Bpi Savings Account

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Published: July 21, 2020 Updated: July 23, 2020 Posted by: Moneymax Personal Finance

Published: July 21, 2020
Updated: July 23, 2020
Posted by: Moneymax Personal Finance

Saving is a good virtue that you can instill in your child, even at an early age. After all, it’s a parent’s responsibility to teach their children the importance of saving money. One way you can do this is by opening a kiddie savings account for them.

First off, a BPI Account number has 10 digits. However, the total number of digits may be more than 10 depending on the total number of BPI account holders out there. Therefore, if you are asked to provide. A savings account specially designed for teens aged 10-17 years old to help them develop the habit of saving at an early age. BPI allows you to get real-time information on your finances easily. Learn how to enroll in online banking in just a few quick & easy steps.

BPI Family Pamana Savings Account allows you to save for your loved ones with FREE life insurance worth 3x of your account balance, up to PHP 2 million! Savings Account Product BPI Manage, organize and grow your money with our Savings accounts. The Savings account products provide the utmost convenience in safe keeping, managing and growing funds.

One of the best savings accounts for kids in the Philippines is the BPI Jumpstart Savings Account as it lets you transfer your kid’s allowance on a scheduled basis. Keep on reading to know more about this kiddie savings account and how you can open one for your kid.

Table of Contents

Importance of Financial Literacy for Kids

Requirement

Every parent wants their kids to flourish and enjoy a healthy financial lifestyle in the future. However, being smart with money isn’t necessarily taught at school. It is up to you to provide your kid’s financial education in a way that they can understand.

Without a basic knowledge of spending and saving, it’s easy to make financial decisions that can jeopardize the future. Therefore, it is important to teach kids smart money habits sooner rather than later.

Here are other reasons why teaching your financial independence to children is important:

  • They will be able to make sound financial decisions when they are older.
  • To be be more business-savvy in the future.
  • Have the basic knowledge of money principles.

Read more:Ipon Challenges to Help You Hit Your Financial Goals

Bpi Savings Account Online Application

Benefits of Opening a Kiddie Savings Account

Apart from learning the basics of banking, a kiddie savings account can teach your child good spending habits. Here are the other benefits of opening a savings account for kids:

  • It teaches kids to plan ahead. With a savings account, your kid can plan where and when they will spend their money. They can withdraw their savings to finance a purchase or choose to keep it on their account for future use.
  • It shows how their money can grow. Since you can earn interest in a savings account, your kid can see how their money can grow just by keeping it on their account.
  • It teaches kids the value of money. Your kid can see the rise and fall of their account’s balance. They will learn why it is crucial to only use the money on necessities and save for the things they want instead of shopping on impulse.
  • It helps build confidence. Your kid will have a bit of financial freedom with a savings account. It will help them become more confident, not just about their financial decisions, but also about their life choices in general. Their financial literacy can positively affect all aspects of their lives and their choices as they get older.

Read more:Grow Your Money Faster with a High-Interest Savings Account

What is a BPI Jumpstart Savings Account?

The BPI Jumpstart Savings Account caters to pre-teens and teens from 10 to 17 years old. This ATM saving account lets teens and pre-teens save their money at ease and keep their money safely. BPI Jumpstart also has cutting-edge features that can help your child spend their money more wisely.

BPI Jumpstart Features

Here are some of the key features of a BPI Jumpstart Savings Account:

  • Allowance Transfer Facility. You can transfer your child’s allowance to their BPI Jumpstart Account on a scheduled basis.
  • Mobile Phone Reloading. BPI Jumpstart account holders can reload their mobile phones at any BPI Express Teller ATMs. They can also reload through the BPI mobile app or via BPI Online.
  • Guaranteed Savings. Protect a portion of your child’s funds from unplanned withdrawals. You can set the minimum balance the account should have to ensure that the account is always funded.
  • Exclusive Perks from Partner Merchants. Enjoy exclusive offers and deals from BPI partner merchants that can provide valuable childhood experiences to your kid.

BPI Jumpstart Partner Merchants

With a BPI Jumpstart account, you can enjoy exclusive perks from the following partner merchants:

Visit the BPI Jumpstart Savings Account web page[1] to see the full list of participating merchants.

BPI Jumpstart Savings Account Card Designs

This kiddie savings account offers five card designs you and your child can choose from.

This card design is perfect for the fuss-free kid who wants something simple yet colorful.

Your video game-loving kiddo will love the arcade card with its game-inspired design.

For the teenager who wants a more serious-looking design, the black version is a good choice.

For the future artist, the abstract design is the perfect card that expresses creativity and individuality.

This lime card design is an amazing pop of color for the kid who wants to stand out.

BPI Jumpstart Minimum Maintaining Balance

For this type of BPI savings account, the minimum maintaining balance is PHP 1,000. However, the minimum maintaining balance is waived for one year for accounts opened starting March 16, 2012.

To earn interest, the account should have at least PHP 2,000. BPI Jumpstart accounts’ interest rate is 0.25% per annum.

Read more:22 Savings Accounts in the Philippines with Low Maintaining Balance

BPI Jumpstart Requirements

Bpi Savings Account Requirements

  • Child should be 10-17 years of age
  • Account holder’s PSA-issued birth certificate
  • School ID with principal’s signature
  • Two 1×1 colored ID pictures
  • Proof of billing with parent’s or guardian’s permanent address
  • PHP 100 as initial deposit

Steps to Opening a BPI Jumpstart Savings Account

Bpi Savings Account Interest Rate

Ready to open a BPI Jumpstart Savings Account for your kid? Follow these simple steps:

  • Prepare the necessary documents and amount as part of the requirements.
  • Visit the nearest BPI branch or any BPI branch you prefer.
  • Go to the New Account Section and tell the banker your intention.
  • Fill out the application form for BPI Jumpstart Savings Account.

After one week, you will be notified when you can claim your BPI Jumpstart ATM card.

While you can go to a BPI branch on your own to open a BPI Jumpstart account, it is better to visit the bank with your child. It will help them be comfortable in a bank and see how bank transactions work. You can also teach them how to use various bank forms while you’re there.

Once you receive your kid’s BPI Jumpstart ATM card, show your kid how to use it. Explain the perks of the card and how they can access their savings using the BPI mobile app. You should also explain the goal of the savings account and that you will also monitor their account occasionally.

Final Thoughts

Even if your kid is already a teenager, it’s never too late to teach them how to become money-savvy. Start by setting an example and teaching them the value of money. Then, open a kiddie savings account for them. By having their own savings account, your child can better practice their money management skills. They can also learn how to be more comfortable in making financial decisions and setting goals for the future.

Source:[1] BPI Jumpstart Partner Merchants

With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.

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