Saving money can seem like a grown-up task, but building a savings habit early on can set teens on the path to financial independence. In the journey of managing money, a dedicated savings account can be the perfect start. Here, we’ll explore the best teen-friendly savings accounts from major banks in the Philippines, each offering unique benefits that make saving as a teen easier, more rewarding, and genuinely empowering.
Why Open a Savings Account as a Teen?
Savings accounts designed for teens offer perks like lower minimum deposits, lower fees, and educational tools. These accounts aren’t just about putting money away; they’re about learning to set goals, understand interest, and value financial independence. It’s about laying down a strong foundation for the future.
Top Savings Accounts for Teens in the Philippines: Best Options for Young Savers
Each of these accounts brings something special to the table. Here’s a closer look:
1. RCBC GoSavers
Apply here: RCBC GoSavers
Initial Deposit: PHP 100
Monthly Maintenance Fee: None
Interest Earning Balance: PHP 5000
Interest Rate (per annum): 0.15%
Age Requirement: 0-21 years old
2. Security Bank Junior One Savings
Apply here: Security Bank Junior One Savings
Initial Deposit: PHP 100
Monthly Maintenance Fee: PHP 5000
Interest Rate (per annum): 0.0675%
Age Requirement: 7 to 18 years old
3. PSBank Kiddie and Teens Savings
Apply here: PSBank Kiddie and Teens Savings
Initial Deposit: PHP 500
Monthly Maintenance Fee: None
Interest Earning Balance: PHP 2000
Age Requirement: Kiddie: 0 to 12 years old, Teen: 13-17 years old
4. BPI Jumpstart Savings
Apply here: BPI Jumpstart Savings
Initial Deposit: PHP 100
Monthly Maintenance Fee: PHP 1000
Interest Earning Balance: PHP 2000
Interest Rate (per annum): 0.0625%
Age Requirement: 10-17 years old
5. Chinabank Easi-Save for Kids
Apply here: Chinabank Easi-Save for Kids
Initial Deposit: PHP 500
Monthly Maintenance Fee: PHP 500
Interest Earning Balance: PHP 500
Interest Rate (per annum): 0.125%
Age Requirement: 7-12 years old
6. Metrobank Fun Savers Club
Apply here: Metrobank Fun Savers Club
Initial Deposit: PHP 100
Monthly Maintenance Fee: PHP 500
Interest Earning Balance: PHP 4000
Interest Rate (per annum): 0.0625%
Age Requirement: 0-17 years old
7. PNB MyFirst Savings Account
Apply here: PNB MyFirst Savings Account
Initial Deposit: Any Amount
Monthly Maintenance Fee: None
Interest Earning Balance: PHP 5000
Interest Rate (per annum): 0.100%
Age Requirement: 7 to 19 years old
8. DBP Young Earner’s Savings Account
Apply here: DBP Young Earner’s Savings Account
Initial Deposit: PHP 100
Monthly Maintenance Fee: PHP 100
Interest Earning Balance: PHP 1000
Age Requirement: Up to 19 years old
9. Sterling Bank Asia Neo Savings Account
Apply here: Sterling Bank Neo Savings Account
Initial Deposit: Any Amount
Monthly Maintenance Fee: None
Interest Earning Balance: PHP 2000
Interest Rate (per annum): 0.375%
Age Requirement: Up to 19 years old
10. Maybank Yippie Savings Account
Apply here: Maybank Yippie Savings Account
Initial Deposit: PHP 500
Monthly Maintenance Fee: PHP 500
Interest Earning Balance: PHP 5000
Interest Rate (per annum): 0.25%
Age Requirement: Up to 12 years old
Choosing the Right Account
Choosing the right account as a teen (or a parent helping a teen) involves considering factors like accessibility, fees, and incentives that make saving exciting. It’s about finding the one that aligns with a teen’s goals and lifestyle. Remember, a good savings account isn’t just about interest rates—it’s about fostering a sense of independence.
How to Open a Teen Savings Account
Opening one of these accounts is straightforward:
- Prepare Documents: Bring valid IDs, proof of identity (like a school ID or birth certificate).
- Go to the Bank: Many banks allow guardians to help open accounts. Both parent and child IDs may be required.
- Minimum Deposit: Bring the minimum deposit amount and be ready to discuss additional benefits and options with bank staff.
Start Now!
Starting a savings account now is one of the most empowering choices a young person can make. Parents, guardians, and teens, take that first step and visit the nearest bank branch today. Get started on the path to independence, and watch those small deposits grow into big dreams!
