Best Savings Account for Your Kids in the Philippines

September 23, 2019


Today we will be focusing on the best savings account for your kids.


I believe one of the best financial move one can do as parents is to start saving up money for the future.


The money set aside in your kids savings account can help during tough college years. Imagine keeping a savings account and giving it as a gift once they turn 18 years old?


Php 500 a month multiplied by 12 months a year and multiply again to 18 years is equal to Php 108,000.00


The money may seem too small, but imagine if you opted to invest in a mutual fund instead? Every Php 500 you choose to save and invest earns an average of 4% interest each year freeing you to financial stress in the future.


I can think of so many benefits as to why starting a savings plan early, even before a child begins school, is crucial. It’s never too early to start thinking about your kids' future.


Whether your child is a teenager or still a baby, the best time to start saving for a college fund is now.


Here in the Philippines there are plenty of bank for children’s savings account. The main question is which bank should you go to.


But first…




Why Open a Savings Account for Your Kids


Not all parents will think of opening a savings account for their kids especially in the Filipino culture.


Plans and Insurance are a big no-no and scary financial terms that we are not yet ready to process.


However, opening a savings account for your kids will actually become a great advantage to you and your family.


A small savings account can help your child/children think better for his/her future. He/she will become instantly inspired to go to college or even start a business. The savings account will give your child a saving mentality and adopt the best personal finance habit that will make him/her rich.


Read next: Poverty Mindset : What Is It and How It Can Affect You


Why I urge you to save for your kids now?


Because according to the Bangko Sentral ng Pilipinas, Higher Education Institutions increase their tuition and other school fees by about 10 percent year-over-year.


So the tuition fee you are seeing today in schools will not stay that way forever.


When should you start saving up for your kids’ college education?


As soon as you can.


It’s easy to not think about the future, especially if the present is still a blur.


Before you even think about setting aside money for your children’s savings account make sure you have the following in place for you and your family’s sake:

  • An emergency fund which is made up of 3 to 6 months worth of monthly household expenses.
  • Paid-off unwanted debt, especially the high interest ones, like credit card, loans, etc.


How to Open a Savings Account For Your Kids


Most, if not all banks that offer a special savings account for kids will need the following requirements ready for opening:

  • Birth Certificate
  • Parent/Guardian’s Valid ID
  • Kid’s valid ID with recent picture, name and signature available (if available)
  • 1×1 ID photos Billing Statement for verification of home address
  • Initial Amount to Deposit


You can call or visit online your bank of choice to know more about their specific requirements.


Once you have prepared the above requirements all you have to do is visit the nearest branch of the bank and inquire.


You will be asked to fill out an application form and turn over the documents to the teller in charge of the New Accounts section.


Since you are already in the branch, it is best to ask the bank representative to explain to you briefly the advantages and disadvantages of the savings account you are purchasing.


From then, receive your welcome gift and/or ID and/or ATM after.



Savings Accounts in the Philippines For Your Kids


Now that you have an idea on how important savings account can be for your kids, we can now move on the different savings account in the Philippines you can opt to open.


Note that there may be banks that offer savings account for kids which are not part of the list.

BDO Junior Savers Account

This is the most popular savings account for kids. Not only is the initial deposit affordable, but since it is part of the SM Group, there are perks for your kids in place as well.


  • Minimum Initial Deposit is 100pesos
  • Minimum Balance to Earn Interest is 2,000pesos
  • Interest Rate Per Annum is 0.25%


The BDO Junior Savers savings account is specially designed for children below 12 years old.


For only Php 100, you can already open a savings account for your kids that comes along with:


1. A passbook to easily monitor their savings and interest earned upon reaching Php 2,000.00 deposit balance.

2. A BDO EMV Debit Card. Once the balance reached Php 2,000.00, you will be eligible to request a personalized BDO EMV Debit Card. This is good as an easy access in case of emergency. Or if you intend to use the money saved for short-term goals i.e. payment for next year’s tuition fee, payment for your child’s field trip, etc.)

3. Access to online banking. If you have your own BDO account you can transfer money with ease and help your child save through online banking. This is also a good option for ninongs and ninangs who would want to transfer their “pamasko” instead.


The BDO Junior Savers ID entitles you to enjoy discounts and freebies as participating merchants – CLICK HERE.


