Giving kids piggy banks is one of the things parents can do to teach children the value of becoming financially responsible adults. But why give them sad-looking piggy banks if moms and dads can give them a bank account that earns interest and includes insurance coverage?
Through PSBank’s Kiddie Savers and Teen Savers Accounts, parents can now gift their kids their own savings account that does not only teach them how to be thrifty, but provides rewards as well.
“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. 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,” PSBank Business Development Division Head and Vice President Melissa Tong said.
The Kiddie Savers Account is for children from 0-12 years old, while the Teen Savers Account is for kids aged 13-18 years old.
Aside from earning interest off their savings, the account also gives the kids a free personal accident insurance from Charter Ping An Insurance Corporation. This gives them an insurance coverage of up to five times the monthly average daily balance or a maximum of P500,000.
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The account requires no initial deposit or required maintaining balance and kids, along with their parents, may set aside as little as P50 a day and accumulate up to P16,800 in a year aside from the interest earnings. Parents can monitor the growth of their kids’ savings accounts through PSBank Online, a 24/7 internet banking facility accessible via computer or tablet.
Saving money at an early age is something most, if not all parents would like to teach their children. That is why teaching them the valuable lesson of prioritizing savings over expenses is something worth investing in, especially with offers as rewarding as the PSBank Kiddie and Teens Savers Accounts.