When I was a little girl of about 10 or 11, I distinctly remember our aunt telling my sister and I that we must save money because we were um… sort of on our own. My parents had separated. My mom decided to try her luck in the US while my dad was busy somewhere out there. We were left under the care of our paternal grandmother. Our aunt, my dad’s younger sister, took it upon herself to be our guardian. She wasted no time in helping us open our own bank accounts. I was a very stingy kid. Any money that was given to me (for birthdays, Christmas, etc.) which included my allowance went straight into my bank account.
So yes, I know the importance of saving money by heart and by experience. I remember growing up and always thinking I need to have my own money so that I can survive in case no one wanted to care of me anymore.
When I heard of the PSBank Kiddie Savers Account, I asked my kids if they wanted to apply for one. My daughter agreed, my son wanted to go home early to play with his video games (eventually I will get him to start an account) so after school I dropped him off and then went with my daughter to a PSBank branch near our house. Since my daughter is 9 years old and in the 4th grade, she can write properly already. I decided to let her do all the form-filling. We had to present only three things:
- An NSO or Certified True Copy Birth Certificate (child)
- A school ID or passport (child)
- A primary ID — passport, driver’s license, etc. (parent)
There were maybe 3 forms which she had to fill up. She had to sign her name in script over and over again for the signature cards. I told her that she would need to be able to sign her name the same way if she wanted to get money from the bank in the future.
I even had her fill out the deposit slip too. The PSBank folks were very helpful, friendly, and accommodating. I gave her the money I had won from a Mooncake Dice Game held a month ago to start off her PSBank Kiddie Savers account.
…and an ATM card. I let her change the PIN number of her ATM card on her own too. I told her this way, she can get money anywhere with ATM machines — malls, school, etc. My daughter was pleased as punch afterwards.
What’s great about a PSBank Kiddie Savers account:
- There’s no minimum deposit. You can put in any amount.
- There’s no minimum daily balance to earn interest and interest is credited monthly.
- You can get your passbook and personalized ATM card right then and there, gone are the days when you would have to wait a long time or come back for the ATM card another day.
- Free accident insurance coverage that’s equivalent to 5x the average daily balance. The child is insured against accidental death or disability up to a maximum of P500,000.
- Money can be withdrawn anytime anywhere via Bancnet, Megalink, and Expressnet ATMs.
The PSBank Kiddie Savers account is perfect for little ones who don’t have incomes yet because they can maintain their account with any amount of money. I think this is way better than a keeping a piggy bank at home. 😀