19 Savings Accounts for the Kids in the Philippines
As a mom, I wanted Audrey to have a solid financial foundation that she can build upon to do well in life. To make a good base as she grows, we had already started savings account for her. We initiated this as the first step toward a lifetime of good money habits. It is never too late to open a savings account for your kids. Here are 19 local banks that offer kiddie bank accounts:
Start saving at an early age. JSSSA is specially made to give children below 18 years old an early start in banking. Watch your savings grow with a passbook and access your money through a Mastercard EMV Debit Card. Transact with your account at any Bank of Commerce branch and track your transactions through our secure Bank of Commerce Retail Internet Banking.
Age Bracket: 0-18 years old
How to open an account:
Visit Bank of Commerce Branch near you
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 200
Minimum MADB Requirement: Php 200
Minimum Balance to Earn Interest: Php 10,000
Gross Interest Rate Per Annum: 0.125%
Withholding Tax for Interest Earned: 20%
Help young ones develop the saving habit.
Age Bracket: 7- 17 years old
How to open an account: Visit the nearest branch
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 500
BDO’s Junior Savers account is basic savings account for your kids. It’s designed to help them understand the value of money and learn financial literacy.
Age Bracket: 0-12 years old
How to open an account: Go to the nearest BDO branch and present documents. See the nearest BDO branch →
Documents needed:
For the kid – (Any of the following)
- Birth Certificate issued by Local Civil Registry or Philippine Statistics Authority
- School ID signed by the principal/school head
- Passport
For the Parent/Legal Guardian
- One (1) valid government ID – IDs must be original and within their period of validity. See a list of accepted IDs upon opening →
- Adoption documents – applicable if the account will be opened by the Adoptive Parent
- Guardianship documents – applicable if the account will be opened by the Legal Guardian
Account Features
- Receive a passbook – Kids below 12 years old will get a passbook to monitor their savings.
- Get a BDO EMV Debit Card – Children between 7 to 12 years old may request a personalized BDO EMV Debit Card upon reaching a deposit balance of Php 2.000.00.
- Transfer money with ease – Never skip an opportunity to save with the Junior Savers Plan! Using your BDO Digital Banking account, you can schedule regular deposits to your child’s Junior Savers Account. See more information here →
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 100.00
Minimum Balance to Earn Interest: Php 2,000.00
Gross Interest Rate Per Annum: 0.0625%
Account Closure: Php 300.00
Falling Below Minimum Balance: Php 300.00
Account Dormancy: Php 30.00 (3)
Withholding Tax for Interest Earned: 20%
It is a savings account specially designed for teens aged 10-17 years old to help them develop the habit of saving at an early age.
Age Bracket: 10-17 years old
How to open an account:
- If you have an existing BPI account, visit a BPI branch near you. See the nearest branch →
- If you don’t have a BPI account, prepare the needed documents and visit a BPI branch near you.
Documents needed:
- Proof of billing
For the kid
- PhilID
- School lD signed by the school principal or head of the educational institution
- Birth Certificate issued by the Philippine Statistics Authority
For the Parent/Legal Guardian – photo-bearing and unexpired identification documents
- PhilID
- Identification documents issued by the Government of the Republic of the Philippines including Its political subdivisions, agencies and instrumentalities
- Other identification documents that can be verified using reliable, independent source documents, data or information
Account Features
- Guaranteed Savings – Protect your child’s savings and set a minimum balance that cannot be withdrawn.
- Allowance Transfer Facility – Set a schedule to transfer your child’s allowance regularly.
- Cellphone Reloading – Load your mobile phone from any BPI ATM or through BPI Mobile App or BPI Online.
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 1,000
Minimum Balance to Earn Interest: Php 2,000
Gross Interest Rate Per Annum: 0.0625%
Easi-Save for Kids is an interest-earning savings account designed for children aged at least 7 until 12 years old.
Age Bracket: 7-12 years old
How to open an account: Go to the nearest China Bank Savings branches. See the list of branches here →
Documents needed:
- Duly filled-out Customer Information Sheet
- Latest 1×1 ID picture
- One (1) original and submission of a clear copy of any valid ID/s bearing the client’s photo and signature
- Students who are beneficiaries of remittance/fund transfers and who are not yet of voting age may be allowed to present the original copy of one (1) photo-bearing school ID duly signed by the principal or head of the school. A photocopy of such ID shall be required from the student.
