Honestly, do I even have to explain myself here? I am not a financial adviser but as a parent, please, do yourself a favor and get out of future financial burden.
My top 3 reasons why it is good to open a savings account for your kids ASAP:
1. It's for the future of you and your kid/s.
2. You have more time to save up for college funds!
3. The money you save earns interest. (Cha-ching!)
Opening a savings account for your child isn't a complicated process. The steps below are the ways on how I've always decided on opening an account. Might as well share them with you:
1. Select carefully which bank you want to open an account
2. Complete the requirements first (save yourself from stress), before going to the bank
2. Go to the bank of your choice
3. Fill up the necessary forms
4. Pay (if there are any) Initial Deposit fees
To make things easier, I compiled a list of some of the banks here in the Philippines that offer savings account for kids. Websites, details, requirements, and privileges are also included on the list. Check it below:
I know it's not the complete list of all the banks in the Philippines. But if I will include all of them, it's going to take too long. I only selected the banks I think (in my opinion only!) are most accessible to people. Aside from that, please check their websites for accurate details. Especially on the interest rates and branches near you.
Tips on how to decide which bank would be best:
• First thing you might want to consider is the accessibility of the bank from and to your place.
• Next would be the perks you are going to get from the bank. (I personally believe that if the benefits are worth the fee you have to pay, it's okay)
• The last thing I would consider is the fee in opening the account. If it's going to be put to good use, think of it as an investment. IF the benefits are worth it.
If you see any error on this post, kindly let me know so I can correct it. If you have questions, just let me know on the comments below. I hope I helped you in some way.
Disclaimer: I am not in anyway being paid by any of the companies listed. Everything I posted are purely based on research and my own opinion. I have no negative intention or such. It is your responsibility if you are going to transact with them. I will not hold any liability if anything happens because of your discretion.