Read Next: BDO wins gold in Kidlat Awards 2019


BDO Junior Savers Savings Account Requirements Needed to Open

Here are the documentary requirements for opening a savings account for kids:

1. If your child is 7 to 12 years old

Present at least one (1) original copy of the following:

a. School ID signed by the principal/school head

b. Passport

c. Birth Certificate issued by Local Civil Registry or Philippine Statistics Authority (PSA)


2. If your child is under 7 years old*

Please bring original copies of the following:

a. At least two (2) valid government-issued IDs of the parent/guardian

b. Any of the child’s ID/document i.e. school ID signed by the principal or school head, passport and/or birth certificate.

c. Adoption documents – applicable if the account is to be opened by Adoptive Parent.

d. Guardianship documents – applicable if the account to be opened is by the Legal Guardian


*For child/children under 7 years old, the account is required to be under the name of the parent/guardian.


BPI Jumpstart Savings Account

The BPI Jumpstart Savings Account is specially designed for the youth, ages 10 to 17 years old.


According to BPI website, it is a tool to form the habit of saving money at an early age.



  • Minimum Initial Deposit is 100pesos
  • Minimum Balance to Earn Interest is 2,000pesos
  • Interest Rate Per Annum is 0.25%


Great thing about BPI Jumpstart is it has a Guaranteed Savings feature which protects a portion of your child’s funds from unplanned withdrawals.


You can also transfer money to the BPI Jumpstart Account via BPI Express Teller ATM, BPI Phone Banking (89-100), BPI Mobile Banking Menu, or by logging on to BPI Online Banking.


Same with BDO, BPI Jumpstart Account holders can enjoy perks from participating merchants. And the merchants they have are a mixture of restaurant kids will enjoy as well as activities and workshops. CLICK HERE.


BPI Jumpstart Savings Account Requirements Needed to Open

Documents needed are as follows:

1. Child’s Birth Certificate issued by PSA

2. School ID also signed by school head

3. Two pieces recent 1×1 coloured pictures and

4. Utility Bill for proof of address


Metrobank Fun Savers Club


The Metrobank Fun Savers Club is exclusive for kids and teens under 18 years old. It aims to show kids how to save in simple terms because it is never too early to teach kids the value of saving for the future.



  • Minimum Initial Deposit is 100pesos
  • Minimum Balance to Earn Interest is 4,000pesos
  • Interest Rate Per Annum is 0.25%


The Metrobank Fun Savers Club also has some special perks. If you enroll your child in the Fun Savers Club, your child will enjoy the following:

  • A welcome gift upon account opening
  • Free educational trust benefit worth P50,000 (with minimum ADB requirement)
  • Free personal accident insurance worth twice the ADB, not to exceed P1 million (with minimum ADB requirement)
  • Exclusive discounts and privileges from partner establishments


Metrobank Fun Savers Club also released a Fun Savers Club Gift Check which is a special gift check intended to initially fund to a new Fun Savers Club Account or to add fund in an existing Fun Savers Club account.


The Gift Check can be purchased over-the-counter at any Metrobank Branch for Php 500.00 only. Anyone can purchase a Fun Savers Club Gift Check whether your are a depositor, Non-Depositor, Individual, and Corporate Entity.


Related read: How to Enroll in Metrobank Direct Online Banking


Metrobank Fun Savers Club Requirements Needed to Open

1. Accomplish the Customer Information Form

2. Submit the accomplished form and initial deposit to the nearest Metrobank branch.

3. Present one valid ID, both for the parent/guardian and the child




Security Bank Junior One Account

One of the banks that is changing the game nowadays, at least for me, is Security Bank. I love their All Access Savings Account that provide access to a passbook, ATM and checking account for just Php 25,000.


They also have a young savers account called Security Bank Junior One Account which has one of the highest interest rates when it comes to savings account for your kids in the Philippines, .50%.


According to Security Bank website, the Our Junior One Account is solely for children 18 years old and below.


This account can:

  • Develop your kids’ good saving habits
  • Let your children start saving for their future early
  • Grow their money with higher than normal interest rates



  • Opening Balance is Php 100
  • Minimum Balance to Earn Interest is Php 5000
  • Interest Rate .50%


Security Bank Junior One Account Requirements Needed to Open

1. 1 primary valid ID or 2 secondary valid IDs. Available for children aged 18 years and below.