- Account may be opened through an In-Trust For (ITF) arrangement for children below 7 years old.
Account Features
- This comes with a Passbook.
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 500
Minimum Balance to Earn Interest: Php 500
Gross Interest Rate Per Annum: 0.125% p.a.
With DBP, saving spells a bright future for your child. This is a starter saving account with a higher interest rate.
Age Bracket: 0-19 years old
How to open an account:
Documents needed:
- Unexpired school ID with photo
- Birth certificate
- Latest 1×1 photo
Account Features
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 100 (Php 1,000 after a year)
Minimum Balance to Earn Interest: Php 1,000
Account Closure: Php 300
Falling Below Minimum Balance: Php 200
Account Dormancy: Php 30.00
Start saving for your child’s future with an interest-earning deposit account. Also comes with a passbook for easy monitoring.
Age Bracket: Not mentioned
How to open an account:
- Download and fill-out the account opening form here.
- Email the completed form and requirements
- Visit your preferred store upon receipt of email confirmation to claim your EastWest Visa Debit Card and/or passbook.
Documents needed:
- At least one (1) un-expired Identification Document (ID) with photo and signature (List of Accepted IDs)
- Proof of billing (under your name & home address)
- Presentation of additional documents for:
- For Minors
- Original and clear copy of NSO Birth Certificate
- For Guardian or Administrator, or original and clear copy of the Court Order appointing them
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 2,000
Minimum MADB Requirement: Php 2,000
Minimum Balance to Earn Interest: Php 2,000
Gross Interest Rate Per Annum: 0.125% p.a.
Withholding Tax for Interest Earned: 20%
Account Dormancy: Php 30.00
Account Closure: Php 500.00
Falling Below Minimum Balance: Php 500.00
Teach your children a better and more effective way to save up for the future by letting them have control of their own money at an early age. Equicom Savings Bank (EqB) introduces a new kid-friendly savings program designed to help your little tots begin building a financially secured future.
Age Bracket: 0-13 years old
How to open an account: Visit an Equicom branch near you. See branches here →
Documents needed:
- Proof of Billing
- Picture
- Valid Identification Cards i. At least two (2) valid IDs OR ii. One (1) Primary ID and two (2) Secondary IDs See accepted valid IDs →
Account Features
- Auto Fund Transfer Arrangement (AFTA) option; minimum monthly contribution of Php100.00
- Entitled to free dental and medical benefits from Maxicare when the account balance reaches Php15,000.00
- Maximum withdrawal limit of up to three (3) times within a month
- Outpatient Care – Unlimited Outpatient Consultations – Members who are three (3) years old and below may avail an outpatient consultation to an Affiliated Physician/Specialist (Pediatrician only) on any of the following Maxicare Primary Care Centers (PCC):
- Maxicare PCC – BGC (Taguig City)
- Maxicare PCC – The Medical City (Pasig)
See the Kiddie Care Club Benefits here →
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 500
Minimum Balance to Earn Interest: Php 1,000
Gross Interest Rate Per Annum: 0.50%
Account Closure: Php 300.00
Falling Below Minimum Balance: Php 300.00
Account Dormancy: Php 30.00
An interest-bearing peso savings account wherein deposit transactions are made over-the-counter and through the Cash Deposit Machine (CDM) during official banking hours/days. Withdrawal transactions may be done over-the-counter or at any Bancnet ATMs. Cashless purchases may also be done through any Point-of-Sale (POS) terminal of partner merchants from department stores, supermarkets and accredited establishments bearing the Bancnet logo.
Age Bracket: 7 years old and above
How to open an account:
Apply online or visit any Landbank branches near you
Documents needed:
Notes:
- Able to read and write
- Not suffering from any legal disability
- With credible identification
Requirements:
- Original school ID duly signed by the Principal or head of the school
- Birth certificate
Account Features
- Applicable LANDBANK Card – LANDBANK Cards are issued to cardholders upon opening of the account; however, cards for joint accounts are issued three (3) days after account opening.
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 500
Minimum MADB Requirement: Php 500
Minimum Balance to Earn Interest: Php 2,000
Gross Interest Rate Per Annum: 0.05%
A savings account specially made for children aged 12 years old and below, comes with personal accident insurance and medical reimbursement benefits.
