Best Savings Accounts For the Kids The Philippines 2023
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.
![](https://pesolab.com/wp-content/uploads/2022/05/best-savings-accounts-for-kids-in-the-philippines.jpg)
What are kid-friendly savings accounts?
Banks in the country today offer parents the flexibility to open savings accounts for their children.
![](https://img.involve.asia/rpss/campaigns_banners/1610940497-2knHduBLWs3NBY6H9e4NKtKaKhnb2hKw.jpg)
They are designed with young kids in mind. If you wish to start teaching your youngsters the value and the discipline of saving, they are one of the best products you can start.
Parents can actually have their own account and a separate one for each of their children.
Since kids are really not eligible to enter into contracts, parents can avail of an “in trust for” or ITF as explained below to open and/or manage account on their behalf.
![kids savings account](https://pesolab.com/wp-content/uploads/2022/05/kids-savings-account.jpg)
Features of kid-friendly savings accounts
They actually have little to no difference at all with any normal bank accounts. So they are opened the same way with the same features.
- Initial deposit. The opening amount is the initial deposit. All banks have required opening amount.
- Ownership. Your proof of ownership is either a passbook, or an ATM card.
- Maintaining balance. The maintaining balance is the level of deposit that is required. Fees are charged to the account once the deposit falls below the maintaining balance.
- Interest. The bank pays regular interest. How much the interest would be depends on the account that you opened and the account balance. It is credited to the account every three months.
- Balance to earn interest. This is the required balance in order for the account to gain interest. The account does not earn anything if it falls below the required amount.
- Tax. All earned interests are taxable up to 20%.
In trust for (ITF) savings accounts
One of the primary features that is worth mentioning is the “in trust for” or ITF. The ITF is an arrangement where the parents open and manage the savings accounts on behalf of their kids.
In the event the parents die, the children become the owner of the account.
The age where kids can take over depends on the bank and even sometimes on the specific deposit product opened for this purpose. For instance, the Equicom’s Kiddie Builders Savings Account allows kids as young as 13 years to be independent and able to own their account.
The ITF in general is an arrangement offered by other institutions, not just banks.
This is used when legal guardians (parents, grandparents, etc.) want to transfer possession of any money that is deposited in a financial company to their offspring. Mutual funds, UITFs, and time deposits are just some of the products that have ITF.
Difference between bank account and savings account for kids
There are quite a number of differences between an ordinary bank account and savings account for kids.
- Lower initial deposit which is great for families on budget.
- Small maintaining balance.
- Lower required balance to earn interest.
- Children can learn and earn passive income. 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. Only one out of four Pinoys have bank accounts.
So as young as they are, your kids are introduced to financial institutions that can actually offer a lot more convenience, benefits, and perks when saving compared to just setting aside coins in a piggy bank.
Secondly, you now have a separate deposit for any windfall intended for your kids. Gifts from ninong/ninang (godparents), grandparents, relatives and friends can all go toward the account, letting these gifts grow in value over time.
They can also learn to start and appreciate the habit of saving. They’re taught the value of money, passive income, and compound interest.
Moreover, they’re taught how to prepare for future financial 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.
PDIC-insured
What makes savings accounts risk-free in general is that deposits are insured by the Philippine Deposit Insurance Corporation. Up to ₱500,000 is protected should the bank shuts down their operation.
Top Philippine Savings Accounts for Children
Without any further ado, these are the 14 savings accounts for kids ranked from highest to lowest interest rates. You can also see the required balance to earn interest.
And see below more complete details such as required opening balance and maintaining balance.
NAME | INTEREST | OPENING BALANCE | MAINTAINING BALANCE | BALANCE TO EARN INTEREST |
---|---|---|---|---|
Equicom Kiddie Builders Savings Account | 0.50% | 500.00 | 500.00 | 1,000.00 |
PS Bank Kiddie and Teen Savers Account | 0.100% | None | None | 2,000.00 |
China Bank Savings Easi-Save for Kids | 0.125% | 500.00 | 500.00 | 500.00 |
Security Bank Junior One Account | 0.675% | 100.00 | 5,000.00 | 5,000.00 |
Sterling Bank of Asia Neo Savings Account | 0.375% | None | None | 2,000.00 |
Metrobank Fun Savers Club | 0.0675% | 100.00 | 500.00 | 4,000.00 |
BPI Jumpstart Savings | 0.0625% | 100.00 | 1,000.00 | 2,000.00 |
BDO Junior Savers | 0.0625% | 100.00 | 100.00 | 2,000.00 |
Maybank Yippie Savings Account | 0.25% | Not indicated | 500.00 | 5,000.00 |
RCBC Go Savers | 0.15% | 100.00 | None | 5,000.00 |
Development Bank of the Philippines Young Earners’ Savings Account | 0.15% | 100.00 | 100.00 | 1,000.00 |
EastWest Kiddie Savings Account | 0.125% | 2,000.00 | 2,000.00 | 2,000.00 |
How much do kid’s savings account earn? With the given interest and withholding tax of 20%, we can make an estimate. The table below supposes that you save ₱12,000 every year (which is ₱1,000 per month) for the next 18 years.
