BDO lets kids open savings account for only P100 (Philippines)

> BDO Unibank, Inc. (BDO) in February 2012 began its advocacy on kiddie savings program nationwide. The bank encourages children aged 12 years and below to start saving.

In a press release, BDO said kids can now open in any of its over 740 branches accross the country a savings account with an initial deposit requirement of only P100.

BDO stated that this program is in support to the Kiddie Account Program (KAP), a joint effort of the Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Phils. (BMAP).

For this effort, BDO said it will tap its existing product—Junior Savers Club (JSC) Accounts—as vehicle but will do some enhancements to encourage more children to enroll.

Image Credit: CoolBuster

For example, when a child’s savings reach P500, “the account will be converted into a regular JSC account earning interest with an option to have an ATM card for kids 7 yrs old and above,” BDO explained.

The bank added that parents may also open the account for their kids 7 years and below via an “In Trust For” account since they can’t sign yet on their own. This variant provides families the accessibility and opportunity to save.

BDO announced that children will also be treated with discounts and freebies at SM affiliates such as IMAX, Science Discovery Center, Toy Kingdom, SM Bowling/Storyland/Skating. The bank gladly revealed that a free pencil case also awaits kids who will open an account with initial deposit of P100.

“The plan is to promote this product to the various schools so at this early children will be taught the value of saving for their future,” BDO added.

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BDO is a full-service universal bank that provides a complete array of industry-leading products and services to the retail and corporate markets including Lending (corporate, middle market, SME, and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Corporate Cash Management, and Remittances.

Through its subsidiaries, the Bank offers Leasing and Financing, Investment Banking, Private Banking, Bancassurance, Insurance Brokerage, and Stock Brokerage services.

BDO has one of the largest distribution networks, with more than 740 operating branches and over 1,600 ATMs, nationwide. As of December 31, 2011, BDO is the country’s largest bank in terms of total resources, customer loans, total deposits and assets under management.

source: CoolBuster

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