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Start them young as they say. The following are some of the best savings accounts for kids. Some banks require an ITF(in-trust-for) account for children below a certain age.
MayBank's Yippie Savings Account is specially made for children aged 12 years old and below. You can open as low as 500.00 PHP and comes with a passbook and ATM card. Maintaining a minimum balance of 5,000.00 PHP earns 0.25% interest per year.
But the best thing about it is the free personal accident insurance that has coverage equal to 5 times the previous month's ADB or up to a maximum of 500,000.00 PHP. If the situation arises, you can also avail of free medical reimbursements equal to 10% of the personal accident insurance coverage.
Here's a list of savings account with life insurance.
Equicom's Kiddie Builders Savings Account offers a 0.50% interest rate per annum for balances 1,000.00 PHP and up. Kids 0-13 years old, can open an account for just 500.00 PHP. Account-holders are entitled to free dental and medical benefits from Maxicare when the account balance reaches Php15,000.00
As kids grow, upgrade to Metrobank's Fun Savers Club. For age 0 to below 17. Deposit 4,000 to earn an interest rate of 0.0625%. The rate is negligible, but it comes with a personal accident insurance worth 2x the average daily balance but not more than 1 million pesos, when the account monthly average daily balance is at least 4,000. In addition, it grants an educational trust benefits to the child in the event of the accidental death of the parent/guardian.
Security Bank's All Access Checking Account is both a savings and checking account with free life insurance. It provides a passbook, checkbook and ATM card. Opening balance is 5,000 PHP, with maintaining a balance of 25,000 and needs at least 100,000 to earn an annual interest of 0.10%. Life insurance is 3x the ADB up to a maximum of 3M. They also offer a Peso Time Deposit of up to 7 years with interest rate of 4.43% and for 1 month period, the interest is 3.15% for a minimum deposit of 3 million pesos.
EastWest Bank's Regular Checking account requires a minimum initial deposit and balance of only 10,000.00 PHP, but zero interest.
Veteran's Bank Long Term Deposit accounts needs to be checkout. Metrobank's Online Time Deposit has 5% interest rate with 6 months - 1 year duration and minimum of 10 million pesos. Welcome Bank headquartered in South Korea offers a Short Term Time Deposit account with 4.5% interest in 1 month and minimum of 5 million pesos deposit. Sterling Bank of Asia's Prima Plus Time Deposit increases a minimum 1 million pesos by 5.5% in just 1 year. UnionBank affiliated, City Saving's Floating Rate Time Deposit account is providing a floating interest rate based on the RRP(Reverse Repurchase Rate) set by the Bangko Sentral ng Pilipinas, plus an additional 0.25%. The RRP is being reviewed regularly, check it here. Currently the interest rate totaling 6.75% can be earned after 2 years with a minimum deposit of 250,000 PHP.
OwnBank is formerly known as Rural Bank of Cavite City. They have been operating for more than 60 years. Though it may look like they are a digital bank, they are not. Same as other banks, it is regulated by the BSP(Banko Sentral ng Pilipinas) and deposits are insured by PDIC(Philippine Deposit Insurance Corp.) for up to 500,000 PHP. They are offering 6% annual interest rate in their Own It account. And dig this, a whooping 8% in their 7-day Time Deposit account, buy of course its a promo. Free bank transfers.
Of the same mold is Salmon.PH, its physical office is the Rural Bank of Sta. Rosa(Laguna), Inc. Their time deposit account offers the following interest rates: For deposits between 50,000-500,000 PHP, and 6 or 9 months is 5%, 12 months is 6%. For amounts above 500,000 up to 50 million PHP, and 6 or 9 months is 6%, 12 months is a whooping 8.88%!
You can open an account at their head office located in F. Gomez St., Barangay Malusak, City of Sta. Rosa, Laguna; and in Bacoor branch located at Evangelista St., Barangay Daang Bukid, Bacoor City, Cavite. For clients in Metro Manila or other areas, the relationship manager or sales officer will meet and assist the customer at the official address declared in the Account Opening Document either their employment or business address or residence address.
Digital banks are the rave right now, as they offer more competitive interest rates of 2% and higher.
BPI's Banko offers a TODO Savings with 5% interest rate for deposits between 5,000 upto 1 million pesos. It has free bank transfers.
SeaBank gives 4.5% interest on a daily basis with no lock-up. Its like the deposit is compounded! Also they give up to 15 free bank transfer per week.
Similarly, GoTyme Digital Bank's savings account dishes 5% interest with no lock-up and no minimum limit. They offer 3 free bank transfers per week. Get a free ATM debit card instantly when signing up in one of their kiosks. When signing up using the app, you can collect the card in any of their kiosks. When you use it to shop in any Go Rewards partner stores, you earn 3x Go Rewards points. Deposit or withdraw for free via designated cashiers in Robinsons Supermarket, Robinsons Department Store or at select Robinsons Retail brands. Deposit for free 2x a month, after that it charges 0.5% of the amount, plus 20 free InstaPay transfers per month. You can also use your debit card for free withdrawals from any Robinsons Bank ATM.
