Bank Account ni Baby.

[princessrio]

when my baby was baptized, we opened a Bpi regular savings for him.

now that he is 13-months old, we got PruLife Exact Protector for him.

[brattilee]

Sissies, sorry hindi kasi ako nagbackread. I searched din sa website pero i can't seem to find what are the requirements in opening up a METROBANK FUN SAVERS CLUB. or maybe shunga lang ako. hehe.

[imeego]

BDO JSC for my toddler pero grabe sobrang baba ng interest, i should've put the money in a time deposit na lang with a relatively higher interest rate...pag may time ililipat ko na lang

[prix]

sis @prix, opo meron po ako nakuhang freebies like small baon bag and yung discount card..tumawag ulit ako sa bank para iupdate yung maclaim ng son ko confirmed na meron sya makukuhang insurance at educational trust benefit ayon dun sa officer na nagsubmit nung mga documents/requirements na kailangan para dun sa claim..kung kelan namin makukuha yun ang di pa namin alam basta every other day tumatawag ako dun para mag-follow up kung [textspeak!] na status..

buti ka pa, ako nga wala eh! ang daya.. hehe.. ask ko na lang kapag nagdeposit na ulet ako sa account ni baby.. tsk! Thanks sis hah!? sana nga makuha mo na insurance ni baby mo.. Goodluck sis..

[babythug28]

mga sis hindi ba nakakahiyang mag open ng bank account sa BDO for my eldest (turning 6) na puro 5 and 10 peso coins? kasi siya nag iipon nun and gusto ko sana ituro sa kanya about saving at this age. thanks!

[freelancer_babe]

mga sis hindi ba nakakahiyang mag open ng bank account sa BDO for my eldest (turning 6) na puro 5 and 10 peso coins? kasi siya nag iipon nun and gusto ko sana ituro sa kanya about saving at this age. thanks!

Nope. Banks are actually encouraging it sis! Lalo na at may shortage pa ng barya ngayon. They badly want those coins.

Ganyan ang ginagawa ng kid ko simula nang matuto siyang magsave. Pag naipon ang monthly savings nya, punta kami sa bank. Of course tinulungan ko na siyang ayusin yung barya - these are scotch-taped already with the values para madaling bilangin. May pila kasi. Mga tig-P200 lang ang nadedeposit niya, but still, it's good money. Tuwa nga mga tellers sa kanya.

Ang maganda rin, if you have a bank account/need to pay bills, isabay mo na rin ang transactions mo sa transaction ng kid mo.

BTW, intayin mo kayang mag-7 years of age ang kid mo. Kasi sa age pa lang na yun doon siya pwedeng mag-open ng bank account sa name nya (and as in sa name nya) instead of an ITF (in-trust-for) arrangement na nakapangalan pa sa iyo ang bank account and the kid is named as the beneficiary. At least magkakaroon sya ng hands on experience kung paano mag-open ng bank account.  Also, kailangan rin marunong na siyang bumasa at sumulat before opening that kiddie bank account sa name nya mismo.

[babythug28]

^ ahh thanks sis. ngayon ko lang nalaman about sa 7 yrs old na own account na. ipunin na lang siguro namin yung coins nya until pwede na siyang magkaron ng sariling name sa account.
ilagay ko na nga lang siguro sa paper para hindi naman sabog yung barya pag punta namin dun

[freelancer_babe]

^ ahh thanks sis. ngayon ko lang nalaman about sa 7 yrs old na own account na.

Yup 7 years old para pwede silang mag-open ng bank account sa mismong name nila. They should also be able to withdraw as well. Kahit wala na ngang permission ng parents eh, hehe (but of course it's best to guide them, yun naman ang purpose ng kiddie accounts): Presidential Degree no. 734

ilagay ko na nga lang siguro sa paper para hindi naman sabog yung barya pag punta namin dun

Scotch tape na lang sis, kasi makikita ang coins at mabilis. Just don't overdo rin yung scotch tape kasi tatanggalin rin ni teller at bibilangin. Group mo lang ang coins - for example 10 pcs P10 sa isang bundle na naka scotch tape, tapos 8 pcs P0.25 coins sa isa pang bundle rin. Then put a paper label on top kung magkano ang bundle na yun.

You can do that rin with masking tape, but make sure pa rin na makikita ang sides ng bundle para marecognize pa rin ang coins. Again don't forget to label the bundle.

Just don't cover all the bundled coins with tape - this is just to speed up things para di na masyadong magtanong at magtaka ang teller.

[stormy]

^^another option sis is iayos mo na mga coins tapos papalitan na sa bank. Pwede naman yun at definitely d yun nakakahiya

[babythug28]

thanks mga sis. feeling ko kasi all eyes on us pag nag open kami ng coins dala. hehe. ayusin ko na lang siguro by scotch tapes and may label kung magkano

[freelancer_babe]

^ Remember - the bank loves the coins because it is badly needed. Gusto nilang umikot ang pera. See #7 here: http://www.bsp.gov.ph/downloads/publications/faqs/banknotes.pdf

Don't mind the lines after you.