The interests vary from 0.125%, which is the lowest, to 1% which is the highest.
YEAR | SAVINGS | 0.125% | 0.15% | 0.375% | 0.50% | 1.00% |
---|---|---|---|---|---|---|
1 | 12,000 | 12,012 | 12,014 | 12,036 | 12,048 | 12,096 |
2 | 24,000 | 24,036 | 24,043 | 24,108 | 24,144 | 24,289 |
3 | 36,000 | 36,072 | 36,086 | 36,216 | 36,289 | 36,579 |
4 | 48,000 | 48,120 | 48,144 | 48,361 | 48,482 | 48,968 |
5 | 60,000 | 60,180 | 60,216 | 60,542 | 60,724 | 61,455 |
6 | 72,000 | 72,252 | 72,303 | 72,760 | 73,015 | 74,043 |
7 | 84,000 | 84,337 | 84,404 | 85,014 | 85,355 | 86,731 |
8 | 96,000 | 96,433 | 96,520 | 97,305 | 97,744 | 99,521 |
9 | 108,000 | 108,541 | 108,650 | 109,633 | 110,183 | 112,413 |
10 | 120,000 | 120,662 | 120,795 | 121,998 | 122,672 | 125,409 |
11 | 132,000 | 132,795 | 132,954 | 134,400 | 135,211 | 138,508 |
12 | 144,000 | 144,939 | 145,128 | 146,839 | 147,799 | 151,712 |
13 | 156,000 | 157,096 | 157,317 | 159,316 | 160,439 | 165,022 |
14 | 168,000 | 169,265 | 169,520 | 171,830 | 173,128 | 178,438 |
15 | 180,000 | 181,447 | 181,738 | 184,381 | 185,869 | 191,961 |
16 | 192,000 | 193,640 | 193,970 | 196,970 | 198,660 | 205,593 |
17 | 204,000 | 205,846 | 206,217 | 209,597 | 211,503 | 219,334 |
18 | 216,000 | 218,064 | 218,479 | 222,262 | 224,397 | 233,185 |
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
The Equicom Kiddie Builders Savings Account offers the a great interest rate in the market. At 0.50% 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.
As a parent, the best thing that I love about this account is that it offers free medical and dental benefits for your child once the account reaches P15,000.00.
Interest: 0.50%
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.](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/equicom-kiddie-builders-savings-account.jpg?x25177)
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.
Bear in mind that there are only three withdrawals allowed each month.
2. PS Bank Kiddie and Teen Savers Account
The PS Bank Kiddie and Teen Savers Account ties with BPI with interest of 0.25% per annum. The Kiddie account is open to kids 12 years old and younger. It doesn’t require any initial deposit but you have to keep a maintaining balance of P500 to keep the account active.
It does have a pretty high amount for the account to earn interest and you have to keep it at P5,000.00.
Interest: 0.25%
Initial deposit: none
Maintaining balance: none
Balance required to earn interest: P5,000
![](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/psbank-kiddie-and-teen-savers-account.jpg?x25177)
What’s more, kids are entitled to a free personal accident insurance that’s equal to five times monthly average daily balance. All parents are assured that their kids are safe, 24/7.
Your kids are insured up to a maximum of half a million pesos, while 18 years and younger can be insured up to maximum of P7 million.
The account must be active with a daily average balance of P1,000 at the time of claim.
3. 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 0.125% per year credited monthly on the deposit.
![China Bank Savings Easi-Save for Kids](https://pesolab.com/wp-content/uploads/2023/03/China-Bank-Savings-Easi-Save-for-Kids-1024x415.png)
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 for documentation.
Interest: 0.125%
Initial deposit: none
Maintaining balance: P500
Balance to earn interest: P500
4. Security Bank Junior One Account
The Security Bank Junior One Account provides competitive interest rate at 0.0675% 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: 0.0675%
Initial deposit: P100
Maintaining balance: P5,000
Balance to earn interest: P5,000
![](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/Security-Bank-Kiddie-Savings-1.jpg?x25177)
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.
5. 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](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/sterling-bank-of-asia-neo-savings-account.jpg?x25177)
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.
6. 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.
![Metrobank Fun Savers Club](https://pesolab.com/wp-content/uploads/2023/03/Metrobank-Fun-Savers-Club-1024x447.png)
There’s a fee of P300 for accounts that fall below the minimum monthly average daily balance for two consecutive months.
Interest: 0.0625%
Initial deposit: P100
Maintaining balance: P500
Balance to earn interest: P4,000
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.
