12 Best Savings Accounts for Kids in the Philippines

Last Updated – Nov 16, 2023 @ 9:26 am

Piggy banks are now a thing of the past. Today, more parents are realizing the importance of teaching their kids financial wisdom.

After all, saving money isn’t just about preparing for emergencies, it’s also about helping your young one develop the discipline needed to secure their future.

That said, a savings account for kids is a godsend. With compounding interest, your child’s savings can exponentially grow and help pay for their education and dreams.

But with tons of options to choose from, it can be overwhelming to decide which savings account is the best fit for your child. To make things easier for you, we’ve done the heavy lifting and listed the best options you should consider.

Best Savings Account for Kids

Take a look at some of the top savings accounts for kids in the Philippines.

1. UnionBank Accounts First Savings

Teaching your kids the importance of saving early has never been more accessible and hassle-free, thanks to UnionBank’s First Savings Account.

UnionBank understands the importance of teaching financial responsibility from an early age. For young savers aged 7 and above, UnionBank offers a Visa Debit Card to give your kids a hands-on approach to understanding the value of money while allowing age-appropriate transactions under parental guidance.

Applying for the First Savings Account is fast and easy. Simply connect with your Relationship Manager or visit a UnionBank branch. Parents or legal guardians can open this account as an in-trust-for (ITF) account for children under 6.

Meanwhile, minors as young as 7 can take charge of their financial journey by opening a First Savings Account, and as these young savers transition into adulthood, they can maintain their First Savings Account or explore other options like Personal Savings or Play Everyday.

Perks and benefits: 

• Easy account opening
• Low initial deposit
• Comes with Visa Debit Card (for kids 7 and up)
• Convenient account monitoring through the app

2. Security Bank Junior One

Security Bank Junior One is the perfect start to your child’s financial journey. This is a student bank account that comes with a passbook and a debit card.

For a minimal amount of Php100, you can start building your child’s financial needs and give them access to the right tools to understand money.

For children aged 18 and below, Junior One offers account holders their very own passbook and a Mastercard debit card. For those aged 6 and below, the account can be opened as an In-Trust-For (ITF) account.

Opening an account is a breeze with Security Bank. Just complete the online account opening form, wait for confirmation of your online video call appointment, and finalize the application through the online video call.

Perks and benefits: 

• Online account opening
• Comes with a passbook and debit card
• Low initial deposit

3. BDO Junior Savers

Take a leap towards a brighter future by introducing your child to the importance of saving with the BDO Junior Savers. This special account is designed for kids aged 0 to 12.

Opening a Junior Savers account is easy. Not only that, kids can monitor their savings journey with a special passbook and a debit card so they can see their money grow.

What sets BDO Junior Savers apart is its low minimum balance requirement to earn interest, making it a standout choice among other banks.

It’s a smart financial step for your child’s future, ensuring that their savings work for them.

Keep in mind that accounts opened online will be under the same name as the parent or guardian.

Perks and benefits: 

• Low minimum balance to earn interest
• Comes with passbook and debit card
• Easy to open an account

4. BPI Jumpstart

Tailored for teens aged 10 to 17, BPI Jumpstart is not just a savings account. It’s an empowering tool for teens to embrace the habit of saving.

With a manageable balance requirement of Php2,000 to start earning interest, it’s an ideal choice for those who are ready to take the first step towards financial independence, especially those in high school.

The required minimum balance is waived for the first year, offering a hassle-free start to teen savers. Parents can also set a schedule to transfer their child’s allowance regularly.

Furthermore, the account allows the setting of a minimum balance that cannot be withdrawn, ensuring that a portion of the savings remains untouched.

Perks and benefits: 

• Great for teens
• Comes with a debit card
• Easy account monitoring through the app
• Regular transfer can be arranged

5. China Bank Easi-Save for Kids

This interest-earning account comes with a trusty passbook that your kids can keep.

With a minimum balance requirement of Php500 to start earning interest, it’s one of the best choices if you’re after growing your child’s money.

Interest is credited monthly, turning routine deposits into a growing investment for your child’s future.

Just like other kids’ savings account options, accounts may be opened through an In-Trust For (ITF) arrangement for children below 7 years old.

