Thursday, January 12, 2012

Start em Young

There's no proper age in learning how to save money than starting them young. As early as six months your kids  can already have their own savings account. Me and my kid's dad have started this early for our eldest Ichiro. We opened an account for him to save for his education. Sadly, it stopped sometime when he already started going to school. But because I believe in teaching kids through example, I opened a new account for each of them and a separate Remittance account for me. Each of these accounts have different purposes but it doesn't fail to let my boys experience banking everytime they accumulate quite big enough money of course courtesy of the generous Grandpa and Tita's and other sources.

Here are the requirements if you want to open an account for your kids. 
  1.  your child's picture
  2.  2 pcs. of your ID picture 2x2 in size
  3. my boys waiting for their turn to deposit their money
  4.  2 Valid IDs
  5. Your child's original birth certificate photocopied
  6. Php 500 for initial deposit

This comes with a passbook without the ATM. I'm just not sure if you can request an ATM for the Junior Savers Club account. I don't need it anyway since I do online banking everytime. I do monitor these accounts online. These way all transactions are easy to manage without the hassle of long lines in Bayad centers and the fear of carrying a big amount of money during travel. 
For more information regarding online banking, check BDO website here.

Have you started yours?

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