Kids' Savings Account.jpg

My nephew turned 10 years old the other week.  Instead of throwing a big birthday party for him and buying him an expensive gadget, his parents took him to the bank and gifted him with his very own bank account.  My nephew proudly showed me his passbook and his empty alkansya.  Apparently, he emptied it out before they left for the bank and he deposited all its contents as his initial deposit for his very first savings account.

It’s his parents’ way of teaching him the value of saving money and it looked like it worked.  At 10, he knows that he needs to put away part of his allowance so he can buy the things that he wants for himself without asking for money from his parents.

So here is one birthday (or graduation) gift idea na pwedeng i-consider ng mga magulang para sa mga anak na 12 years old and below.  Banks have a multitude of names for this type of savings account:  Junior Savers, Kiddie and Teen Savers, Star Kiddie Club, Jumpstart Savings, etc.  Whichever bank you choose, make sure na handa kayo sa mga IDs and documentary requirements that these establishments are sure to ask from you.

You can visit this site for a list of the banks that offer savings account services for teens and kids.  My brother chose to open at BDO because of its accessibility and extended banking days and hours (their mall branches are open even during weekends).  Here are the requirements:

Requirements:

  1. Parents or legal guardians must be present upon account enrollment.
  2. Two valid IDs of parents or guardians.
  3. 1×1 ID picture of parents or guardians and of the child
  4. Original and photocopy of child’s PSA birth certificate
  5. Child’s school ID

According to my brother, opening the account took all of 45 minutes to complete (it helped that they arrived at 9:30AM when there were still few people transacting at the branch).  Aside from his passbook, my nephew also brought home a cute pencil case and a debit card that he can use at SM department stores and other participating establishments (the debit card was later surrendered to my sister-in-law for “safekeeping”).

Did your kids receive generous aguinaldos from their Ninongs and Ninangs? This may be the best time to begin teaching them about the value of money and saving.