DIY

How to: Open a PSBank Kiddie Savings Account

1:31 PM



We've always wanted the kids to have their own bank accounts where we can save the money they were gifted with, and for them to learn as well about money and banking.

We opened Kuya V his own account when he was a toddler at BDO. However, there was always a long queue at BDO so we decided to open another account, this time with PSBank since it's the bank nearest our place and the waiting time there is shorter.

We also got Toddler Z and Baby I their accounts with PSBank right after they were Christened since they got angpaos.

We opened ITF (in-trust-for) accounts for them.


What is a Kiddie Savers Account?

The PSBank Kiddie Savers Account is a savings account for children from 0-12 years old. Once Kuya V turns 13, his account will be changed to the PSBank Teen Savers Account, which is for teens 13-18 years old.


What are the requirements?

I only brought two things when I opened accounts for my kids: the kids' NSA/NSO certified birth certificates and a valid ID.

Yup, only two. They don't even require an initial deposit. How cool is that?


Process:

1. Go to a PSbank branch and approach the New Accounts desk.

2. Present your valid ID and your child's certified birth certificate.

3. Fill out bank forms and signature cards

4. Photo capture of parent and/or child

5. Present your initial deposit, if any

6. Wait for your child's passbook (ATM upon request) and copy of insurance coverage.

7. Done in less than 30 minutes!



What I liked about the PSBank Kiddie Savings Account:

1. These accounts do not require an initial deposit.

2. They do not require a maintaining balance so kahit laman ng alkansya ng anak nyo pwede yun ang laman ng bank accounts nila. In fact, we deposit in their bank accounts the coins gathered from our piggy banks.

3. Accounts continue to earn interest regardless of the balance.

4. Free personal accident insurance. Your kid could get insurance coverage equivalent to five times the value of his daily average balance.

5. Easy access to funds. I can enroll and access my kids' accounts on my PSBank online/mobile app account







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3 comments

  1. This sounds promising, sis! I love it! Ito na siguro ang hinihintay kong way para maka-open ako ng bank account for my kids. :)

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    1. Nafru frustrate kasi ako sa pila sa BDO kaya nakapag open sa PSBank. Lam mo ba lately ko lang nalaman na kahit wala pala initial deposit pwede. At walang minimum balance so kahit barya, kumikita ng interest ang mga bata. So panalong panalo si PSbank :)

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