Do you remember opening your first bank account? I can only remember mine when I finally got my first paying job. My first job was in a bank (which has long closed down harhar) but before that I had a credit card extension c/o my dad and an ATM which is also c/o my dad hehe. Waaay before those though, I remember my mom opening an account for me and my brother with a defunct Philippine bank that had Sanrio characters as their mascots.
Those things were done without any fanfare at all. They were straightforward practical things but the value of saving and actually having money saved up was lost on me. Yes I knew how to save but honestly I wasn’t sure what I was saving for, how much I needed to save even WHY I even saved basta I had money haha. My relationship with money is ambivalent before but it all changed when I became a mom.
When I attended the AXA Failproof talk on Financial Quotient (http://manilamommy.com/fq-financial-quotient/), one of the things that really stayed with me after the seminar is Money Memory. One’s earliest Money Memory will most likely affect one’s relationship with money growing up. One goal that I have with the kids is for them to have a positive association with money. I want them to not be afraid of handling money and to develop the habit of saving and delaying their purchases so that their money only goes to meaningful things.
I now know that these ideas have to be instilled when children are still in their formative years. That is why I did not hesitate when PSBank (through Nuffnang) invited me to open an account with their Kiddie & Teen Savers account. Our housing loan is with PSBank already and I can honestly say that the process of applying for that was very easy and hassle-free so I knew the level of service this bank is able to provide.
David and I went to the PSBank near our house at 10am. I looked for our contact persons Tita Fe and Tita Pam who welcomed David and his Ben 10 pencil case full of coins with lots of big smiles and encouragements. Tita Fe counted all of David’s coins with David looking on.
Tita Fe told me that a lot of parents have also opened up accounts for their kids and yes they were also taking pics of their kids with their passbooks just like us hehe. Aside from the easy set-up, the features are also very friendly to parents and kids. The Kiddie Savers account is for kids 0-12 years old. Teens who are 13-18 years old can open an account under the Teen Savers Account.
|Minimum Maintaining Balance||Php 0.00|
|Daily Balance to Earn Interest||Accounts will earn interest regardless of balance|
|Evidence of Deposit||Passbook and ATM Card (Issued upon request)|
|Interest Rate (per annum)||Click here for the prevailing rates|
To open an account, you just need a copy of your kid’s birth certificate and a government ID 🙂
Tita Fe told us that we also got free personal accident life insurance which is equal to 5x the monthly average daily balance with the account. It was surely a nice benefit to have and only PSBank offers this so it’s a very big plus in my book!
I like the fact that there is no minimum maintaining balance, David’s first account is Php2,500 (He had 100 in coins and I gave the rest). David is already saving up the coins his grandparents have been giving him in a plastic kaldero (why this boy won’t use a piggy bank I have no idea) and we are already planning our next trip to the bank. He’s already told me about a toy that he wants to buy and I told him that if he had enough money saved up then we can buy it together. You know what, he actually gave it another thought and told me that he wants another toy instead! So I asked David to write down his wants in a list and then we can choose one toy that we can buy together. Delayed gratification + prioritization! FQ my son, that is FQ 😉
I think he’s off to a good start! Thank you PSBank for making David’s first Money Memory so much fun 🙂 We’ll be back soon Tita Fe!
To find out more about PSBANK’s Kiddie and Teen Savers Account click here – http://bit.ly/PSBANK4KidsandTeens
To find your nearest PSBANK Branche click here – http://bit.ly/PSBANKbranches
To contact PSBANK click here – http://bit.ly/ContactPSBANK