The boy is turning 10 next month and I think it's about time he opens his own savings account. Since last school year, he has been receiving a weekly allowance and has managed to save a little amount, transact on his own, whether buying small items from a store, or purchasing apps online. Gradually, he has come to appreciate the value of saving and the rewards of being able to buy something from his own money.
I've already been looking into a few banks offering savings account programs for kids when I was offered to check out PSBank Kiddie Saver. Perfect timing! The PSBank Kiddie Savers Account is for children 0-12 years old. They also have the PSBank Teen Savers Account for 13-18 years old.
- Few basic requirements only
- NO initial deposit required
- NO maintaining balance
- Any amount from balance can earn interest
- Monthly interest credit
- Easy access to funds
- Includes personal accident insurance
The accident insurance is an added feature which other banks don't offer. According to PSBank, "your children are protected through a free personal accident insurance from Charter Ping An Insurance Corporation, equivalent to five times (5x) the monthly average daily balance. This means that the child is insured against accidental death or disability up to a maximum of PhP 500,000 for those who are 0-7 years old, and up to an aggregate limit of PhP 5 million for those who are more than 7 years old but not more than 18 years old." Fantastic, right?! So, the more we save, the higher the coverage without paying extra.
If we choose to get a passbook and ATM, we can also request for a PSBank Debit MasterCard or a regular PSBank ATM card to withdraw cash for easy access to funds.
Learning about their features, and knowing PSBank is part of the prestigious Metrobank Group where we have an account, I am confident that I've chosen the right savings program for him. I then prepared the documents we needed to bring for our trip to the bank.
- Parent/Guardian
- 1 primary valid IDs (or 2 valid secondary IDs) - Driver's license, passport, SSS, etc.
- Child/ren
- Birth Certificate issued by the NSO (or Certified True Copy issued by the Local Civil Registrar duly authenticated by NSO)
- Passport or School ID
After I fetched him from school one Friday, we went straight to PSBank on Shaw Blvd. All minors should be accompanied by a parent or legal guardian during account opening.
I consider this another milestone for my boy as he takes on a new and important responsibility in his young life. He was really looking forward to it, but I was actually more excited for him, heehee... =) So, here's how our trip to the bank went:
We arrived at PSBank - Wack wack branch at noon. Upon entering, we went straight to the New Accounts area where we gave our documents. The bank officers made copies and returned the originals back.
Next, we were handed the forms to fill out and sign:
- Application and Agreement for Deposit Accounts (AADA)
- Customer Information and Specimen Signature Cards (CISSC)
Options:
- Open as an In-Trust-For (ITF) account
- Open Joint OR, or Joint AND account
- Individual account for each of your children
Since he can already write and sign on his own, he was handed the specimen signature card and other forms to sign for his personal account. Good thing he already created his signature almost two years ago, and now he's finally able to actually sign on an official document.
He got an individual account so let's see how he can manage his savings. Maybe later this year, I can have it changed to a Join account. I also signed the insurance coverage and the waiver for PSBank Kiddie Savers with PSBank Debit MasterCard. We were done in 15 minutes!
Although the Kiddie Savers did not require an initial deposit, I want him to experience making his first deposit. He has a little over P1,800 in his "savings wallet" at home, so I made it P2,000 for him as his opening balance.
Tada! His first passbook for his PSBank Kiddie Savers account. We went home and he said, "I have money na... can I use this to buy games for my iPad?" Lagot! =)
This is a good first step for my son towards financial literacy, and I can only hope we could guide him to be responsible with money as he grows up.
Thanks to PSBank - Wack-wack branch manager and officers for assisting us in opening an account for my son. We'll be seeing you again on his next deposit, hopefully soon! =)
Learn more about how you can help your child open a bank account and start saving, with PSBank Kiddie and Teen Savers account here.
Get instant updates:
My Mom-Friday on Facebook
Follow @mymomfriday on Twitter and Instagram
Also on Google Friend Connect, or Subscribe Via Email.
I try my best to reply and answer any questions you may have on each entry so check back if you've left one. Thank you and do visit again!
(Comments with links will automatically be flagged by Disqus.)
