048,410.05
560,000.0060,634.01
672,000.0072,906.94
784,000.0085,229.03
896,000.0097,600.49
9108,000.00110,021.51
10120,000.00122,492.29
11132,000.00135,013.02
12144,000.00147,583.91
13156,000.00160,205.17
14168,000.00172,876.98
15180,000.00185,599.55
16192,000.00198,373.10
17204,000.00211,197.81
18216,000.00224,073.90

3. PS Bank Kiddie and Teen Savers Account

The PS Bank Kiddie and Teen Savers Account ties with BPI with interest of 0.50% per annum. The Kiddie account is open to kids 12 years old and younger, while the Teen Savers account is available to teenagers between the ages of 13 and 18 years. It doesn’t require any initial deposit or maintaining balance.

Interest: 0.50%
Initial deposit: none
Maintaining balance: none
Balance required to earn interest: P2,000

PS Bank Kiddie and Teen Savers Account

What’s more, kids are entitled to a free personal accident insurance that’s equal to five times monthly average daily balance. Those who are 7 years old and younger are insured up to a maximum of half a million pesos, while 18 years and younger can be insured up to maximum of P5 million. The account must be active with a daily average balance of P1,000 at the time of claim.

Should you wish to start an account for your baby with P1,000 per month, here’s how the forecast would look like for 18 years.

YearDepositBalance
112,000.0012,030.03
224,000.0024,108.25
336,000.0036,234.86
448,000.0048,410.05
560,000.0060,634.01
672,000.0072,906.94
784,000.0085,229.03
896,000.0097,600.49
9108,000.00110,021.51
10120,000.00122,492.29
11132,000.00135,013.02
12144,000.00147,583.91
13156,000.00160,205.17
14168,000.00172,876.98
15180,000.00185,599.55
16192,000.00198,373.10
17204,000.00211,197.81
18 216,000.00 224,073.90

4. China Bank Savings Easi-Save for Kids

China Bank Savings Easi-Save for Kids is in a three-way tie with BPI and PS Bank with interest of 0.50% per year credited monthly on the deposit. It’s open to children 7 until 12 years, and parents may start an in-trust-for accounts for kids younger than 7 years old.
The account comes with a passbook.

Interest: 0.50%
Initial deposit: none
Maintaining balance: P500
Balance to earn interest: P500

China Bank Easi-Save for Kids
China Bank Easi-Save for Kids

Wondering how much your savings will be when you start saving P1,000 monthly for 18 years? Here’s a projection of the growth of your fund over time.

YearDepositBalance
112,000.0012,026.03
224,000.0024,100.26
336,000.0036,222.87
448,000.0048,394.05
560,000.0060,614.02
672,000.0072,882.95
784,000.0085,201.05
896,000.0097,568.51
9108,000.00109,985.53
10120,000.00122,452.31
11132,000.00134,969.05
12144,000.00147,535.95
13156,000.00160,153.21
14168,000.00172,821.03
15180,000.00185,539.62
16192,000.00198,309.17
17204,000.00211,129.89
18216,000.00224,002.00

5. Security Bank Junior One Account

The Security Bank Junior One Account provides competitive interest rate at 0.50% per annum. It is exclusively offered to children who are 18 years old and younger. When the account is opened, the bank issues either a passbook and/or debit Mastercard.

Interest: 0.50%
Initial deposit: P100
Maintaining balance: P5,000
Balance to earn interest: P5,000

Security Bank Junior One Account

Also, start an account is easy due to the low initial deposit that is required. However, the minimum balance to earn interest is P5,000. Therefore, it’s best to save at least P4,000 when opening an account plus P1,000 savings each month for 18 years old. Below depicts the growth of money over time.

YearDepositBalance
116,000.0016,046.05
228,000.0028,140.36
340,000.0040,283.13
452,000.0052,474.53
564,000.0064,714.77
676,000.0077,004.05
788,000.0089,342.56
8100,000.00101,730.50
9112,000.00114,168.06
10126,655.45126,655.45
11 136,000.00 139,192.86
12 148,000.00 151,780.50
13 160,000.00 164,418.56
14 172,000.00 177,107.25
15 184,000.00 189,846.77
16 196,000.00 202,637.33
17 208,000.00 215,479.13
18 220,000.00 228,372.37

6. Sterling Bank of Asia Neo Savings Account

The Neo Savings Account from Sterlink Bank of Asia comes with a passbook and an ATM card for easy monitoring of funds. The bank accepts any amount for initial deposit and there are no maintaining balance to keep. Interest, which is credited monthly, begins when the balance is at least P2,000.

