The boy finally has his first savings account—thanks to PS Bank Kiddie Savers for helping him reach this milestone at age 4. Kyle was able to open an account with his own savings since it has no minimum initial deposit required!
I started my small money lessons to Kyle ever since he learned to pick his own toys in stores. The boy was trained to show me the price tag of the chosen toy and I, in return, would tell him if it’s within our budget (I usually allot P200 only per toy store visit). This explains his love for Tomica cars as they are only about P169 (the boy knows they are within budget!haha). To teach how to save, I give him back the change for him to keep when we’re at home. He has learned the meaning of the word “save” and understood “saving” as slipping coins/bills in his piggy bank from the unspent money given to him. He also sometimes gets additional coins for a good thing done as a reward (this was properly explained so he would not think that doing good things should be paid).
Kyle clearly knows what he is saving up for: that big car in ToysRUs. That is why, he would often ask me to carry his coin bank if it’s heavy enough to buy the car. =)
Opening a Kiddie Savers Account at PSBank
When I told Kyle that we are going to open an account at the bank where he could keep some of his money, he was a bit apprehensive on the idea of handing his money to the bank and so I carefully explained to him that a bank is a safe place to keep his savings and that it can growthere, and luckily he understood. I involved him in the entire process so he would appreciate it more. It was again another teaching opportunity for me.
|Kyle helped me in submitting the requirements and he was beside me all through out the transaction.|
Some Interesting Facts I Discovered at PSBank
I’ll walk you through this interesting computation I saw from the brochure given to me by PSBank:
If your child saves P50 a day, he can have:
P350 in a week
P1, 400 in one month
P16, 800 in one year!
Hence he can have this much in his savings account as he grows older…
|Very motivating isn’t it? Note that the amount cited does not yet include interest earnings. See how our kid’s savings will grow?|
I was also told that parents can access the account via PSBank Online 24/7 so we can monitor the account any time (I think parents with teenager kids will appreciate this more since teens can already use ATM cards which means they can withdraw any time they like). I was also told that there’s a free personal insurance that comes with the account. =)
In case you so decide to open a PSBank Kids and Teen Savers account for your kiddos, the only requirements needed are 2 valid ID’s of either the mom or dad (or guardian) with photo and signature and a certified NSO birth certificate for the kids who don’t go to school yet. For school kids, bring their school IDs! And since there is no initial deposit and maintaining balance required, your children can open an account and deposit whatever amount they saved.
Kyle is now a certified PSBank Kiddie Saver
After our requirements were assessed, I was asked to accomplish some documents, and that’s it! A savings account was opened for my child! He is now a certified PSBank Kiddie Saver. Milestone Achieved!
It feels so good being able to pinch small lessons on financial literacy to Kyle. I know we still have a looong way to go but teaching him saving in a bank is surely a great way to start.
When you ask him now where his money is, he would run to his drawer to get his passbook and would tell you he is keeping them in the bank. We’re off to empty the coin bank given by his ninang next week to deposit! So happy for my PSBank Kiddie Saver!
Our next lesson? The difference between needs and wishes on our next toy store visit! =)