Opening a Kiddie Savings Account is a great way to start a deposit account for your child. This type of bank deposit product is typically affordable.
Opening a Kiddie Savings Account is a great way to start your child on the habit of saving. A Kiddie Savings Account is a type of bank deposit product is typically affordable because it aims to encourage children and young adults up to 18 years of age to start saving money in a bank account.
The Bangko Sentral ng Pilipinas (BSP) no less encourages parents, teachers, and guardians to expose their children to the habit of saving money at a young age. Starting youngsters early on familiarizes them to the banking system, thus, giving them the knowledge to confidently deal with banks as well as other financial institutions.
Having a savings account also instills among young ones the value of responsible spending, delayed gratification, and investing.

In the Philippines, only 22.6% of the total adult population owns a savings account according to the 2017 Financial Inclusion Survey conducted by the BSP. That means a staggering 77.4% of the population does not have a savings account.
Among the reasons cited for not having a bank account include, among others, are lack of money, no awareness, as well as not seeing the need for it. If most Filipinos were exposed to banking early on, the habit of saving funds, whether for emergency or foreseeable expenses, would be part of their lifestyle.
Kiddie Savings Account versus Banking On Your Future (BOYF) Kiddie Account
In the Philippines, there are two most practical ways by which parents can start a savings account for their children. One is through Kiddie Savings account and the other one is through the Banking On Your Future (BOYF) Kiddie Account. Both are evidently targeted for children. However, the difference between the two lies in the features and the requirements.
Kiddie Savings Accounts are deposit account variants offered by most banks in the Philippines. Here is an example of the features of which are more or less the following:
- Initial deposit: Php500
- Minimum maintaining balance: Php500
- Minimum balance to earn interest: Php500
- Interest rate: .50% p.a.
- Documentation: Passbook
Other requirements to open a Kiddie Savings Account are the following:
- Filled-out Customer Information Form
- Latest 1×1 ID picture
- One (1) original valid ID for presentation to the branch and a clear copy of that valid ID (bearing photo and signature of the client) for submission to the branch.
- For children below 7 years old, the savings account must be opened via an In-Trust For (ITF) arrangement. That means the parent or guardian accompanying the child must present one (1) valid photo-bearing identification document

Local banks offering Kiddie Savings Accounts
Here is a list of some local banks that offer Kiddie Savings Accounts:
China Bank Savings
- Product Name: Easi-Save for Kids
- Initial deposit: Php500
- Minimum maintaining balance: Php500
- Minimum balance to earn interest: Php500
- Interest rate: .50% p.a.
- Documentation: Passbook
BDO
- Product Name: Junior Savers
- Initial deposit: Php100
- Minimum maintaining balance: Php100
- Minimum balance to earn interest: Php2000
- Interest rate: .25% p.a.
- Documentation: Passbook
Metrobank
- Product Name: Fun Savers Club
- Initial deposit: Php100
- Minimum maintaining balance: Php500
- Minimum balance to earn interest: Php4000
- Interest rate: .25% p.a.
- Documentation: Passbook
EastWest Bank
- Product Name: Kiddie Savings
- Initial deposit: Php2000
- Minimum maintaining balance: Php2000
- Minimum balance to earn interest: Php2000
- Interest rate: .25% p.a.
- Documentation: Passbook
Security Bank
- Product Name: Junior One Account
- Initial deposit: Php100
- Minimum maintaining balance: Php5000
- Minimum balance to earn interest: Php5000
- Interest rate: .5% p.a.
- Documentation: Passbook
BPI
- Product Name: Jumpstart Savings
- Initial deposit: Php100
- Minimum maintaining balance: Php1000
- Minimum balance to earn interest: Php2000
- Interest rate: .25% p.a.
- Documentation: Passbook
PSBank
- Product Name: Jumpstart Savings
- Initial deposit: Php0
- Minimum maintaining balance: Php0
- Minimum balance to earn interest: Php2000
- Interest rate: .25% p.a.
- Documentation: Passbook
Equicom Savings Bank
- Product Name: Kiddie Builders Savings Account
- Initial deposit: Php500
- Minimum maintaining balance: Php500
- Minimum balance to earn interest: Php1000
- Interest rate: 1% p.a.
- Documentation: Passbook
RCBC
- Product Name: GoSavers
- Initial Deposit: Php100
- Minimum maintaining balance: None
- Minimum balance to earn interest: Php5000
- Interest rate: 0.15%
- Documentation: Passbook and ATM card
Keep in mind that this list is not exhaustive. There may be other banks that offer Kiddie Savings Accounts that are not in this list. For the complete features and requirements, do visit your local bank or check its website.