Interest: 0.375%
Initial deposit: Any amount
Maintaining balance: none
Balance to earn interest: P2,000

Sterling Bank of Asia Neo Savings Account
Sterling Bank of Asia Neo Savings Account

The account is designed specifically for children who are 19 years old and younger. They can start saving as early as they can and see their savings grow.

With the Neo Savings account, you may opt to have initial deposit of P1,000 and another P1,000 each month for 18 years to make sure that your account earns interest from day 1. In which case, below is a forecast of your savings.

YearDepositBalance
113,000.0013,022.52
225,000.0025,081.16
337,000.0037,176.03
449,000.0049,307.23
561,000.0061,474.87
673,000.0073,679.07
785,000.0085,919.92
897,000.0098,197.56
9109,000.00110,512.07
10121,000.00122,863.58
11133,000.00135,252.20
12145,000.00147,678.03
13157,000.00160,141.19
14169,000.00172,641.80
15181,000.00185,179.95
16193,000.00197,755.77
17205,000.00210,369.38
18217,000.00223,020.87

7. Metrobank Fun Savers Club

Metrobank Fun Savers Club is exclusively for kids who are younger than 18 years old. Parents or guardians may open an an in-trust-for arrangement on behalf of kids below 7 years old. There’s a fee of P300 for accounts that fall below the minimum monthly average daily balance for two consecutive months.

Interest: 0.375%
Initial deposit: P100
Maintaining balance: P500
Balance to earn interest: P4,000

Metrobank Fun Savers Club

However, this account is packed with great benefits. Upon opening the account, account-holder receives the following.

  • a passbook.
  • welcome gift including the club membership card.
  • a free education trust benefit worth P50,000 for a monthly average daily balance of at least P4,000.
  • a free personal accident insurance for the parents with the child as the beneficiary worth twice the average daily balance but not more than P1 million pesos for an account with monthly average daily balance of P4,000.
  • exclusive discount program and other benefits with partner merchants such as perks from Active Fun, Fun Houses Corp, Tom’s World Philippines Corp, and Trampoline Park.

With Metrobank Fun Savers Club, you can see your money grow as you save consistently. To make the most out of your account, start with an initial deposit of P3,000 and then save P1,000 monthly. This is to make sure that you get your account earns interest from the get-go. Here’s how the fund would look like.

YearDepositBalance
115,000.0015,019.01
227,000.0027,062.09
339,000.0039,129.27
451,000.0051,220.61
563,000.0063,336.15
675,000.0075,475.95
787,000.0087,640.04
899,000.0099,828.49
9111,000.00112,041.34
10123,000.00124,278.64
11135,000.00136,540.43
12147,000.00148,826.77
13159,000.00161,137.70
14171,000.00173,473.28
15183,000.00185,833.56
16195,000.00198,218.57
17207,000.00210,628.38
18219,000.00223,063.03

8. BPI Jumpstart Savings

The BPI Jumpstart Savings is the same as that of the BPI Family Savings Bank with lower interest rate. It has fund transfer facility to make it easy for parents or guardians to move funds to the child’s account.

Interest: 0.250%
Initial deposit: P100
Maintaining balance: P1,000
Balance to earn interest: P2,000

With an initial deposit requirement of only P100, it’s an easy account to open by any family. The maintaining balance is P1,000, and to earn interest, the account must have daily balance of P2,000.

To maximize returns using the Jumpstart Savings by BPI, it’s best to start with an initial deposit of P1,000 and then save P1,000 each month thereafter for 18 years. By doing so, your account earns interest starting day 1. The table below illustrates the growth of the account

YearDepositBalance
113,000.0013,015.01
225,000.0025,054.07
337,000.0037,117.23
449,000.0049,204.54
561,000.0061,316.05
673,000.0073,451.80
785,000.0085,611.85
897,000.0097,796.24
9109,000.00110,005.02
10121,000.00122,238.24
11133,000.00134,495.95
12145,000.00146,778.19
13157,000.00159,085.03
14169,000.00171,416.50
15181,000.00183,772.65
16193,000.00196,153.54
17205,000.00208,559.22
18217,000.00220,989.73

9. BDO Junior Savers

Let your kids appreciate the value of money and your had work by opening a BDO Junior Savers Account. It is exclusively offered to children who are 12 years old and younger with a required initial deposit of P100 and an interest rate of 0.25%.

