Choosing a bank account for your kids

Choosing a bank account for your kids

By Kristelle Bechayda

Children nowadays want to have some sort of financial independence where they can save enough money to buy whatever it is that they want. This is something we would like to teach our kids early on and now it is made even easier with RCBC GoSavers Kiddie and Teen savings account.

Child and family-friendly

One of the concerns usually brought about when opening a savings account is that it’s expensive and hard to sustain. But with RCBC GoSavers, parents can open an account for their child with only a minimum initial deposit of P100.

“We are also keeping it at zero maintaining balance,” adds Emmanuel Valdes, Senior Vice President and Head of Deposit Products and Promotions Division. “Since we’re launching GoSavers not to pressure the students, because we want them to be able to sustain it.”

Another feature? An account can also be qualified for the free Sun Life Grepa insurance, which is a first in the country. The account holder would just have to make an initial deposit of at least P10,000 and the child already has a lifelong protection that also extends to the parents.

It starts with the parents

When it comes to teaching kids how to save, it is normally the parents who introduce the subject to them, a reason as to why this product is also targeted to them. Valdes shares that he started saving for his kids when they were only months old. When they were old enough to understand the value of saving, he left that responsibility for them to continue.

“That’s the reason why part of our program is not only to tap the kids, but the parents as well. Hopefully this could be the instrument na gagamitin nila to start for their kids,” he says.

A matter of discipline

Although at some point kids would end up spending their savings, one thing that Valdes would advise to his own children is to save at least a portion of it, no matter how small.  “Whatever you keep at the very least may be small pero pag naging tuloy-tuloy mong ginawa ’yan, you would definitely realize one day malaki na ang maiipon mo,” he explains.

He also adds that it the act of saving doesn’t lie on the amount being deposited but on the children’s initiative to do it. “This is important because it serves as their foundation. Eventually as they grow up, the discipline is there that they learned to budget and have control on their finances,” Valdes ends.

For more inquiries on the RCBC GoSavers, you can drop by at any RCBC branch nationwide.