Opening Bank Accounts for Children
Our twins are turning five this year and they are starting to have a small understanding of spending and saving. They are still very young and we are doing our best to teach them how to spend wisely and save for the future. And it gets frustrating sometimes when all the coins they saved up are spent on ice cream cones and sundaes. Hehe. They’re off to a big school this year and we’re thinking of giving them their daily or weekly allowance and explain to them how to save properly and introduce them to the money jar technique. One jar in particular will be called the “Future” and the money that goes in there will be deposited to the bank. After the kids were born we checked several banks in the area and found a proper one suited for us. Our big banks in the Philippines have savings account for minors, 18 years old and below, and they ask for the usual requirements which are 1 valid government issued ID plus the initial deposit. But to give you heads up they might ask for ...