Interest: 0.25%
Initial deposit: P100
Maintaining balance: P100
Balance to earn interest: P2,000

Junior Savers is an account for kids offered by the BDO bank.
Junior Savers is an account for kids offered by the BDO bank.

Parents or guardians can also transfer funds seamlessly, and all kids will receive a passbook. Those with a balance of P2,000 and who are at least 7 years old can request for an EMV debit card. The following fees apply as well.

  • P300 for closing the account within 30 days from opening.
  • P300 for failing to keep the minimum monthly average daily balance.
  • P30 for account dormancy when there are no client-initiated activities after 5 years.

The strategy as well as the projection is similar to that of BPI Jumpstart Savings. You may deposit at least P1,000 initially, and then save P1,000 each month for 12 years. Below is an illustration of the forecast.

YearDepositBalance
113,000.0013,015.01
225,000.0025,054.07
337,000.0037,117.23
449,000.0049,204.54
561,000.0061,316.05
673,000.0073,451.80
785,000.0085,611.85
897,000.0097,796.24
9109,000.00110,005.02
10121,000.00122,238.24
11133,000.00134,495.95
12145,000.00146,778.19

10. Maybank Yippie Savings Account

Yippie Savings Account by Maybank allows parents or guardians to start the saving habit for their kids. Base interest rate starts at 0.25%, and accounts with at least P200,000 can enjoy higher interest of 0.50%. The account is offered to children who are 12 years and younger.

Interest: 0.25% to 0.50%
Initial deposit: (did not specify)
Maintaining balance: P500
Balance to earn interest: P5,000

Yippie Savings Account is an exclusive offer for kids by Maybank.
Yippie Savings Account is an exclusive offer for kids by
Maybank.

Aside from the interest rate, account-holders can enjoy the following perks:

  • free personal accident insurance 24/7 that’s equal to five times the past month’s average daily balance with up to half a million coverage.
  • free medical reimbursement up to 10% of the free accident insurance cover.

To come up with a forecast, we assume that you would come up with the initial deposit of P4,000 and P1,000 each month. In this way, the account earns interest from the start. The savings would grow as follows.

YearDepositBalance
116,000.0016,023.01
228,000.0028,070.09
340,000.0040,141.28
452,000.0052,236.63
564,000.0064,356.19
676,000.0076,500.01
788,000.0088,668.13
8100,000.00100,860.61
9112,000.00113,077.49
10124,000.00125,318.82
11136,000.00137,584.65
12148,000.00149,875.03
13160,000.00162,190.02
14172,000.00174,529.65
15184,000.00186,893.98
16196,000.00199,283.05
17208,000.00211,696.93
18220,000.00224,575.01

11. UCPB Start2Save Junior Savings

The UCPB Start2Save Junior Savings allow you to enjoy comparable interest rate for very young savers. With only P100 as opening deposit, it’s one of the lowest in terms of entry requirement in the market.

An in-trust-for account is necessary for kids who are 6 years old and younger, while children between 7 and 19 years old can open a principal account.

Interest: 0.25%
Initial deposit: P100
Maintaining balance: P100
Balance to earn interest: P1,000

UCPB Start2Save Junior Savings Account

Once the account is opened, UCPB issues a passbook and an ATM card. There is a dormancy fee of P30 when the account has no client-initiated activities and monthly average daily balance requirement is not met.

For our strategy, we don’t have to come up with an opening deposit because of the low initial requirement. Instead, below shows a consistent monthly savings of P1,000 for 18 years.