Age Bracket: 0-12 years old
How to open an account: Visit the branch nearest you
Documents needed:
- Valid ID See acceptable IDs here
- The following IDs may also be presented by minors and/or students who are not yet of voting age:
- School ID (photo-bearing and signed by the Principal or Head of Schools)
- Birth Certificate
- Library ID
- The birth certificate of the child is required
Account Features
- Be covered with free personal accident insurance 24 hours a day, 7 days a week with coverage equal to 5 times the previous month’s ADB or up to a maximum of Php 500,000.
- Free medical reimbursement benefit equal to 10% of the personal accident insurance coverage.
- Monitor funds through a passbook and access them with a Debit Card which you can use at any ATM worldwide carrying the Visa logo.
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 500
Minimum Balance to Earn Interest: Php 5,000
Gross Interest Rate Per Annum: 0.25% p.a.
Account Closure: Php 500.00
Falling Below Minimum Balance: Php 500.00
Account Dormancy: Php 30.00
Educate them with the Metrobank Fun Savers Club. Teach the importance of saving by opening a savings account for your child today.
Age Bracket: 0 to 17 years old
How to open an account:
Head to the nearest Metrobank branch See Metrobank branch near you
Documents needed:
- Your child’s school I.D. and valid birth certificate (must have at least 2 photocopies)
- Parent’s/Guardian’s valid ID See acceptable IDs here
Account Features
- Earns interest over time
- Get free P.A. insurance
- Additional educational trust benefits in the event of the accidental death of your parent/guardian
- Comes with a passbook
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 500
Minimum Balance to Earn Interest: Php 4,000
Gross Interest Rate Per Annum: 0.625%
Falling Below Minimum Balance: Php 300.00
Withholding Tax for Interest Earned: 20%
The PNB MyFirst Savings account is for children and teens aged 19 and below, designed to help teach the value of saving.
Age Bracket: 7 years old and above
*For 7 years old and below, an “IN TRUST FOR” (ITF) regular savings account should be opened, where the signatory is the parent or legal guardian of the child.
How to open an account:
- Download and fill out the account opening form
- Visit the branch and present requirements
- Wait for your passbook or debit card
- Enroll in PNB Digital Banking
Documents needed:
- 1 Valid ID (primary or secondary)
- Fully-accomplished Forms (Provide TIN and SSS/GSIS number, if applicable)
- Valid enrollment/registration form for the current school year
Account Features
- PNB-PAL Mabuhay Miles Debit Mastercard
- Earn points which can be redeemed for Mabuhay Miles when you shop at select merchant categories
- Enjoy a 500 Mabuhay Miles welcome gift when you purchase at PAL within 3 months from card issuance
- Withdraw at any BancNet, MegaLink, or ExpressNet ATMs in the Philippines
- Accepted internationally at Mastercard and Maestro-affiliated shops and ATMs
- Use online transactions for ease and convenience
- Tap to pay on any Mastercard PayPass-enabled POS machines
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: None
Minimum MADB Requirement: None
Minimum Balance to Earn Interest: Php 5,000
Gross Interest Rate Per Annum: 0.100% p.a.
The PSBank Kiddie Savings is a savings account for children from 0 – 12 years old while the PSBank Teen Savings is for teens 13 – 17 years old. The PSBank Kiddie Savings may be opened as an In-Trust-For (ITF) account, a joint account or an individual account for each of your children.
Age Bracket:
PSBank Kiddie Savings 0 – 12 years old
PSBank Teen Savings 13 – 17 years old
How to open an account: Visit any PSBank branch near you!
Documents needed:
Completely filled-out bank forms:
- Customer Information Sheet (CIS) for Individual Clients
- Signature Card
- Signing Instructions and Acknowledgement of Receipt Form
- Fully accomplished Interbank Fund Transfer (IBFT) Enrollment form if parents and guardians want to avail of automatic intra-bank fund transfer service
- Quit Claim / Waiver signed by the parent or guardian (only for PSBank Kiddie Savers and Teen Savings with PSBank Debit Mastercard)
- Additional requirements for legal guardians opening an ITF account:
- Customer Information Sheet (CIS) for Beneficiaries and Beneficial Owners
- A Court Order is required as proof of authority to open and operate an ITF account on behalf of the ward/s
- Valid IDs
- Parents / Legal Guardians: At least one Valid / Acceptable ID with a photo and signature. See the list of valid IDs here
- Child/ren or Ward/s
- Photobearing School ID, duly signed by the Principal or Head of School
- Birth Certificate issued by the Philippine Statistics Authority (PSA) or Certified True Copy issued by the Local Civil Registrar
Account Features
- Higher insurance coverage as savings grow.The PSBank Kiddie and Teen Savings come with a free personal accident insurance from AXA Philippines which is equivalent to five times (5x) the monthly average daily balance. This means that the child or teen is insured against accidental death or disability up to a maximum of PhP500,000 for those who are 0-7 years old and up to an aggregate limit of PhP5 million for those who are more than 7 years old but not more than 18 years old. To claim the insurance, the account has to be active and should have a monthly average daily balance of at least PhP1,000 during the time of the accident.
