Best Savings Accounts For The Kids In The Philippines

Children nowadays are more advanced in technology and financially savvy, so it’s no surprise they become interested in money at an early age. However, managing money effectively isn’t just about knowing how to earn and spend. An essential aspect is understanding savings — something that should be taught as early as possible. Trusted banks in the Philippines now offer savings accounts specifically designed for kids. This guide aims to give you an overview of the best savings accounts available for kids in the Philippines.

What is a Kids’ Savings Account?

A kids’ savings account is primarily a tool to introduce children to the world of finance. The minimum age to open an account varies from one bank to another — some allow you to open an account for a newborn, while others require the child to be at least seven years old. Through this account, children receive first-hand experience depositing, withdrawing, earning interest, and maintaining balance requirements.

How to Open a Kids’ Savings Account?

To open a kids’ savings account, you’ll need to present a few essential documents, including:

  • Birth certificate of the child
  • At least two valid IDs from the parent or guardian
  • Initial deposit amount varies depending on the bank

Proceed to the bank with these documents and fill out an application for a kids’ savings account. Bank Representatives will guide you through the process.

The Best Kids Savings Account in the Philippines

1. BDO Junior Savers

BDO Unibank offers the Junior Savers account to help parents educate their kids about the importance of saving money.


  • The account can be opened with an initial deposit of PHP100 for accounts with an ATM card or passbook and PHP2,000 for those with Kids Savings Card.
  • No maintaining balance is required for children below 12 years old.
  • Kids can earn interest once they reach a PHP2,000 deposit.
  • Free life insurance coverage equal to five times the month’s average daily balance or PHP1 million, whichever is less.

2. Metrobank Fun Savers Club


  • Open an account with an initial deposit of PHP500.
  • Earn interest with a maintaining balance of PHP4,000.
  • Account holders receive educational trust benefits worth PHP50,000 if the parent or guardian dies due to an accident.
  • Free personal accident insurance equal to five times the average daily balance, up to PHP1 million.

3. PSBank Kiddie Savers

PSBank Kiddie Savers accounts aim to teach children to manage their money wisely.


  • Open an account with an initial deposit of PHP100.
  • No maintaining balance.
  • Free accident insurance, called Kiddie Care, from Charter Ping An Insurance Corporation. Coverage is equivalent to five times the account’s monthly ADB or PHP500,000, whichever is lower.

4. Bank of the Philippine Islands (BPI) Jumpstart Savings


  • Open an account with an initial deposit of PHP100.
  • You can earmark a specific amount to introduce the concept of budgeting to children.
  • A reloadable prepaid phone menu on the card to purchase prepaid loads.

5. Security Bank Junior One Account

Security Bank offers a Junior One Account, which is a kids’ savings account that earns interest.


  • Open an account with an initial deposit of PHP100.
  • Earn interest on deposits over PHP5,000.
  • Comes with either a passbook or Everyday Debit Mastercard.

6. Maybank imteen Teen Savings Account

Maybank imteen is an interest-earning savings account for teenagers aged 13 to 18 years.


  • Open an account with an initial deposit of PHP500.
  • Earn interest with a monthly maintaining balance of PHP500.
  • Comes with a Maybank ATM card with a daily withdrawal limit of PHP20,000.

Tips for Choosing a Kids’ Savings Account

When choosing a bank for a kids’ savings account, here are some things to consider:

  • Minimum opening deposit – Look for a bank with a low opening deposit requirement, especially if you’re teaching the child to save from their own allowance.
  • Maintaining balance – A low maintaining balance is beneficial for a child’s savings account. It means you won’t have to worry about penalties even if the account balance dips occasionally.
  • Branch accessibility – Choose a bank with branches close to home or school to make deposits and withdrawals easier.
  • Interest rates – While it might not be the main focus for opening a child’s savings account, consider the long-term growth potential of the account’s balance.
  • Extra benefits – Some banks offer educational materials and fun activities that can enhance your child’s learning experience.


Teaching your children how to save money early sets them up for future success. By opening a savings account designed specifically for kids, you can introduce them to money matters and instill a habit of saving. It’s essential to choose a bank account that best suits your child’s needs and circumstances. With the best savings account, you can help your child learn about financial responsibility and watch their money grow over time. Whether it’s for their college tuition, a future business, or travel, a savings account for kids is a smart way to plan for your child’s future.

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