7. BPI Jumpstart Savings
![bpi jumpstart](https://pesolab.com/wp-content/uploads/2022/05/bpi-jumpstart-1024x430.jpg)
The BPI Jumpstart Savings is the same as that of the BPI Family Savings Bank with lower interest rate for children between 10 and 17 years old. It has fund transfer facility to make it easy for parents or guardians to move funds to the child’s account.
Interest: 0.0675%
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 start an account, deposit an initial deposit of P1,000 and then save P1,000 each month thereafter for 18 years.
7. 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 0.0625%.
![BDO](https://pesolab.com/wp-content/uploads/2023/03/BDO-1024x487.png)
Interest: 0.0625%
Initial deposit: P100
Maintaining balance: P100
Balance to earn interest: P2,000
Parents or guardians can also transfer funds seamlessly, and kids 12 and under 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.
You can also schedule a day and time where your kid’s account would receive money transfer from you. This is a great idea for transferring allowances.
8. 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% which is based on the month to date average daily balance of the account. The account is offered to children who are 12 years and younger.
Interest: 0.25%
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.](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/Maybank-Yippie-Savings-Account.jpg?x25177)
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.
9. 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.](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/RCBC-Wise-Savings-Account.jpg?x25177)
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.
Here are the other features that you can get from the RCBC Wise Savings Account:
- Cashless shopping
- Mastercard Worldwide Acceptance
- Comes with transaction records
- Passbook
- Statement of Account
10. Development Bank of the Philippines Young Earners’ Savings Account
![dbp](https://pesolab.com/wp-content/uploads/2022/05/dbp.jpg)
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
![](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/Development-Bank-of-the-Philippines-Young-Earners-Savings-Account.jpg?x25177)
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.
This account is also available for US dollars, and it has an initial deposit of US $50. The maintaining balance is the same, and the account has to have at least $100 to earn interest.
11. 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](https://web.archive.org/web/20200925095023im_/https://pesolab.com/wp-content/uploads/2019/04/eastwest-kiddie-savings.jpg?x25177)
The account bears a dormancy fee of P30 per month after 5 years from the last recorded client-initiated transaction.
How to open savings account for your kids?
Just like when you open an ordinary bank account, the savings account for kids almost have the same requirements.
Select the best account. With the choices that you’ve just read above, choose the best one that fits for you. See if you want to have just a simple account or one that comes with free healthcare checkup and dental care.
Choose the bank. You should be choosing your bank at the same when you’re choosing the product. However, there might be some cases where you would rather prefer convenient location over product or where your kid is going to have a good time. So, go around and see which one really fits you to a tee.
Research. Make your own research. Each bank has their own set of requirements. Generally, you should prepare ahead of time the following: required initial deposit, identification cards, proof of billing, and birth certificate of your child. You can read on their website or give them a visit.
Open the account. Drop by the bank and open the account. Usually, it takes only one sitting. You may be asked to come back to claim your ATM card or other follow-up steps.
Get your kid involved. Part of your parental responsibility is how to teach your kids the proper management of money. Getting a deposit product for them is just a start. Lead them as they learn financial literacy and develop into conscientious adults.
What to look for in a bank for your kids
Unlike adults, your kids have different needs. What might be a good bank for you isn’t exactly ideal for them. So, check the follow qualities on what to look for in a bank that’s great for your children.
- Great kid-friendly environment. While banks in the Philippines seem to be made out of the same mold, there are banks that put a premium on their young clients. Look for institutions that have a good program for young savers. They’re more likely to have child-friendly staff.
- Location. Make sure that the location of the bank is something that’s ideal for both you and your kid. Do you want to have a bank located inside or away from any malls?
- Lots of perks and benefits. Check if your kids would enjoy the perks and other benefits that come with your deposit.
How to encourage your kids to save
Getting an account opened for your children is just a start. It is equally important that you teach them proper management of their own money. That is, you need to make their open to financial literacy early on and in every step of the way.
- Explain the purpose. Tell them why you’re doing what you’re doing and what the account is intended for. Is it for their future? By helping them understand, they can better learn on the deposit that you’re making
- Set a goal. Be open about the goal you have in mind. Are you preparing for their future needs? Is this for their education? The goal allows them to be focused.
- Set down rules. From the start, make sure that they understand that they have to get involved in the management of funds. For instance, you may want to put all the savings they have from their allowances or gifts they’ve received from their godparents or grandparents into the account.
- Sense of ownership. Get them involved with the management of the account. Let them come along with you when you visit the bank. Keep them updated on interest or account balance regularly.
- Reward positive actions. If your kid would want to put more into the account, support them. An example would be to match the savings they have from their allowances to make a much bigger deposit to their account.
- Have fun. Teach them that savings is fun. Reward them when they’re able to reach a certain savings goal, like probably matching the balance on the account.
Read More:
The Best Savings Accounts in the Philippines
Best Checking Accounts In The Philippines