Kiddie savings accounts expanded to include teens

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FILE PHOTO

Metro Manila (CNN Philippines) — More banks will now offer Kiddie Accounts, and the program will be expanded to cover teenagers as well.

Anyone 19 years old and below will be able to open a savings account with a participating bank for just P100, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said during the program launch on Wednesday. The accounts will not have any minimum maintaining balance required.

Under the previous rules, he explained, the Kiddie Accounts were converted to regular savings accounts when the accountholder reached 13 years old.

Only 12 banks offered the special accounts. Now, five more banks have joined the program.

These banks are:

Banco de Oro

Bank of the Philippine Islands

BPI Family Savings Bank

China Bank Savings

Development Bank of the Philippines

EastWest Bank

Maybank Philippines

Metrobank

Philippine National Bank

Philippine Savings Bank

Philippine Veterans Bank

Rizal Commercial Banking Corp.

RCBC Savings Bank

Security Bank

Sterling Bank of Asia

United Coconut Planters Bank

UCPB Savings Bank

"Aside from targeting a wider market of savers, we also wish to help those who have started the habit of saving sustain it until they have graduated and started working," Tetangco said of the program changes.

Kiddie Accounts were first introduced in 2011 to help teach young Filpinos good money habits.

To date, Banco de Oro, Bank of the Philippine Islands and the Philippine National Bank have the most Kiddie Accounts, Tetangco said.

The BSP has long been pushing to extend the reach of financial services in the country. According to its latest survey, 86% of households did not have a deposit account in 2014.