2. For children 6 years old and below, the account should be opened as an In-Trust For account meaning it should be after the name of the parent/guardian.


Related read: How to Open Feeder Funds in the Philippines


RCBC GoSavers Savings Account

The RCBC GoSavers Savings Account (previously known as RCBC WISE Savings Account) is ideal for families who would want their kids to get a head-start for the future. The account comes with a passbook and an ATM card, and the deposit earns 0.15% interest per annum.


Unlike the first savings account for your kids, RCBC GoSavers Savings Account is open for individuals who are 21 years and younger. It also comes with a free life, personal accident and Accident Medical Reimbursement.



  • Opening Balance is Php 100
  • Minimum Balance to Earn Interest is Php 5000
  • Interest rate .15%


RCBC GoSavers Savings Account Requirements Needed to Open


To open a basic deposit account, RCBC requires its clients to bring a valid ID or latest barangay certificate, as well as a P100 initial deposit.


PSBank Kiddie and Teen Savings Account


The PSBank Kiddie and Teen Savings Account is open for kids ages 0-12 years old and teens ages 13-17 years old.


One big difference between PSBank Kiddie and Teen Savings Account and other saving account for your kids is it does not require an initial deposit or maintaining balance. It also comes with insurance from Charter Ping An Insurance Corporation equivalent to five times the value of the average daily balance.



  • No opening balance needed
  • Minimum Balance to Earn Interest is Php 2000
  • Interest rate .50%


PSBank Kiddie and Teen Savings Account Requirements Needed to Open

1. Completely filled-out bank forms:

a. Customer Information Sheet (CIS) for Individual Clients

b. Signature Card

c. Signing Instructions and Acknowledgement of Receipt Form

d. Fully accomplished Interbank Fund Transfer (IBFT) Enrollment form if parents and guardians want to avail of automatic intra-bank fund transfer service

e. Quit Claim / Waiver signed by the parent or guardian (only for PSBank Kiddie Savers and Teen Savers Accounts with PSBank Debit Mastercard)


2. Additional requirements for legal guardians opening an In-Trust For account:

For Parent/Guardians

a. Customer Information Sheet (CIS) for Beneficiaries and Beneficial Owners

b. A Court Order is required as proof of authority to open and operate an ITF account on behalf of the ward/s

c. At least (1) primary ID or (2) valid secondary IDs, one of which with photo and signature


For Child/ren or Ward/s

a. Birth Certificate issued by the NSO or Certified True Copy issued by the Local Civil Registrar

b. Passport or School ID (photo bearing duly signed by the principal or head of the school)


China Bank Savings Easy-Save for Kids


Easi-Save for Kids is an interest-earning savings account designed for children aged at least 7 until 12 years old. Comes with a passbook.


What's special with China Bank Savings Easy-Save for Kids is you only need as low as Php 500 to earn interest rate.



  • Opening Balance is Php 500
  • Minimum Balance to Earn Interest is Php 500
  • Interest rate .50%


China Bank Savings Easy-Save for Kids Account Requirements Needed to Open

1. Duly filled-out Customer Information Sheet

2. 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

3. 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.

4. Account may be opened through an In-Trust For (ITF) arrangement for children below 7 years old.


EastWest Bank Cool Savers Kiddie Account


This is now known simply as EastWest Bank Kiddie Savings Account. The Kiddie Savings Account is an interest earning Peso savings deposit account for children that is evidenced by a passbook.


Out of all the savings accounts for kids listed in this post, the EastWest Bank Kiddie Savings Account has the highest minimum initial deposit to open which is Php 2,000. However, a lot also opt to open an account with EastWest because of no long queue (versus other banks) and a much nicer looking facility.


You can access the account over-the-counter, via internet banking or mobile access. And it comes with passbook for easy monitoring.



  • Minimum Initial Deposit is 2,000pesos
  • Maintaining Balance to Earn Interest is 2,00pesos
  • Interest Rate per Annum is .125%


Requirements Need to Open EastWest Bank Kiddie Savings Account


1. Download and accomplish the Customer Information Sheet found in the EastWest website.

2. Visit your preferred Eastwest Store to submit the accomplish customer information sheet with the following supporting documents:

> at least one (1) un-expired, photo bearing with signature identification document(ID)

> Proof of billing (under your name & home address)

> Proof of income (ITR, Payslip, Certificate of Employment)

> Photo ID (1X1 or 2X2)

> Presentation of additional documents for



1. Original and clear copy of NSO Birth Certificate

2. For Guardian or Administrator, or original and clear copy of the Court Order appointing them


UCPB Start2Save Junior Savings Account


The UCPB Start2Save is also another bank that offers a competitive interest rate for kids savings account in the Philippines. From the previous initial deposit of Php 500 it got lowered to Php 100 and a lower minimum balance to earn interest from Php 10,000 to Php 1,000 only.



