In a press statement on Wednesday, PSBank announced the introduction of two new savings products to teach young people about the importance of saving at an early age.
The first product, PSBank Kiddie Savers Account, is a savings account for children from newborn to 12 years old while another, PSBank Teen Savers Account, is for those aged 13-18 years old.
“We’re very happy to offer two new savings products that will be a good tool for parents to teach their kids the values of thrift, discipline and perseverance. We designed it in such a way that it would be very easy for parents to open and maintain the accounts,” PSBank business development division head/vice president Melissa Tong said.
“They don’t have to make an initial deposit and there is no maintaining balance which means their children can start saving even with a small amount. Their accounts also continue to earn interest regardless of the balance,” she said.
Aside from enjoying banking services with PSBank, children are protected through a free personal accident insurance from Charter Ping An Insurance Corp. This gives them an insurance coverage of up to five times the monthly average daily balance or a maximum of P500,000, the statement said.
For children below seven years of age, parents are advised to open an in-trust for (ITF) account. For those beyond seven years old, parents have the option of opening a joint OR, joint AND or an individual account for each of their children.
These products seek to encourage not just the parents but aunts, uncles and godparents who wish to build up savings for kids. PSBank said interested parties may call the bank’s 24/7 hotline at (02) 845-8888 or visit their nearest PSBank branch.