Bank Account ni Baby.

[betty]

ako din parang i want yung may passbook.

[DV]

^^Yung BPI Express Cash, fill out an application form lang.  This can be done online or at the bank.  Meron din silang ATM card na pwede mong i-design, like lagyan ng photo, cute.  I'll try that next time. 

OK pa rin talaga ang may passbook/time deposit account for your own child.  Kung pangrega-regalo kasi mas convenient yung cash card. 

[kreez]

kami naman instead of a bank account (kasi maliit lang interest) dinodoble ni hubby [textspeak!] nakukuhang money ni baby from the gov't tapos he invests in blue chip stocks, para pag laki ni baby meron na syang stocks, proceeds of which to be used in her own discretion. 

[sweetscience]

For the benefit of the others who want to have a BDO cash card:

-What are the documentary requirements in purchasing the BDO Cash Card

The purchaser must fill up a Cash Card enrollment form with purchase
agreement.
The purchaser must present one (1) valid ID.

Other FAQs - https://mycashcard.com.ph/cashcard/pages/info/faq.jsp

May dormancy charge pala dito at may minimum amount.. nabasa ko sa bpi parang walang ganun.. so mag-bpi na lang siguro ako pang-gift..

[twelvth_goddess]

Nung na-preggy ako, nag-open kame ni hubby ng another joint account to put our baby's fund. Every payday we set aside an amount tapos end ofm onth kame nagde-deposit. Ngayon, mejo malaki na sya We plan to maintain this for our baby girl para hiwalay yung money for her needs.

[ellyn0803]

Metrobak funsavers. Plan ko kapag nag-aaral na daughter ko, we'll bring her to the bank whenever we would deposit her money. I'll let her give the money dun sa teller.

It's nice to have a TD din.

[liyapot]

^Ang problem ata ni sis sweetscience ay hindi sya makapag-open for her niece/nephew.  Ireregalo sana nya ay bank account.  Pwede bang  magbukas ng Save-Up ang hindi parent/legal guardian?  Also, hindi ba parang sub-account lang ng personal savings account yung Save-Up, meaning hindi nakapangalan sa ibang tao?

ay sorry..
and yes, the save-up ay sa akin pa ding account but ni-nominate ko lang para sa baby namin.

[Cheesecak3]

My 3 year old son has a Kiddie Account in RCBC Savings Bank, naka passbook kaya madaling mamonitor.

[pinkpotato]

what about a SAVINGS INSURANCE. you deposit lets say 5000 per month for 5 years only. and ofcourse as you deposit monthly nag iinterest na sya. stop ka din deposit after 5 years and the yung money mo yun na lalago dahil sa interest.

after lets say 10-15 years you may withdraw all the money or just the amount you had on the first 5 years and leave the interest. the interest left (your money) will then incur interest on the next year... sabi pa ng taga prudential saken, 3% interest rate per annum.

.9% lang yata ang usual savings account.

i hope im explaining it correctly. haha. di kasi ako taga insurance pero basta ganun yun.

may ganito yata ang MANULIFE AT PRUDENTIAL which is more ideal at mas malaking cashback than the regular savings account.

[evilwoman]

^ sis insured din ba to sa PDIC?

[marose17]

^^ Haps, I got a variable life insurance policy for Marty and Milo.  Ganyan nga ang concept.  I got sa Manulife and sa Sun Life (Flexi-Link and Maxi-Link).  True na mas malaki ang yield and they have life insurance coverage pa.

Check the websites of those companies or set an appointment with an experienced career agent (like what I have), huwag yung part-time agent lang (walang longevity and commitment), to get a clear explanation of the features of the products.

For their savings account naman, meron sila sa BDO (Peso) and PSBank (dollar TD).  PSBank has higher rates (compared to bigger banks) for TD accounts ha.

My husband and I are also planning to open a trust account for them.  This one has at least 7% upwards interest per annum though it is not covered by PDIC.  May konting risk.

The usual passbook account has 0.5- 1% interest per annum lang, so mababa talaga for long-term investment.  May withholding tax pa.

I suggest to vary your investments for your children.  Do not put all their money in a regular savings account.  Lugi kayo because the interest rate is much lower than the inflation rate.

^ Sis, insurance companies have to maintain a very high capital (at least Php 1 billion).  They are monitored and supervised by the Insurance Commission.

The variable life insurance products are invested in a mix of equity and bond funds.  For equity, usually blue-chip stocks (PLDT, Ayala, etc.) lang naman investment nila so medyo low naman ang risk.  For bond funds, well, the Philippine government guarantees payments of those bonds.

The insurance companies also publish the yield rates of their funds in newspapers.

[betty]

My 3 year old son has a Kiddie Account in RCBC Savings Bank, naka passbook kaya madaling mamonitor.

sis how much mag open nito?

[twelvth_goddess]

Safe pa ba educational plan for kids? Parang natakot kase ko with what happened recently sa mga educational plan companies. baka masayang lang money namin.

[Cheesecak3]

sis how much mag open nito?

1,000 sis.

[betty]

thanks dear, will open nga yan..para madali magtransfer

[betty]

ay teka, rcbc commercial or savings bank?

[pinkpotato]

thanks sa input rose. thinking pa if i'll get one sa MIL ko who works at manulife or dito sa Sg, prudential naman. kasi dapat mag open ako sa standard chartered ng savings ni Hershey pero eto ang inoffer which i think is more benefial because these savings are most likely to be used when she starts going to the big school 3-5 years from now.

she has the regular kiddie savings sa local bank dito at nakakainis ang interest. hahaha. so papaclose ko yun ang get this savings insurance.

i only knew and understand the importance of insurance when were abroad. kailangan talaga insured ka for the future. and if you have enough insurance + savings + investment, you are considered financially stable.

[marose17]

^ Sis, the premium payment generally depends on the value of the policy.  If the face value is high, the premium is also high.  You can opt for a not-so-high face value (say, less than 500k) and upgrade later.  You can also choose payment terms: annual, semestral, quarterly, monthly.

Just to give you a general idea, for the Flexi-Link, the quarterly premium I pay is around Php2500 per child/beneficiary for a face value of Php500,000.  For the Maxi-Link, the quarterly premium I pay is around Php5,000 per child/beneficiary.  For my Manulife variable insurance policy, I pay Php2500/month for 10 years .  The premium is higher because I only get to pay for 10 years then I will get the face value amount (Php500,000) + the earnings (dividends) on year 15.

To get a clearer picture, please check the description of each product here:  http://www.sunlife.com.ph/slfglobal/v/index.jsp?vgnextoid=ebbcde129ff52210VgnVCM1000009b80d09fRCRD&vgnextfmt=default&vgnLocale=en_CA

Or set an appointment with an insurance agent.  As I've previously posted, I recommend that you get in touch with a full-time career insurance agent.  Based on my dealings, mas okay kasi sila compared to part-timers.

[hunny_ally]

i think thats what we got for Sofia as well. Sunlife Flexi-Link. We make annual payments of Php20k+ then payable in 5 years. I'm not so sure how much is the total yield and the terms (so lazy to open the file cabinet). Anyway, we only have 2 years to go (including for this year). We got it when my daughter was only a few months old and we make sure the payments are made around Christmas so the 13th month pay or the bonus can cover it (sabi ko nga forced savings. at least the 13th/bonus dont go to all to the luho and gifts). We're planning to get another one for her and the new baby by end of the year. This is different pa from her savings account.

^marose, sounds interesting yung maxi-link. someone presented that to us before pero at that time my husband was in the process of changing jobs so werent too keen in getting it. i might consider this at the end of the year

[marose17]

^ That's what I like about Flexi-Link and Maxi-Link.  Short lang ang payment period for the premiums.  Forced savings nga and since the fund is not easily withdrawable, mas okay.  Bonus na yung insurance coverage.   You do not need to get a separate insurance for the child and at the same time, you get the benefit of a fund manager's expertise in deciding where to put the portion allocated for the investment.  If you open an investment account with an investment bank, you also pay a fee to the fund manager. 

From what I understand, the Maxi-Link has a bigger yield.  Anyway, I've found other products in the Sun Life website for endowment plans, annuities, etc.  These are alternative investment products that the mommies here might want to consider.