How to: Open a PSBank Kiddie Savings Account



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. UPDATED: Requires an average daily balance of at least Php2,000 to earn interest

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







Comments

  1. Replies
    1. pwede po b khit hnd kasma yung bata na iaapply???at pwede n po b ang voters id and brgy id n ipresent ng magulang sa pag open ng account n walang maintaining balance??tnx

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    2. Hindi ko sure kung pwede hindi kasama ang bata. Kasama ko kasi mga anak ko nung nag open kami. You may directly ask na lang po sa branch na malapit sa inyo. Voter's ID is a valid ID po.

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    3. Hi mommies..
      Acu po ndi cu kaxama ung anak cu nung nag-open acu ng Kiddie Savings account nia :) pero that was a year ago po..

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  2. 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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    Replies
    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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  3. Gusto ko nga din po mag open ng account para sa mga anak ko.. Parang savings na din nila.. Pwede po ba ganda kahit hindi mo kasama yung bata? Nasa probinsiya po kasi sila, pero dito ko sa Manila now. At dito ko rin sila gusto e open ng account. May malapit din kasi na PSBank sa workplace ko kay dun na rin ako nag open ng account ko. At gusto ko rin eopen ng account nga kids ko. Ma try ko ito e inquire. Thank for this info madam.

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    Replies
    1. When I opened, kasama ko kasi sila. You may ask the bank branch po kung pwede ikaw lang mag open.

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  4. pano po pag 0-12 yrs old? need pa po court order?

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    Replies
    1. What do you mean po? Pakibasa po sa taas yung requirements na prinisent namin sa bank. THanks

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  5. Ung photo po ba 1×1 or 2x2 ng parents ? Or need din po kay lo ?

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    Replies
    1. No need to bring photos po. May camera sila sa bank branch

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  6. Hi, thanks for this. I have kids of different ages and the older kids were able to open their accounts under their own name because they have school IDs. I tried to open one for my toddler kaso sabi nila it has to be opened under my name kasi walang ID si toddler. Nag change kaya sila ng process? My tot is almost 3. Do you think i can open na in her name?

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    Replies
    1. All my kids' accounts are under their names, including my baby's. Pero nakasama yung name ko sa account nila, I forgot the term. My name is also on their passbook.

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    2. Ah, I see, my bigger kids kasi has their names only (I think, hehe). Thanks! I'll check again.

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  7. Thank for this info. :) Helpful.

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