Teaching kids to save money is not an easy task for parents especially now that kids are more interested to have the latest toys and gadgets.
While it is wise to encourage them to keep their extra money in a traditional piggy bank, this may only be temporary as they can always access their savings anytime.
To help parents teach their children the importance of saving at an early age and becoming smart savers, PSBank introduces the PSBank Kiddie and Teen Savers Accounts.
The PSBank Kiddie Savers Account is a savings account for children from 0-12 years old while the PSBank Teen Savers Account is for kids 13-18 years old.
Saving is easy as there is no initial deposit or required maintaining balance. Together, they may set aside Php 50 a day and accumulate up to Php 16,800 in a year (this does not yet include interest earnings).
PSBank Business Development Division Head/Vice President Melissa Tong further describes their two new products as a “good tool for parents to teach their kids the values of thrift, discipline and perseverance."
She added, "We designed it in such a way that it would be very easy for parents to open and maintain the accounts. They don’t have to make an initial deposit and there is no maintaining balance which means their children can start saving even with a small amount. Their accounts also continue to earn interest regardless of the balance."
Parents and their kids can also monitor their savings accounts at their own convenience through PSBank Online, a 24/7 internet facility accessible via computer or tablet.
The PSBank Teen Savers Account also provides the child or teen account holder with a free personal accident insurance from Charter Ping An Insurance Corporation of up to five times the monthly average daily balance or a maximum of P500,000 per account (or a combined limit of P5 million per depositor).
It’s time to teach your children to be money-smart. Open a PSBank Kiddie or Teen Savers Account at your nearest PSBank branch. For inquiries, please call our 24/7 hotline at (02) 845-8888 or visit: