BDO Junior Savers Account ALERT!!!

As parents, we always want the best for our children. It’s their welfare that is our top most priority. We want to give them an improved life and a secured future. What better way to start or continue this dream is through savings. This is my desire to my daughter, to teach her early the importance of financial discipline. I want her to grow up knowing how to manage her resources especially on money.

I was browsing my feed when I came across this advertisement from BDO Unibank. It offers a Junior Savers Account that you can open for as low as 100 Php. I got curious, opened the link and read further. I told my husband about it and he said maybe I should visit the bank one of these days. I remember telling him I will sure go and inquire myself about it. When I was a kid, my mom also opened a bank account for me similar to the Junior Savers. However, the bank closed, and I don’t know if my mom ever thought about checking the account. Or maybe she was able to withdraw the money and used it on our school needs.

What is BDO Junior Savers Account?

Children ages 0-12 years old can now open a passbook account for as low as Php 100.00 and start earning interest when deposit balance reaches Php 2000.00. Isn’t this good news to us, parents? Junior Savers is one way of teaching our child how to save and be accountable financially. 

How to get started?

If you have an existing BDO Savings Account, you can help build your child’s savings through funds transfer to his/her Junior Savers Account. Now, how to open your child’s own account? Children 7-12 years old can opt to get a personalized Junior Savers ATM Debit Card. However, if your child is under 7 years old, the account is required to be under the name of a parent/ guardian.

What are the requirements?

7-12 years old

Bring the following to the nearest BDO branch in your area (At least one original copy and a reproduced copy):

a.       School ID signed by the principal or school head

b.       Passport

c.       Birth Certificate issued by the Local Civil Registry or NSO

Under 7 years old

Account is required to be under the name of the parent/ guardian. Bring the original and photocopies of the following documents:

a.       At least two valid government-issued IDs of the parent/ legal guardian

b.       Any of the child’s documents indicated above

c.       If you are the adopted parent, you need to bring adoption documents

d.       If you are the legal guardian, you need to present the Guardianship documents

e.       Bring your company ID or any proof of income. Certificate of Employment or Certificate of Service will also do. If you are a businessperson, business permit under your name should be presented.

f.        Proof of billing (e.g. electricity bill) indicating your home address

g.       1x1 ID picture

What are the features, benefits, and charges?

Minimum initial deposit is Php 100.00.

Minimum monthly average daily balance (MADB) is Php 100.00.

Minimum balance to earn interest is Php 2000.00.

Gross Interest Rate per Anum is 0.25%.

Account closure fee will be collected if the account is closed within 30 days from account opening which is Php 300.00.

If you fail to maintain the minimum required balance for two consecutive months, you will be charged Php 300.00.

If the account will be dormant, meaning a savings account has no client-initiated activity for two years, a dormancy fee of Php 30.00 will be charged.

For more queries, do not hesitate to visit the nearest BDO branch in your area. You can also contact the BDO Customer Center at (02) 631-8000.

I hope this post is of help to you. It is very crucial that we start teaching our children the principle of stewardship.