Tonik Bank, gives 4% on their Solo Stash and 4.5% for Group Stash. The Long Term deposit is giving out 6% with 6 months lock-in. These rates are not promotional. Free bank transfers.
Maya Bank offers interest rate of 6% using Goals with lock-in. You can transfer funds to CIMB and Tonik for free. CIMB is offering a MaxSave Time Deposit account that gives 6, 6.5, and 7% for 6, 12 and 24 months term duration respectively. Minimum deposit is 10,000 and max of 1 Million PHP.
NetBank Mobile offers 4% for savings account and 5% for time deposit with 6 months term and 6% if 12 months. Time deposits have a minimum amount of 10,000 PHP. The good thing about it? Free bank transfers with no limits, for now.
UNO Digital Bank's UNOready savings account provides 4.25% per annum for deposits between 5,000 and 5,000,000 PHP and 3.50% if below 5,000 PHP. It comes with free life insurance with coverage up to 50,000 PHP. UNOboost time deposit earns a steady interest of 6.50% with minimum of 3 months tenure up to 12 months. Meanwhile, UNOearn also gives out 6.50% interest but with longer terms of 12 and 24 months. Free bank transfers.
Union Digital Bank provides 3% interest on savings account below 5 million pesos and 4% if more than. Time deposits between 10,000 to 10 million pesos earns 6.25% with term of 90 days, 6.5% if 180 days and 6.75% for 1 year. PESONet bank transfers are free.
Here's a little dirty secret, you can do bank transfers for free and even earn extra. ShopeePay offers free cash in via InstaPay and 25PHP cashback, for the first 2 transactions of the month.
Lemoneyd has compiled a list of digital banks and their offers, its regularly updated.
Take note that PDIC insurance is only 500,000 per bank depositor.
Wise.com provides US bank details you can transfer to and from with cheaper fees and exchange rates. The exchange rate is real-time. You can use it to transfer funds to and from PayPal. It has a Jar feature where you can keep the money but it doesn't earn interest. It also supports fast fund transfers to e-wallets like Maya and GCash.
Banks are not the only ones providing interest on deposits. Checkout Bitcoin and other crypto currencies.
The Philippine Peso actively fluctuates against the US Dollar and its very important to be updated of the latest exchange rate, especially if you are an OFW(Overseas Filipino Worker) or in my case a home-based Web Developer with overseas clients.
To know the latest rates, not just the USD/PHP but on other currencies, I use Google. I bet you're surprised, but Google is more than just a search page. Check out the current USD/PHP exchange rate.
How did I do that? Easy, search for "1 US Dollar = Philippine Peso" like you normally would. Google is smart enough to understand human language, try "1,000 Yen = Philippine Peso" for example.
SecurityBank, ChinaBank, and BPI offer safety deposit box in some of their branches.
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A cash card is an electronic payment card that stores cash for payments. There are several types of cash cards: debit cards, prepaid cards, gift cards, and payroll cards. Debit cards are linked to a bank account, while prepaid cards are not. Unlike credit cards, prepaid cards allow you to control your finances. You can use it without overspending or incurring debt, as you're limited by the amount that's loaded on the card.
Maya is a prepaid online payment app that enables the financially under-served to pay and shop online without a credit card. It is the first of its kind in the Philippines. To avail, download the free app, load it up, and you're all set. It is downloadable on both Android and iOS smartphones. Although it is a Smart affiliated service, any mobile number can register.
Check out their list of cash in partners here. I prefer using online bank transfers.
The app generates a virtual Visa Card that you can use to shop online. Aside from shopping, you can buy prepaid loads and data packages for Smart, Sun, and TnT at discounted prices, and from Globe too. It has a pay bills feature with a comprehensive list of billers.
You can also get the physical Maya card. You can use it for purchases at any store here or abroad that accepts Visa. Buy the card here. The cards cost 200 PHP. Spare yourself the trouble of waiting for the delivery and just purchase it outright at these outlets:
- SM Store Business Services
- Robinsons Department Store Business Centers
- LCC Supermarkets
- Gaisano Capital Business Centers
- Family Mart branches
It is an EMV (Europay, MasterCard and Visa) based chip and is more secure than the traditional magnetic stripe version.
There are two types of accounts, the default and upgraded. The default account is limited, you can't send money to other Maya users. Plus, it has a load-up, spending, and maximum balance limit of only 50,000 PHP per month.
Upgraded accounts have a higher monthly max limit of 100,000 PHP. You can send money up to 15 times a day and withdraw through any BancNet ATM using the physical card for a fee of 15 PHP.
With Maya, there's no need for a bank account. You can use it to verify your PayPal or Skrill account. In case you forgot your password or got locked out, read this. Learn more about Maya here.
Maya now has a savings bank account feature. Their Personal Goals earn 6% annual interest for a maximum of 6 months. Download the app and use my invite code WY6Q0KG7O6QR.
If eligible, you can take out a loan via Maya Credit, with minimal or no requirements. I tried applying and my max loan amount is 9,000 PHP. They charge a one-time service of 5%, and monthly interest rate of 5.99%. In case of late payment, there's a grace period of 15 days and a daily penalty charge of 0.17% of the unpaid principal or balance there after.
