I’ve always believed that it’s best to start everything early on in life so it becomes a habit later on. Thrift, discipline and perseverance are just some of those important values I tried to impart to Ykaie while she’s still young.
As early as two years old, I made a coin bank for Ykaie out of a plastic container and gave some coins each day which she could drop in it. Watching the number of coins rise and eventually filled the coin bank made her more excited about saving.
Instead of throwing old toys which she doesn’t like to play with anymore, I also asked her to sell it in a garage sale. We gathered all the old toys and put a table outside our house with a sign that says “Garage Sale ni Ykaie“. The toys went as fast as a lighting and she made ₱80, half of which went to her coinbank .. The other half was spent to buy new toys..LOL!
As a mommy, I like to instill to my daughter the value of money and the value of saving.
You might be wondering why we didn’t just start by opening a bank account before. Well, I tried opening a kiddie account for Ykaie before but other banks require a minimum age of 7 years old. That’s why I thought we should just start with a coin bank.
PS Bank Kiddie Saver
It’s really a good thing that PSBank now has a PSBank Kiddie Saver. PSBank Kiddie Saver is a savings account for children 0-12 years old. This makes it much easier to start a savings account for your children as it does not require a minimum age.
It is also more affordable since there’s no initial deposit required nor a maintaining balance. the account will earn interest monthly regardless of the balance.
So last October 8, 2013, we went to the nearest PSBank branch from our house and opened a PSBank Kiddie Saver for Ykaie. The requirements for parents are two (2) valid ID’s with photo and for children, the requirements are Birth Certificate and a school Id or passport.
We presented a Certified True Copy of Ykaie’s Birth Certificate and her Passport. I also presented two (2) of my government issued IDs.
The PS Bank staffs are very cheerful, friendly, and accommodating. They even gave Ykaie some candies while we were waiting.
Benefits of PSBank Kiddie Saver
Aside from not having a required initial deposit and maintaining balance, you can also choose to open a passbook and ATM account. You can choose to have a PS Bank Debit Mastercard or a regular PSBank ATM card. You can use this to conveniently withdraw cash in any PSBank branch nationwide or through any Bancnet, Megalink or Expressnet ATMs
PSBank Kiddie Savers account also comes with a free personal accident insurance from Charter Ping An Insurance Corporation that is equivalent to five times (5x) the monthly average daily balance. This means that the child or teen is insured against accidental death or disability up to a maximum of ₱500,000 fro those who are 0-7 years old and up to an aggregate limit of ₱ 5 million for those who are more than 7 years old but not more than 18 years old.To claim the insurance, the account has to be active and should have a monthly average daily balance of at least PhP 1,000 during the time of accident.
When her passbook was handed out to her, Ykaie made her first ever deposit courtesy of one of her broken coin banks.
And when we got home, she practically announced to everyone that she already has her own bank account. She is very excited and is eager to save up. She can’t wait for her next visit to PSBank to make another deposit.