Bank Account ni Baby.

[marose17]

@Haps, BDO has a tie-up with Generali Pilipinas.   They have a product similar to savings insurance.   Basically, you deposit a certain amount for 5 years and you get paid dividends at a higher rate than the usual interest rate, plus your child has insurance coverage.  Pay-out of dividends starts on the second year.  I will post the features here once I talk to the agent.

I transferred a portion of my children's funds in their Junior Savers Club account to a higher-earning time deposit account (Interest rate: 1.25% per annum)  Nakakaawa ang interest ng JSC account (.0625% per annum).  Sobrang liit!  Sus mio!  I will maintain that passbook account for emergency purposes na lang.

[pinkpotato]

hey girls, thanks for the info. very useful talaga to. I think for parents who have montly budget for their kids' bank account, I really would suggest getting savings insurance na lang. I heard sa prudential for a 5 year term policy, in the event that one of the parents died/had total disability, prudential will be paying all returns equivalent total ng 5 years. not bad di ba? may security pa.

Medyo I co-comfort ko muna sarili ko in paying this savings insurance for H tapos next year siguro I will be opening a time deposit account for her. kailangan ko maintindihan. currently, sa usual savings bank account lang kasi lahat, in the long run, talo. might as well go for the gold! naks! LOL

btw, yung Sgd300++, maliit pa din total earning in 15 years time, nasa P1M++ lang sya.  sa manulife, 400 Usd monthly, after 20 years P1.3M lang din. you need bigger puhunan din pra maraming millions ang returns. haaayz... 

[marose17]

Sabi ng friend ko na fund manager, save a bit muna on less risky investments (time deposit, savings account, trust account, savings insurance, bonds).  Then, pag may nest egg na, you can allow yourself to invest in medium risk ventures (but with higher yield) like shares of stock, mutual funds, real estate (hindi ka nga lang liquid).  The bottom line is, do not put all your eggs (your money) in one basket.

[pinkpotato]

Correct marose. Ako talaga di ako risk taker. kaya now lang ako nag ganyan kasi feeling ko it's safer pa din sa bank pero di naman ganun kalakihan ang ipapasok dun kahit sa mga insurance. in case mawala di msaydong masakit. yung iba sa ilalim ng lupa ko na lang itatago! LOL

parang maganda din yang Juniors Savers CLub ng BDO, yan ba ang 1.25% PA?  eto lang nakita ko sa website nila,

Junior Savers Club
account for 12 years old and below
earn fixed interest
available with passbook and ATM card for 7 yrs. old and above
with special discounts at SM

[marose17]

^ Haps, yung Junior Savers Club, .0625% lang per annum ang interest.  Yung time deposit account ang 1.25% per annum.  Still, it's kinda low.  Pero low risk din.

[pinkpotato]

thanks Rose. iniisip ko pa if worth mag open ng PESO account for her. ang iba nga dollar account na tapos ako mag peso. wrong ba? LOL

[hunny_ally]

.06% na lang pala ang JSC now?!? i remember when I opened it before for Sofia nasa 1% pa siya (I was debating whether to put it in BPI account under my name. I decided against it since it's below 1%). I better pull out her money na lang. super sayang.

can anyone suggest a dollar account for kids? or is there even such a thing? my daughter occasionally receives money from her mamaia (lola). with the $ rate now parang super sayang to exchange it to peso. sometimes i just deposit it to our own $ account. pero minsan i tend to forget i-account how much money she has there.

[marose17]

^ Ally, I opened a separate dollar account (in my name) in another bank to put the dollars received by my kids from their grandparents and other relatives.  I am not aware if there is a dollar savings account for children.  PSBank has good $TD rates by the way.

Yes, kaka-inquire ko lang sa BDO last Friday so I pulled out a chunk of the funds in the JSC and put it in a time deposit account na lang.  The TD is in my name in trust for my children.

[NashyOnline]

I have a JSC for my daughter... di ko ramdam ang itnerest!

atleast, may nasesave, kasi ang policy naming mag-asawa e hindi pwedeng magwithdraw from that account.

nag-iisip din kami saan pwedeng iinvest nalang yung money... kesa nakatengga sa bank.

[marose17]

^ May retail treasury bonds ngayon ang Philippine government.  These are the rates:

5.875% per annum for 5 year-RTBs due 2015
6.625% per annum for 7-year RTBs due 2017
7.250% per annum for 10-year RTBs due 2020

Joint issuers are BDO Capital, BPI Capital, DBP, First Metro Investment Corp (investment bank of Metrobank), Landbank, Metrobank, PNB Capital and RCBC Capital.  Minimum investment is P5000 and in multiples of P5000 thereafter.  Interest payments are made quarterly.  The offer period is August 10-17.

Now, in essence, retail treasury bonds are debt instruments issued by the Philippine government.  So it is guaranteed by the Bureau of Treasury.

Ask na lang the joint issuers for more info.  I will inquire pa lang tomorrow.   Nabasa ko lang ito now sa newspaper.

[DV]

Worth looking into rin ang BPI Family Savings Plan Ahead.  It's a 5-year fixed rate time deposit account.  Current rate is 4.75%.  Minimum of P100K deposit.

[sweet angel]

^ Ally, I opened a separate dollar account (in my name) in another bank to put the dollars received by my kids from their grandparents and other relatives.  I am not aware if there is a dollar savings account for children.  PSBank has good $TD rates by the way.

sis, magkano interest rates ng $TD ng PSBank?

[NashyOnline]

^ May retail treasury bonds ngayon ang Philippine government. 

wow, sis marose17, thanks!! i'll check din!

[marose17]

@sweet angel, it's 1% per annum.  Other banks have less than 1% interest p.a. on dollar TD.

[pinkpotato]

^ rose, so sa PS bank ka nag open ng TD account?

[marose17]

^ Yes, PSBank for US Dollar, BDO for Peso.  I check kasi for the best rates kaya iba-iba ang banks ang pinupuntahan ko.  Lahat naman iyan nasa vicinity lang ng office ko.

[ellyn0803]

I came across this report and just want to share this link:

http://www.consumerfed.org/pdfs/vulreport0203.pdf

I'm planning to get sana SunLife Flexilink or Maxi Link Bright but am still waiting a reply from one of Sun Life Advisors here in GT.

Mejo lito pa kasi ako sa ganito, opps let me correct myself. Di lang pala medyo, sobrang lito pala. hehe. I understand naman the basic concept but I want to know sana yung further details of what i'm going to get myself into.

[NashyOnline]

sis marose17, nakainquire ka na sa retail treasury bonds? 

[marose17]

^ Unfortunately, ubos na when I inquired.  I understand that the banks offer them first to institutional investors, such as corporations and governments of other countries.  Konting-konti lang matitira for individual investors.

[pinkpotato]

I was able to discuss the savings insurance for my daughter. ang 9k++ pesos per month, 5 year to pay tapos 10 year maturity, 1.3M pesos ang return at prudential (SG). i compared it naman sa manulife (Phils), 5 years to pay and after 15-20 years yata ang return, at 12k++ pesos, sana 1.3M pesos din ang return.

so comparing, mas malaki ang facevalue ko sa prudential compare sa manulife. im not sure if it is the same case kung sa pinas na Pru.