8:11 PM

We opened an account for our daughter in a Danish bank in Denmark when we were on vacation last year and we decided to open another account for her here in the Philippines since she spends more time here and I plan to teach her how to save as soon as she understands the concept of money. Her account in Denmark is working like a charm because even if we are not there she still receives money for her birthday and other special occasions from her grandparents. The process saves my in-laws wire transfer fees.

For now, I plan to deposit weekly or put all the money I am earning from blogging and my design business straight to her account. Her account will serve as an emergency fund as well because we currently don't have any active medical insurance.

I chose Security Bank after reading Frances' blog. She opened Junior One savings accounts for all her little boys and I guess that was the push I needed to finally put my foot down and choose a bank for my little girl. I initially planned to open the account in BPI where our other accounts stay but their trust fund does not earn any interest. I also did not want the account to be convenient enough where I can transfer money between accounts easily so my best bet was Security Bank.

I initially planned to try Security Bank's Human Switch Kit service but I also wanted to check the nearest branch so we trooped to the bank instead - my husband, me and my daughter. If you want to try the Human Switch Kit service, you may do so by clicking this link.

I was extremely delighted when we entered the Security Bank branch because there was only one customer inside. That means we did not have to wait for our turn. I liked the calmness and the general atmosphere inside the bank. I opened an account online a couple of days ago and we went to the bank today. I know Summer is too young to manage her own money/account so the account was still registered under my name and "in trust for" under her name. Our end goal is to teach her the importance of saving her own money and hopefully, she will be able to handle her own finances in the future.

For the passbook savings account that we opened for her, the initial deposit was Php5,000. To open the account, we were required to present the following documents:
1. One valid identity card of the parent (I presented my passport)
2. One valid identity card of the child (I presented her passport)
3. Birth certificate of the child (required only if they are 5 years old and below)
4. Initial deposit of Php5,000

You may visit the Security Bank website to find information on the other available savings accounts that they offer. I believe there is also a specific account for older kids.

Do your kids have their own bank accounts as well? Do you think it is important to teach kids about the importance of savings? 

NOTE: This is not a sponsored post. 

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