  • Initial Deposit is Php 100
  • Maintaining Balance to Earn Interest is Php 1,000
  • Interest Rate is 0.25%


UCPB Start2Save Junior Savings Account Requirements Needed to Open


1. For In-Trust for accounts in behalf of kids ages 0-6 years old

One valid ID of the parent

NSO copy of the birth certificate of the child

1×1 ID Picture


2. For principal accounts of kids ages 7-19 years old

One valid ID of the child

1×1 ID Picture




Things to Consider Before Opening a Savings Account for Your Kids


With so many banks to choose from, it can be a burden for parents to decide. So, I listed below some things worth considering as you choose the best savings account for your kids in the Philippines.




Know whether the kids savings account has monthly maintenance fees or minimum balance to avoid getting deducted. It will also be best if you manage to save up to the minimum amount needed to earn an interest so that the savings of your child can be maximized.


You may also want to think about whether the initial deposit needed for kids savings account is within your budget. From the above gathered list, EastWest Bank Kiddie Savings has the highest initial deposit to open while others go as low as Php 100.


Interest Rates


Of course you are opening a savings account for the benefit of your child’s future. Thus, thinking about the interest rate should be part of your priority as well.


Saving money for kids is a long time process and you might need an account that offers the best interest rate for long-term saving so that the power of compounding may apply.


From the above gathered list, China Bank Savings Easy-Save for Kids, Security Bank Junior One Savings Account and RCBC GoSavers Savings Account have the highest interest rate earned per annum.


Ability To Do Fund Transfer


Personally, I will take the high consideration in opening a savings account for my child that is within the same bank where I get my salary from. This way, I can easily do fund transfer and even set automatic transfer.


Since it will be mostly you who will fund the account, it should also be less of a hassle for you to transfer money and more so withdraw when an unfortunate event happens.




When it comes to the bank, it’s always about location, location and location. It will be nice to have an account in a bank that is easily accessible and can be found anywhere, even malls. You also want to think about the safety of your child once he/she is old enough to do the banking transactions on his/her own.


Benefits to Your Child/Children


It is also important to take note of the services the bank offer to your child.


The perks and privileges can give a huge difference on your investment. From the list above Metrobank Fun Savers have a lot of benefits including education trust benefit, accident insurance and discounts from participating merchants.


You also have PSBank Kiddie and Teen Savings Account which comes with free life insurance.


Is a kid savings account better than an investment account?


The answer to this depends on your risk appetite and reason why you want to open an account for your child.


Savings Account are really low risk, low return vehicles. It is the safest and well-recommended for those who are conservative and cannot really handle changes on the principal value of their money.


Investment in mutual funds may give higher yield in the end, but the risk is high too. It means you are betting the future tuition fee of your child in the Philippine stock market. The good new is that, history suggests the stock market will always and always goes up. So, you may want to take advantage of higher returns too.


Three Ways You Can Grow Your Kids Savings Account


  • Save automatically. Think about how much you are willing to add on your kids’ savings account and automatically transfer it. If you can only add Php 100 a month, then do it. It doesn’t matter how small the amount it as long as you are consistent.


  • Save occasional cash gifts. Instead of a new toy, why not ask for the ninongs and ninangs of your child to transfer their monetary gifts to the savings account of their inaanak? You can also save all the aguinaldos during Christmas and all the other cash gifts received for different celebration.


  • Save with a goal in place. Talk to your spouse and come up with one “why” for your kids savings account. Setting an end-goal will help you work harder and save harder for your child’s future savings.




Final Notes from SavingsPinay


Now is always the best time to think about your kid’s future. So what are you waiting for, allocate an amount to your child/children’s future fund.


Have you considered opening a savings account for your kids? Do you have any savings account recommendation? Don’t forget to use the comment section below.

Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at, a beauty and lifestyle blog for frugal Pinays and manages,, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at

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