- Saving is easy and affordable. There’s no initial deposit or maintaining balance required.
- Easy access to funds. In case, you choose to open a Passbook and ATM, he/she can request for a PSBank Debit Mastercard and can use this to conveniently withdraw cash in any PSBank ATM nationwide or through BancNet and Mastercard ATMs.
- Banking made easy. Enroll in PSBank Online and PSBank Mobile, the Bank’s secure and convenient electronic banking facilities, to be able to check your account balances and perform other banking transactions anytime, anywhere.
Deposit, Fees, and Charges
Minimum Initial Deposit: No initial deposit is required
Minimum MADB Requirement: No minimum maintaining balance is required
Minimum Balance to Earn Interest: Php 2,000
Gross Interest Rate Per Annum: 0.1000% See rates here
Teach your kids the habit of saving with GoSavers. Your kids can be money-savvy with their very own savings account that comes with a debit card and/or passbook.
Age Bracket: 0 to 21 years old
How to open an account:
Apply online or at a branch near you
Documents needed:
- Completely filled out RCBC account opening forms
- Less than 7 years old
- Passport
- School ID
- Philippine Statistics Authority
- Birth Certificate (for children who still do not know how to read or write)
- From 8 years old to 17 years old
- Passport
- School ID
- From 18 years old to 21 years old
- Any valid government-issued ID
Account Features
- Cashless and Online Shopping
- Enhanced Security
- Worldwide Acceptance through Mastercard
- Manage and access your account 24/7
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: None
Minimum Balance to Earn Interest: Php 5,000
Gross Interest Rate Per Annum: 0.15%
Account Closure: Php 500.00
Junior Tyke today, Tycoon tomorrow! Invest in your child’s future today and have a Tykecoon tomorrow.
Age Bracket: 7 years old and above
How to open an account:
- Visit any Robinsons Bank Branch
- Fill out and bring required documents
Documents needed:
- School ID signed by the school principal or head of the educational institution.
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 2,000
Minimum MADB Requirement: Php 2,000
With an interest rate higher than our regular savings account rate, this account is specifically catered to help build a better future for your young ones. It also comes with a passbook and/or an Everyday Debit Mastercard.
Age Bracket: 0-18 years old
How to open an account:
- Go to the Account Opening Online or Human Switch Kit.
- Accomplish the form by filling out all the required fields.
- Wait for the confirmation text message.
- Go to the indicated branch and submit the required items.
Documents needed:
- 1 primary valid ID or 2 secondary valid IDs. Click here for the list of valid IDs.
- For children 6 years old and below, the account should be opened as an ITF account.
Account Features
- Everyday ATM Debit MasterCard entitles you to the following benefits:
- Discount and perks from partner merchants See promos here
- No annual fee
- Free renewal of the card upon expiry
- Free withdrawal from any Security Bank ATM
- Part of Kiddie Account Program (KAP) promoted by the Bangko Sentral ng Pilipinas and the Bank Marketing Association of the Philippines
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 5,000
Minimum Balance to Earn Interest: Php 5,000
Gross Interest Rate Per Annum: 0.12% (0.0675% effective March 1, 2022)
Experience the fun of saving. A fun, colorful future awaits! Paint their future bright with Neo Savings Account. Neo is a special savings deposit account for kids aged 19 and below. Through Neo, kids can already save and earn at the same time at an early age, and grow their money for their own future.
