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!
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
Learn more about PSBank Kiddie Savings account here: https://www.psbank.com.ph/deposits/savings/saving-products-lists/psbank-kiddie-and-teens-savers/
Let me know your thoughts!
ReplyDeletepwede 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
DeleteHindi 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.
DeleteHi mommies..
DeleteAcu po ndi cu kaxama ung anak cu nung nag-open acu ng Kiddie Savings account nia :) pero that was a year ago po..
This sounds promising, sis! I love it! Ito na siguro ang hinihintay kong way para maka-open ako ng bank account for my kids. :)
ReplyDeleteNafru 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 :)
DeleteGusto 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.
ReplyDeleteWhen I opened, kasama ko kasi sila. You may ask the bank branch po kung pwede ikaw lang mag open.
Deletepano po pag 0-12 yrs old? need pa po court order?
ReplyDeleteWhat do you mean po? Pakibasa po sa taas yung requirements na prinisent namin sa bank. THanks
DeleteUng photo po ba 1×1 or 2x2 ng parents ? Or need din po kay lo ?
ReplyDeleteNo need to bring photos po. May camera sila sa bank branch
DeleteHi, 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?
ReplyDeleteAll 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.
DeleteAh, I see, my bigger kids kasi has their names only (I think, hehe). Thanks! I'll check again.
DeleteYou're welcome!
DeleteThank for this info. :) Helpful.
ReplyDeleteYou're welcome! :)
DeleteAno yung 2,000 na required na daily balance? Di ko msydong magets? Upon registration kahit magkano naman ang dala okay lng dba?
ReplyDeletePara kumita ng interest yung savings nung bata, kailangan may average daily balance na 2000 yung account. Kapag below nun, walang interest na kikitain. Yes, to open wala naman required minimum deposit
DeleteATM upon request po diba? may bayad po ba un?
ReplyDeleteWala naman bayad but if I remember correctly, may age lang kung kelan pwede na may ATM. Better ask the bank na lang po to be sure.
DeleteWala kasi atm yung mga kids ko. passbook lang
DeletePassbook lang po yung sa anak q..
DeleteSis need ba na original copy of birtcert ng Kids or ok na xerox?
ReplyDeleteI brought the original copy with me po
DeleteBest to ask na lang the bank po if they would allow photocopy
DeleteSs ko eto as my eldest is saving up and would like to open an account and save . So timely.
ReplyDeletehow much is their interest rate po? and ano po yung insurance terms nya? is it for the whole duration that the account exists or is it for 1 year only? thanks
ReplyDeletePlease directly contact the bank for details. Thanks!
Deletehi po ask ko lang plan ko kasi din kuhanan mga anak ko ng savings acct. pwede bang hndi nso ang ipresent? ung bunso ko kasi d ko pa nakuhaan ng nso. thank u in advance.
ReplyDeleteHi ask ko lang kung pwede yung philhealth id?
ReplyDelete