There's also Globe's GCash, which has its own physical Mastercard prepaid card and an AMEX virtual card. It has more features, like a bank savings account and an investment option. To buy the card, get more information here. You can also get it from MiniStop, Lawson, All Day, Robinsons Business Centers, and selected 7-Eleven branches for just 150 pesos.
GCash also allows almost instant PayPal withdrawal! To avoid bank transfer fees, open a GSave account in CIMB or UNOReady account in UNO Digital Bank within the GCash app. Both digital banks offer unlimited free bank transfers.
They offer loan via GLoan. My application provides me a max amount of 20,000 PHP. The service fee is 3%, and monthly interest rate of 3.09%. There's a late payment fee of 1% of your loan amount for each unpaid installment, plus 0.15% of your total outstanding principal balance that will be charged daily until you pay off your dues. They have given me the highest credit amount of 20,000 PHP payable in 12 months. If paying loans diligently, succeeding interest can be as low as 1.59%, maximum loan amount is increased to 50,000.00 PHP and there's cash back on interest if loan fully paid early.
GCredit which they also offer in collaboration with CIMB, charges a 5% interest every 30 days. They provided me an 5,000 starting credit limit.
ShopeePay is Shopee's own wallet, they have free cash-in, that is they refund any transfer fee incurred. Their SLoan offered me max of 10,000 PHP. They charge a one-time admin fee of 1%. The monthly interest rate is from 4.95%. Penalty is 5%.
HomeCredit, and Salmon are low interest buy now, pay later apps.
Wise.com is a cheaper alternative to PayPal, and the exchange rate is real-time. It also supports fund transfers to e-wallets like Maya and GCash. It also offer the Multi-Currency Card, an international debit card with low exchange rate markups, and transaction fees when used to spend abroad.
Pag-IBIG's Loyalty Card Plus is connected to an AUB bank account. It has no initial deposit, no maintained balance, and no monthly fees. You can use it as a debit card and withdraw money from ATMs. It can receive your Multi-Purpose Loan(MPL) proceeds and MP2 Savings dividends. When shopping, use it and earn rewards and discounts from hundreds of partner merchants. Hello Pag-IBIG is an app that's connected to the AUB account. It has a Pera Padala feature where you can send cash to LBC Express, M Lhuillier, and Palawan Express. Fees are fixed no matter the amount and are way lower than the standard fees.
If interested in getting a credit card, AUB offers secured credit cards. To avail, open a savings account and accomplish the Deed of Assignment which will serve as the guarantee. The card's credit limit is 80% of your deposit. For the AUB Easy, the minimum required deposit is 25,000 PHP and for Classic it is 50,000 PHP.
It has flexible payment terms, in fact, you're the one who's going to set how many times you want to pay in a month and how much!
The annual membership fee is waived for life. And dig this, no interest on new purchases made after the statement cut-off. Just keep in mind to pay on time. It is also loaded with perks. You can check them here. My favorites? The rewards, earn 1 point for every 20 PHP spent. The free flights & service class upgrades on Philippine Airlines, thru Mabuhay Miles. And the complimentary airport lounge.
Take note, if you decide to cancel the credit card, the deposit will only be released after 60 days.
Of the same mold is Security Bank's Next Mastercard, with up to $200 USD purchase protection coverage when you shop online.
These banks require a secured deposit account to avail of the credit card, Atome mobile app offer theirs without it. Download the app and apply, if successful, the physical card will be delivered to your address. Aside from the card they also provide the Cash loan. They gave me a credit limit of 20,000 PHP with monthly interest of 5.50% and 3 or 6 month terms. The service fee is 300 PHP, I didn't avail yet.
Zed Card is set for launching but there's no specific date yet. There's no interest as long as the minimum due amount is paid on time. No foreign transaction fees and get the best currency exchange rate. No annual fees. Get a fair credit limit based on current and future earnings.
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Tipping is a form of gratuity, a recognition or appreciation of something like a useful content or online service, a helpful video, an exemplary piece of music, etc. When you like a post or photo on Facebook, you click the “Like" button, but in tipping you back it up by paying a micro amount(usually in cents) called a tip to the content or service provider.
Sites like Flattr and Tipeee cater to tipping. However, they use PayPal for payment processing, and I have a very nasty experience with PayPal. I avoid it like a plague.
If you’re a supporter of the buy me a coffee type of tipping, check out Ko-fi and Buy Me A Coffee.
AddThis offers a Donate Button that supports Amazon Smile, Cash.Me, Patreon and Venmo.
Since tipping involves micropayments, I think Bitcoin is better suited for this purpose. With Bitcoin, it is hassle-free to send tiny amounts and doesn’t entail any deductions or fees. Plus, it doesn’t require any integration of third party buttons or links on your website, you just need to show your bitcoin address to start receiving tips.
Wish to make donations count? Donate to Angat Buhay, it is a NGO that harness partners, volunteers and supporters to empower the marginalized Filipino communities. It is spearheaded by former Vice President Leni Robredo, a person gifted with the purest heart to serve the people.
For non-profit organizations that need to integrate donation forms, Every.Org and DonorBox are platforms that supports many different payment methods.
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