BSP's BOYF Program
The BOYF Program, meanwhile, is a financial education and savings promotion project launched by the BSP in partnership with the Bank Marketing Association of the Philippines (BMAP). The idea behind BOYF is for banks to partner with schools, hold financial literacy talks and activities among school children, and encourage students to open accounts.
BOYF Kiddie Account normally carries the following features:
- Initial deposit: None
- Minimum maintaining balance: None
- Minimum balance to earn interest: Php500
- Interest rate: .50% p.a.
- Documentation: Passbook
Opening a BOYF Kiddie Account is a lot easier as compared to Kiddie Savings Account as children are only required to present only their school ID and filled-out customer information form. Account opening is done within branches as deposit account opening outside branches is against BSP policy.
Currently, there are 17 banks, all members of BMAP, that offer BOYF Kiddie Accounts. These are: BDO, BPI, BPI Family Savings, China Bank Savings, DBP, EastWest Bank, Maybank, Metrobank,
PNB, PSBank, Veterans Bank, RCBC, RCBC Savings Bank, Security Bank, Sterling Bank, UCPB, and UCPB Savings Bank.

Most of these banks accept walk-in applicants but just to be sure, always inquire about the products they offer as well as the account opening requirements.
To summarize, here are the things that you need to keep in mind when opening a Kiddie Savings Account or BOYF Kiddie Account for your child:
- Ensure that you have the complete documentary requirements needed to open an account.You may call your local bank or visit their website to check for these.
- Bring a 1x1 recent photo of your child.
- Bring one (1) valid photo-bearing ID, both yours and your child’s.
- For In Trust For (ITF) accounts (children below 7 years old), bring one (1) validphoto-bearing identification document.
- Go to your preferred bank and fill out an account opening form.
- Make an initial deposit if this is required.

Epilogue
That’s it! However, guiding your child towards financial literacy ultimately depends on you. Teach them the value of saving and spending only on necessary items. On the other hand, do strike a balance by rewarding them for a job well done. Remember, they also have to learn the value of responsible spending.
If you enjoyed reading this article, here are some more parenting adventure articles that you might find interesting:
This post may contain affiliate links, including those from Amazon Associates, which means that if you book or purchase anything through one of those links, we may earn a small commission but at no extra cost to you. All opinions are ours and we only promote products that we use.
Great research in this article. I didn't realize how many options were available. You put together a terrific resource here. Well done.
ReplyDeleteThank you very much for the kind words!
DeleteI agree starting a child with a savings account teaches them so many things and the earlier the better! Thanks for all the great tips!
ReplyDeleteThat is correct. Thank you very much for dropping by!
DeleteI'm just curious so I really have to ask this one. I'm single, no kid and I'm not married and I wanna know if it's possible to open a kiddie savings account for my child in the future. Like, paghahandaan lang ganon :D
ReplyDeleteNo, because you have to have an actual kid open the account. :) As in sasamahan mo lang sya sa bank. :)
DeleteThere is A LOT of options listed here. opinion needed - which bank did you pick personally for your little one?
ReplyDeleteHello, Kat. I chose China Bank Savings but I put my little boy's money in a deposit product called Easi-Save Plus, so it's under my name.
DeleteIt earns as high as a time deposit account but offers the flexibility of a regular savings account, which means you can put in money or withdraw from your account.
I believe that opening a savings account or trust fund for a child should be vital, including educating them on how to manage their money.
ReplyDeleteAt what age where the kid will get full control access of his/her account? In Australia, kids gets full access (no parantal control) when they reach 18yrs.
Yes, it's the same age here, Blair.
DeletePlano ko rin to gawin pag nagkaroon na ko ng pamilya soon. Iba pa rin talaga yung financially ready ka para sa future nila.
ReplyDeleteMy niece was very excited when we opened a savings account for her (her parents are abroad), feeling niya "Big Girl" na daw siya. Kakatuwa! Though I wish I did more research as her kiddie account is with BDO. Napapaisip tuloy ako! Thank you for this, practical and informative.
ReplyDeletegood options and explanations. i have ITF kiddie accounts for my sons because these were opened when they were toddlers. we make it a habit to visit their bank everytime we go home. unfortunately, the pandemic prevented us from going home so we just deposited to their account so these will not be dormant accounts.
ReplyDeleteThanks for writing about this Ivan. I remember years ago when Banko Filipino is still open and I was part of the Happy Savers Club. Reading the list, it's good to know that there are banks with minimal opening fees and maintaining balance.
ReplyDeleteours is sa BDO. ginawan ko sya when he was a baby kaso na drain ko na then nag close. then january or february 2020 nag open ako uli with the initial deposit na 100. di na nadagdagan, do you think open pa kaya sya?
ReplyDeleteMost likely open pa sya unless nag-fall below the maintaining balance or nag-dormant yung account (if may dormancy fee).
DeleteTotally agree that kids should start learning how to save already. I didnt have a bank account when i was a kid and look at me now. Savings are nowhere to be found lol
ReplyDeleteIt's nice to know that banks are offering this now. When I left PH parang BDO lang yung alam kong may ganito and now marami na din palang pwedeng pagpiliin na bank. It's also a good practice to teach kids to save money.
ReplyDeletekiddie saving account is one of the best option to secure your fund with the trusted fund.
ReplyDeleteThank you very much for the kind words!
ReplyDeleteThat's correct. Thank you!
ReplyDelete