Perks and benefits: 

• Comes with passbook
• Minimal requirements

6. RCBC GoSavers

RCBC GoSavers is for those ages 0 to 21, which is an incredible age coverage that spans childhood to early adulthood.

This account comes with a debit card and/or passbook to help young savers learn the ropes of managing their finances.

It’s also a stress-free way for parents to introduce their children to the world of banking since it has no minimum balance. To apply, just visit the nearest RCBC branch.

Perks and benefits: 

• Comes with a debit card/passbook
• No maintaining balance
• Great age limit coverage

7. PSBank Kiddie and Teens Savings

PSBank Kiddie and Teen Savings accounts make it easy for your children ones to start saving with no initial deposit or maintaining balance required.

The PSBank Kiddie Savings, designed for children from 0 to 12, comes with the flexibility of being opened as an In-Trust-For (ITF) account, a joint account, or an individual account for each child.

Meanwhile, the PSBank Teen Savings is for teens 13 to 17 years old. Both account types offer a Passbook and an ATM Card upon request for a more accessible savings experience.

All accounts also come with the added perk of free personal accident insurance from AXA Philippines equivalent to five times the value of his/her average daily balance.

Perks and benefits: 

• Comes with passbook and ATM (upon request)
• Great age limit coverage
• No maintaining balance required
• No initial deposit required
• Comes with free personal accident insurance from AXA Philippines

8. Metrobank Fun Savers Club

Jumpstart your kids’ journey to financial wisdom with Metrobank’s Fun Savers Club, an exclusive savings account designed for children up to 17 years old.

Parents can start their kid’s savings adventure with just a Php100 initial deposit. With a maintaining balance of Php500 and a minimum balance to earn interest set at Php4,000, this account offers a user-friendly approach to cultivating savings habits in your children.

The Fun Savers Club account seamlessly transforms into a regular savings account when your child turns 18 to give them a headstart into adulthood.

This savings account has no ATM option which could be a deal breaker for many parents.

Perks and benefits: 

• Low maintaining balance
• Great for children and teens
• Low initial deposit
• Free personal accident insurance for parents

9. PNB MyFirst Savings Account

PNB MyFirst Savings Account eliminates the need for an initial deposit and maintaining balance, making it an incredible option for parents who want to prioritize a hassle-free account.

To start earning interest, Php5,000 is all it takes. PNB MyFirst Savings Account not only provides a straightforward approach to saving but also emphasizes the importance of watching those savings grow.

Perks and benefits: 

• No initial deposit
• No maintaining balance

10. EastWest Kiddie Savings

This is an account that earns interest and comes with a passbook for straightforward monitoring.

With a minimum initial deposit, maintaining balance, and interest-earning balance set at Php2,000, it’s a great way to teach your child financial responsibility.

If the account stays inactive for 5 years or more, a low charge of Php30.00 will be applied monthly.

Perks and benefits: 

• Comes with a passbook
• Low balance to earn interest

11. Maybank Yippie Savings Account

Maybank Yippie Savings Account is meant for children 12 and below. This account comes with free personal accident insurance, offering coverage 24/7 with benefits reaching up to 5 times the previous month’s average daily balance or a maximum of Php500,000.

Maintaining an active account is easy. Just keep a minimum balance of Php500. To enjoy interest, aim for a minimum balance of Php 5,000.

Beyond its savings benefits, Maybank Yippie ensures comprehensive protection with free medical reimbursement benefits equivalent to 10% of personal accident insurance coverage.

You can monitor your child’s funds effortlessly through a passbook and grant them access with a Visa debit card which they can use at any worldwide.

Perks and benefits: 

• High interest compared to other options
• Comes with a Visa debit card
• Comes with free personal accident insurance equal to 5 times the previous month’s ADB or up to a maximum of Php 500,000

12. DBP Young Earner’s Savings Account

Also known as the YES Account, the DBP Young Earner’s Savings Account is a savings solution for kids and teens aged 19 and below.

Notably, it stands out as the only Philippine peso and US Dollar savings account for kids on this list. This account has a low initial deposit requirement of P100 or US$50.