Kiddie accounts offered by banks are really designed for kids to learn the healthy habit of saving - although it's nice for adults to put funds into them, I personally think it's much more better to let the kid learn how to save all by himself/herself and make mistakes along the way. http://www.philstar.com/business-usual/2012/12/10/884145/bsp-urges-banks-offer-more-financial-products-children

This should further encourage you: http://www.gmanetwork.com/news/story/284990/economy/moneyandbanking/bsp-more-savings-deposit-options-for-kids-will-cultivate-financial-literacy

[dec_girl]

sa bdo savings accounts ng 2 anak ko

[babythug28]

^^ thanks sis! wait ko na lang yung ID nila for this school year para mafeel naman nya yung moment na pag open ng sarili nyang account

[martiella]

plan ko din mag open sa bdo for my 7month old baby..

[mikaela325]

ayusin ko na lang siguro by scotch tapes and may label kung magkano

Sis, i think better kung ilagay mo sa ice bag yung coins per denomination than lagyan ng scotch tape. Kasi bibilangin nila yan esp yung ibang banks may coin counter, ibubuhos dun yung coins so less work magtanggal pa ng tape.

Pag may nacomplete ka na ice bag, lagyan mo ng papel sa loob with the account number and account name.

P 10 - 100 pcs - P 1000 / plastic
P 5 - P 500
P 1 - P 100
.25 - 200 pcs - P 50

On topic, my two babies have their own passbook account with metrobank. I opened an itf for them once i got their nso birth cert. i deposit twice a month and all cash gifts goes there too.

I'm thinking now where to open time deposit naman so i can transfer some of their savings para bigger interest. I'm torn between bpi family maxi saver, bdo optimum savings and chinabank diamond savings.

[stormy]

Bukod sa bdo and metrobank, may alam pa kayo mga sis banko na nasa name na ng bata ang acct pag 7yo na?

Gusto ko sana friendly ang mga tellers sa kids kahit paano. Or kahit d friendly, basta marunong makitungo sa bata dahil yun bata ang kliyente kaya dapat kinakausap nila.

Ok sana bpi lalo na sa branch of acct ko, meron na sya ITF dun. Nasa 10yo raw kasi dapat para name na lang talaga ng anak ko nakalagay.

Purpose ko kasi e makita nun bata na lumalaki naiipon nya na amount na appropriate sa edad nya, yun dun nya ihuhulog mga naiipon nya. Gusto ko maintindihan nya na nauubos ang pera.

Mahirap kasi ipaliwanag  akala punta lang atm may lalabas na agad na pera.

[freelancer_babe]

I think all banks allow accounts be named after kids. After all it's in the law rin kasi na pwede ang mga 7 year old and above minors to open a bank account basta marunong nang bumasa at sumulat - even without the need for parents to interfere.

You may want your 7 year old kid to have that experience open an account by himself - as in fill out forms, sign them, etc.

Yun nga lang some banks have gone creative with their kiddie bank account packages at usually may mga special perks - like life insurances, partner establishment discounts, lower maintaining balances, gift, etc. Many banks have kiddie bank account offerings - Chinabank, UCPB, DBP and even some savings/thrift banks, pati rin nga yung ibang mga rural banks. Caveat though, particularly when banking with some small savings/thrift banks and all rural banks.

When it comes to customer service, BPI is still the best among most banks as they generally have the friendliest staff. Yun nga lang di ko masyadong gusto ang BPI Jumpstart account nila, pang-10 year old nga. Ang pangit rin sa Jumpstart ng BPI, P500 ang minimum withdrawal amount sa mga ATM - oftentimes too much an amount for a kid to carry and handle. Mataas rin ang maintaining balance na required ng Jumpstart nila if you open in BPI main - it's P1000 (BPI Family is better). And it doesn't have much features as compared to the kiddie accounts offered by BDO and Metrobank.

Since BPI already out of your option, I think it's best to try out banking with those other banks and actually experience how their customer service so you can decide. Try paying bills with those other banks, or do some kind of product inquiry.

[stormy]

Batas man yang 7yo - able to read and write - may nilaunch pa na campaign last year ang BSP to encourage saving among kids e mga banko d pa rin kid friendly. Pero ok lang, tiis na lang siguro ako sa bdo for 3 yrs. Proximity sa school isang consideration dahil d kami aabot sa banking hours ng iba na banks

Mahirap kasi June birth month nya ayaw pumayag na i-open na account nun summer.
 
Sa mga gusto na mag-open sa bdo, ito yun mga binigay na requirements nun new accts officer:

1. 2 valid IDs
2. OR ng school tuition and fees
3. Picture (d sinabi ano size pero 1x1 at 2x2 na niready ko)
4. Birth certificate

[freelancer_babe]

I also read that news sis. It's a 2012 article pa: http://www.gmanetwork.com/news/story/284990/economy/moneyandbanking/bsp-more-savings-deposit-options-for-kids-will-cultivate-financial-literacy

Maybe it's best to ask those participating banks about this deposit. Not one of these banks posted this kind of account on their websites as of now. It might be a hidden product that is offered only when one asks about it.

Yun rin ang isa pang consideration. A lot of banks operate during school hours. Makakapag banking lang yung bata kung wala silang pasok pero may pasok sa office (often the case with BPI). Consider banks that open on Saturdays (some Metrobank branches do) or after school hours na rin (BDO).

[stormy]

Chika lang YATA yun campaign, wala naman YATAng effort ang banks na iencourage ang pag-impok sa mga kids.

Aside sa perks na kasama nun acct, mas nakakatuwa sana kung itrain rin nila na mabait makipag-usap sa mga bata and medyo pleasing yun personality nung bank officer (teLler?) para malook forward ng mga kids ang regular na pagsave sa bank.

Pero mga wish2x ko lang yan la na ako queber kung masungit, ako na bahala dun