Many of us find it difficult or challenging to understand and achieve financial freedom.
We blame the lack of financial education back in our childhood years and even in school because it’s neither taught by our parents nor our teachers.
The result, many of us are content to just receive our monthly paycheck to pay the bills and essential needs but only a few of us really strive hard to achieve financial abundance and independence.
That said, it is best to teach our children to save as early as now so that when they grow up, they already have a better understanding of the importance of saving and investing money.
So, how do we teach our children to save?
BDO Junior Savers is the best way to teach our child or children on how to save money.
If we have previously taught our children to save their money in the piggy bank, we may also teach them to deposit their piggy bank savings to the real bank so that their money could grow and they’ll have more money in the future.
It may be challenging to explain these things to them, but you just have to do it slowly to make them understand the importance of saving money.
What is BDO Junior Savers Account?
BDO Junior Savers account is a deposit account that is being offered by Banco de Oro Unibank or BDO, that is specifically designed for children.
Children ages 0-12 years old can open a passbook account for as low as Php 100 initial deposit.
Children who open a BDO Junior Savers Account also receive a free Junior Savers ID Card!
Kids 7-12 years old may choose to have either a Junior Savers ATM Debit Card or a Junior Savers ID Card. These cards are personalized and will entail processing time.
Parental account (By or ITF account) comes only with a Junior Savers ID Card.
In order to help our children save, we may automatically transfer funds periodically from our existing BDO Savings Account to their Junior Savers Account via Easy Saver or BDO Online Banking (enrollment is required).
Watch the video tutorial below on how to enroll in BDO online banking.
What are the Features of BDO Junior Savers?
- Minimum Initial Deposit – Php 100
- Minimum MADB (Monthly Average Daily Balance) Requirement – Php 100
- Minimum Balance to Earn Interest – Php 2,000
- Gross Interest Rate Per Annum – 0.25%
What are the Requirements to open BDO Junior Savers account?
A. If account will be under the name of the child. (for ages 7-12 years old only)
Present any of the following: (Original copies must be presented for verification)
1. Passport
2. School ID signed by the principal/school head
3. Birth Certificate issued by Local Civil Registry or NSO
B. If account will be under the name of the parent/guardian (parental account).
1. At least 2 IDs of the parent/guardian.
2. Any of the child’s ID/document as indicated in above item numbers A.1.-A.3.
3. Adoption papers – applicable if the account is to be opened by the Adoptive Parent.
4. Guardianship documents – applicable if the account to be opened is by the Legal Guardian.
Note:
- Kids below 7 years old – the account is required to be a parental account.
- Kids 7-12 years old – they may also choose to open a parental account (By or ITF account)
What are the Fees and Charges of BDO Junior Savers?
- Account Closure Fee is Php 300 – will be collected if the account is closed within 30 days from account opening.
- Falling Below Minimum Balance is Php 300 – will be collected if account falls below the required minimum MADB for two consecutive months.
- Account Dormancy Fee is Php 30 – will be collected if the account is dormant and falls below the minimum MADB.
- A savings account is dormant if it has no client-initiated activity for 2 years.
- The collection will start 5 years after the last client-initiated activity date.
- The revised collection and dormancy fee is effective April 25, 2017
How to Contact BDO Hotline?
For inquiries on how to open a BDO Junior Savers account, you may call BDO Hotline 631-8000 or visit the nearest BDO branch personally. You may also visit the BDO website for info.
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