The YES Account has a one-year grace period from the account opening. During this time, the balance builds up to the required Average Daily Balance (ADB) to start earning interest.

This account also provides a higher interest rate than a regular savings account to ensure that your child’s savings grow more dynamically.

Perks and benefits: 

• Great age limit coverage
• Savings account for Php and USD
• Has a one-year grace period

How to Open a Savings Account for Kids in the Philippines

Now that you’ve explored the various options for the best kiddie savings accounts in the Philippines, here’s a simple step-by-step guide to help you open an account.

Step 1: Prepare the necessary documents

Banks may have varying requirements, but generally, you’ll need the following documents:

For Children:

• Birth certificate
• School ID or school certificate signed by the principal
• Passport
• In the absence of the above, a Barangay Certificate with the child’s photo, signed by the Barangay Captain, indicating name, age, and address.

For Parents:

• Two valid government-issued IDs
• The child’s birth certificate or proof of guardianship

For Both:

• 1 x 1 picture

For most banks, parents or legal guardians can open a savings account for kids as an in-trust-for (ITF) account if their child is under 6 or 7 years old. This varies depending on the bank.

Step 2: Visit your chosen bank

Head to the nearest bank branch and talk to the staff about opening a bank account for kids. 

Submit the required documents for verification. Depending on your child’s age, they may need to fill out the account opening forms.

After submitting the documents, you need to provide a minimum initial deposit.

Step 3: Wait for Your Deposit Receipt and Account Opening Documents

Once processed, the bank will give you a deposit slip receipt. This receipt is needed for claiming the ATM and/or passbook. After this stage, the account is active.

Some accounts might require online enrollment of the ATM card number, while others may be automatically enrolled if you have an existing online account with the same bank.

If you have any questions about the savings account you just opened, don’t hesitate to reach out to a bank personnel.

Kid’s Bank Account FAQs

Still got questions about savings accounts for kids? We’ll answer them below.

What are the Differences Between Regular and Kiddie Savings Accounts?

The main difference between regular and kiddie savings accounts is that kiddie accounts are designed specifically for children and young adults.

These accounts often have lower minimum deposit requirements, lower fees, and higher interest rates to encourage young savers to start early and build good financial habits.

What are the benefits of opening a kiddie savings account? 

There are tons of benefits to opening a kiddie savings account, both for the child and the parent/guardian.

For the child, it teaches them important financial skills and responsibility at an early age, helps them build good savings habits. It also provides a sense of independence and ownership over their finances.

Meanwhile, for parents/guardians, it gives them a safe and secure way to save money for their child’s future.

It also enables them to them teach their young ones the value of money. Plus, they can enjoy various perks and benefits such as higher interest rates and free insurance coverage.

You might also like: Long-term Investments for Kids

What Factors to Consider When Choosing a Bank Account for Kids?

To ensure that you choose the best bank account for your child, there are several factors to consider.

1. First, look at the minimum deposit and maintaining balance requirements. It’s crucial to choose an account that fits your budget and won’t require too much effort to maintain.
2. Next, consider the interest rate. This will determine how much your child’s savings will grow over time. Look for an account with a competitive interest rate that will help your child’s savings grow faster.
3. Third, consider the fees associated with the account, such as maintenance fees or transaction fees. Look for an account that has little to no fees to maximize your child’s savings.
4. You should also consider the convenience and accessibility of the bank. Choose a bank with a wide network of branches and ATMs, as well as online banking services, to make it easier for you and your child to manage the account.
5. Lastly, look for additional perks and benefits such as free insurance coverage, rewards programs, and educational resources for kids to help them learn about financial management.

How does opening a bank account for kids work in the Philippines?

Opening a bank account for kids in the Philippines is usually a joint effort between parents and their children.

To initiate the process, both parties need to visit the bank and open the account together. If you prefer the account to be in your child’s name, you may need to sign a waiver or document indicating your awareness of the account opening.

Depending on your child’s age, some banks might suggest opening a joint account, providing the guardian with control over the account until the child reaches a certain age.

However, keep in mind that with a joint account, you won’t have sole authority over the funds going in and out of the account.