Age Bracket: 0-19 years old
How to open an account:
- Complete the Account Opening Online Form
- Wait for the reference number sent to you through SMS
- Visit your selected branch and deposit the specified opening balance
Documents needed:
For Resident Citizen, Non-resident Citizen, and Resident Alien
- 1 original valid photo-bearing government-issued ID
- Passport and Alien Certification of Registration (ACR)
- Card or Alien Employment Permit (AEP)
Account Features
- Open with any amount you have – Neo’s startup kit makes it easier for kids to save for their future. Our low opening balance requirement is sure to keep them started with any amount they have.
- Saving while earning interest – Neo’s startup kit makes it easier for kids to save for their future. Our low opening balance requirement helps them get started with any amount they have.
- Neo’s passbook and Visa debit card – Neo also comes with a specially designed passbook and a Visa debit card for them to easily monitor transaction histories and current account balances. If they’re saving up for the future, this will come handy as it keeps them up-to-date on the progress of their savings.
Deposit, Fees, and Charges
Minimum Initial Deposit: Any Amount
Minimum MADB Requirement: No minimum maintaining balance is required
Minimum Balance to Earn Interest: Php 2,000
Gross Interest Rate Per Annum: 0.375%
Note: As of writing, legal merger between United Coconut Planters Bank (UCPB) and Land Bank of the Philippines (LANDBANK) takes effect. See the merger notice here
While saving their money in a piggy bank or coin jars is a good start, bringing your kids to a bank and teaching them how to open an account and regularly deposit their savings will turn this into a good habit. It may also spark their interest on how to make money grow through investments. The important thing is to take the first step with your kids and what better way to do this than through the UCPB Start2Save(S2S) Junior Savings Account.
Age Bracket: 0-19 years old
How to open an account: Visit UCPB branch near you
Documents needed:
- Identification Documents
- Latest 2×2 or 1×1 colored ID picture
- Any Government-issued IDs
- Company IDs issued by private entities or institutions registered with, supervised or regulated by the SEC, BSP or IC
- Proof of Address (e.g. latest and original billing statements from utility or credit card companies under the name of the account holder. If under a different name, provide proof of certification of relationship or Barangay Certificate)
- Fully accomplished UCPB Account Opening Forms
- Customer Information Sheet (CIS) for Individuals/Sole Proprietors
- Signature Card and Account Information Card
- ATM Card Application for ATM-based accounts
- Additional requirements
- In-Trust-For Accounts (ITF) – in behalf of children 0-6 years old
- NSO copy of Birth Certificate of the Child – photocopy is required, but original copy shall be required for authentication
- 1×1 ID picture
- Principal Accounts – for children and teens 7 to 19 years old
- One (1) Valid ID from the Child
- 1×1 ID picture
- In-Trust-For Accounts (ITF) – in behalf of children 0-6 years old
Account Features
- To make saving more fun, kids will receive a UCPB S2S welcome kit that has a passbook and ATM card with EMV chip which is the global standard in card security. It also contains stickers, a notepad where they can monitor their saving and spending, and a birthday coupon to claim an exciting gift from their UCPB maintaining branch on their birth month.
Deposit, Fees, and Charges
No information available as of the moment
Teach your kids to get into the habit of saving early on.
Age Bracket: 0-18 years old
How to open an account: Apply through your Relationship Manager or your preferred branch
- Complete forms & documents
- To open an account with UnionBank, present any valid government ID.
- Customers 18 and up may apply through UnionBank Online for Personal Savings or Play Everyday.
- Locate the nearest branch- Find a branch nearest to you or any branch of your preferred choice.
Documents needed:
For Minors, submit any of the following:
- Birth Certificate issued by Philippine Statistics Authority
- School ID (must be current) signed by the principal/school head
- Passport
For Parent(s) or legal guardian
- Valid government ID
- For adopted children/minors: Duly signed adoption documents
Account Features
- Enjoy hassle-free banking with UnionBank Online
- Visa Debit Card for minors at least 7 years old
- My First Savings Free Activity Book
Deposit, Fees, and Charges
Minimum Initial Deposit: Php 100
Minimum MADB Requirement: Php 100
Minimum Balance to Earn Interest: Php 5,000
Gross Interest Rate Per Annum: 0.10%
So that’s about it! I hope this article have helped you decide which is the best bank account for your kids. Let me know in the comments which of them did you choose and why. 🙂
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2 Comments
Eds Enriquez
Thank you for this article. Super helpful lalo na malapit ang pasko 🤗
Abby
You’re welcome beshy! I hope this has helped you <3