Every parent wants a secure future for their children and I'm one of them. Instead of spending the money that my son got from his Ninongs and Ninangs last Christmas, we opted to open a savings account for him. In this way, we can teach him how to save money.
My husband and I decided to open a BDO Junior Savings Account. Why we chose BDO? First, we have a savings account there. Second, its very convenient to transact at BDO since they have banks at Mall, which are open even on weekends and holidays, not to mention that they have extended banking ours.
This Junior Savings Account is for kids 12 years old and below. Yes, even a 1-month old baby can have this account as long as you have the following requirements:
1 1x1 photo of your baby/child
1 1x1 photo of the parent (who will apply for the account)
2 valid IDs of the parent
original Birth Certificate of your baby.
BDO staff will be the one to photocopy the Birth Certificate of your baby, and it is not required to be NSO authenticated. They also have this Junior Savers Club Discount card but this is only applicable for children 7 years old and above. By the way, if your child is below 7 years old, she/he can only have the passbook but for 7 years old up, an ATM card will also be provided.
Isn't it great to know that your baby or kid has his own account at such a young age. I only have mine when I started working but my son is just 18 months and he already have a savings account :). But of course, in anything there's a responsibility and we as parents should explain and teach to our children the value of money and savings. We should not teach them to just save money and be so thrifty, instead the value of saving and how it will help us in the future.
We chose to have a savings account for my son over an educational plan because we are not assure of what will be the future standing of educational plan providers. We are afraid that our money will go into waste as what had happened to many parents who got educational plans for their kids. We want that our hard earned money will be enjoyed by our son and our future children as well.
What about you? I know being a parent, you are thinking of your child's future too. :)