It’s easy to open a BDO Junior Savers account for your child, whether he is below 7 or up. Like many new mommies, tucked inside my feelings of joy and elation is my top concern about my baby’s future. Let’s face it, we never know what happens tomorrow – tuition fee increase, price increase, and all types of increases in the Philippines.
As much as we wish to forget this feeling of concern or anxiety, maybe this serves a purpose for parents to plan and be a step ahead when it comes to financial security.
December 2015, my now 5 year old son lines up at BDO to deposit cash gifts received last Christmas into his BDO Junior Savers Account.
To combat this nagging voice inside my head, I opened a BDO Junior Savers account for my little boy Ashton. Can you imagine, he is just 3 months old yet he already has a bank account 🙂 It just shows how much important the element of time is when it comes to saving, and I want to start now so we can save more.
Inside my baby’s account are cash gifts he receives from relatives and friends. I also deposit some of my extra money (if I still have) to my baby’s BDO Junior Savers Account.
If you wish to open a junior savings account at BDO just like I did, here are the top requirements.
BDO Junior Savers Requirements for Opening Accounts
Updated: December 28, 2015
*Original documents should be presented
1. Birth Certificate (NSO)
2. School ID
3. School registration form
4. For below 7 years old: 2 Valid ID’s of either father or mother which will be on a BY-ACCOUNT
5. Initial deposit of Php 100 (no ATM)
6. Initial deposit of Php 2,000 (get a BDO Junior Savers Club ID which also serves as ATM, only for kids age 7-12)
I prefer opening a passbook account so you can actually trace where the money comes from or goes to. You can have your baby’s passbook on the same day you applied for his bank account. The interest per annum is just 0.25% so I recommend that when your baby’s account is enough to buy investments and insurance, do consider using the saved amount for these.
Happy Saving Mommy & Baby!
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