YearDepositBalance
112,000.0012,015.01
224,000.0024,054.06
336,000.0036,117.21
448,000.0048,204.51
560,000.0060,316.00
672,000.0072,451.73
784,000.0084,611.75
896,000.0096,796.11
9108,000.00109,004.85
10120,000.00121,238.03
11132,000.00133,495.70
12144,000.00145,777.90
13156,000.00158,084.68
14168,000.00170,416.09
15180,000.00 182,772.19
16192,000.00195,153.02
17204,000.00207,558.62
18216,000.00219,989.06

12. RCBC Wise Savings Account

RCBC Wise Savings Account is ideal for families who would want their kids to get a head-start for the future. The account comes with a passbook and an ATM card, and the deposit earns 0.15% interest per annum. Individuals who are 21 years and younger can open an account, and they can enjoy free personal accident insurance cover on the first year with an initial deposit of at least P1,000.

Interest: 0.15%
Initial deposit: P100
Maintaining balance: none
Balance to earn interest: P5,000

Wise Savings Account is a savings account for kids offered by RCBC.
RCBC Wise Savings Account

The account doesn’t have any limit on the number of withdrawals done per month. The deposit earns interest for as long as required balance is met. Also, perks, discounts, and other benefits are available from participating partner merchants.

Should you start your Wise Savings Account, the strategy is to ensure that the account is eligible for interest on day 1. That is, you can deposit P5,000 upon opening the account, and below tracks its growth in 21 years.

YearDepositBalance
116,000.0016,013.80
228,000.0028,042.03
340,000.0040,084.70
452,000.0052,141.83
564,000.0064,213.43
676,000.0076,299.52
788,000.0088,400.12
8100,000.00100,515.26
9 112,000.00 112,644.93
10124,000.00124,789.17
11136,000.00136,947.99
12148,000.00149,121.40
13160,000.00161,309.43
14172,000.00173,512.09
15184,000.00185,729.40
16196,000.00197,961.38
17208,000.00210,208.04
18220,000.00222,469.41
19232,000.00234,745.49
20244,000.00247,036.32
21256,000.00259,341.90

13. Development Bank of the Philippines Young Earners’ Savings Account

The Development Bank of the Philippines offers the Young Earners’ Savings Account is opened for all children who are 19 years old and younger. The opening deposit requirement is low at P100, allowing savers to grow their funds over time until they reached the required balance to earn interest.

Interest: 0.15%
Initial deposit: P100
Maintaining balance: P100
Balance to earn interest: P1,000

Development Bank of the Philippines Young Earner’s Savings Account

Upon opening the account, the bank either issues a passbook or an ATM card. Because of the low initial deposit, our strategy can be saving P1,000 each month right away, which would be enough for the account to earn interest. Below tracks the balance with interest earned for 19 years.

YearDepositBalance
112,000.0012,009.00
224,000.0024,032.42
336,000.0036,070.28
448,000.0048,122.58
560,000.0060,189.36
672,000.0072,270.62
784,000.0084,366.39
896,000.0096,476.68
9108,000.00 108,601.50
10120,000.00120,740.89
11132,000.00132,894.84
12144,000.00145,063.39
13156,000.00157,246.55
14168,000.00169,444.33
15180,000.00181,656.76
16192,000.00193,883.85
17204,000.00206,125.62
18216,000.00218,382.08
19228,000.00230,653.26

14. EastWest Kiddie Savings Account

The Kiddie Savings Account is exclusively offered by EastWest. It’s an interest-bearing savings account that is great for kids earning 0.125% per year. It comes with a passbook for easy account management.

Interest: 0.125%
Initial deposit: P2,000
Maintaining balance: P2,000
Balance to earn interest: P2,000

EastWest Kiddie Savings
EastWest Kiddie Savings

The account bears a dormancy fee of P30 per month after 5 years from the last recorded client-initiated transaction. To make a forecast, we’ll assume that you’re willing to put up P2,000 initial deposit and then save P1,000 monthly for 18 years. Here’s how your savings will look like.

YearDepositBalance
113,000.0013,008.50
225,000.0025,029.02
337,000.0037,061.56
449,000.0049,106.14
561,000.0061,162.76
673,000.0073,231.45
785,000.0085,312.21
897,000.0097,405.06
9109,000.00109,510.00
10121,000.00121,627.05
11133,000.00133,756.23
12145,000.00145,897.54
13157,000.00158,050.99
14169,000.00170,216.60
15181,000.00182,394.38
16193,000.00194,584.35
17205,000.00206,786.51
18217,000.00219,000.87