Wealthbank Kiddie Savers

I really wanted to save for my little baby. Force savings in a sense. So, I made research on ITF (In-Trust-For) Accounts / Kiddie Savings Account from most trusted banks like BDO, BPI, Metrobank, etc. Yes, they offer kiddie savings account but they have this very low interest per annum; for around 0.25% and lesser and some require big amount to open.

There's this Wealthbank near our place. I inquire for their kiddie savings. They have this Kiddie savings account with an opening amount and maintaining balance of PHP500 and comes with a passbook. It has an interest of 3% per annum. Interest starts if your balance reaches PHP 1,000. Not bad isn't it? This is an account for children below six (6) years old, after that the account will turn into a regular savings account.

Since this is a kiddie savings, you are only allowed to withdraw four (4) times per quarter, penalty of PHP100 per withdrawal in excess.

Requirements are:

-photocopy of two (2) valid ID's

-billing statement

-photocopy of Birth Certificate of your child (bring original for verification)

-1 pc 1x1 ID (or 2x2 ID Picture)

Wealthbank is owned by Metro Gaisano group, a local bank. Maybe, in the years to come if it will prosper and maybe the interest rate may change.

It's always beneficial to read and research.