Saturday, November 2, 2013

BDO Junior Savers Club and Metrobank Fun Savers Club

I can still remember how my mom taught me how to manage my money when she opened a bank account for me.  My dad also taught me how to earn my own money when he helped me with my "samalamig" business one summer vacation way back 1993.  All my ang paos (cash gifts in a red envelop) and all income from my "samalamig" business were personally deposited by me on my bank account.  At an early age, I already learned the value of money and saving for the future.

We received cash gifts during Baby C's baptism and the first thing that entered my mind is to open a bank account for her.  I was torn between Banco De Oro Kiddie Savers Club and Metrobank Fun Savers Club.  Yes, the interest and the requirements are the same but they have different perks and privileges.

I really wanted an account with Metrobank because they offer a free insurance and my mom also gave Baby C an ang pao with a specific intruction to open up a Metrobank Account for her.  However, I ended up opening an account with BDO because a branch is near our house.  Then recently, Metrobank opened a branch which is just a stone throw away from my work place so I also opened an account with Metrobank (ITF Account) using the money given by my mom and cash gifts from generous relatives and friends who already gave their birthday gift for Baby C in advance.

For both banks, you will need the following requirements:

1.  Photocopy of the birth certificate of your child (bring the original for verification)
2.  1x1, 2x2 or passport size picture of the parent/s who will open the account
3.  2 valid ID of the parent/s opening the account
4.  Initial deposit.

After submitting all the foregoing requirements, you will be given forms to fill up.  

Metrobank Forms

After 30 minutes or so, you will be handed these passbooks and you're done!

Metrobank Fun Savers Club

BDO Kiddie Savers Club.  You have to come back for the membership card.




Below is a table for easy comparison of the perks and features of the two banks:



METROBANK
BDO
Initial Deposit
P500*
P500**
Maintaining Balance
P500
P500
Balance to Earn Interest
P4,000
P500
Interest
0.25%
0.25%
Service Fee for below minimum balance
P300
P300
Welcome Gift
Insulated Lunch Bag
Pencil Case (but I did not receive any)
Educational Trust Benefit
Free educational trust benefit worth P50,000 (with minimum ADB requirement of P4,000)
None
Accident Insurance
Free personal accident insurance worth twice the ADB, not to exceed P1 million (with minimum ADB requirement of P4,000)
None
Discounts and Privileges
Exclusive discounts and privileges from partner establishments
Discounts and freebies at participating merchants
 
*Peso or US Dollar savings accounts are eligible for enrollment
**In support of the Banking On Your Future (BOYF) program of Bangko Sentral ng Pilipinas (BSP) through the Bank Marketing Association of the Philippines (BMAP), and to promote the habit of saving money among children, BDO launches the Junior Savers Club (JSC) BOYF with as low as Php100.00 initial deposit. Build your balance to P500.00 and enjoy discounts and freebies at their partner stores.  JSC BOYF program will run from January 1, 2013 up to December 31, 2013.

For more information, please contact:

BDO Customer Contact Center at 631-8000
Website: https://www.bdo.com.ph/personal/accounts/peso-savings-account/junior-savers

Metrobank at 8700-700
Website: http://www.metrobank.com.ph/personal_product.asp





23 comments:

  1. Thanks for the great info mommy Edel.:)

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    1. You are welcome Laurence. Thanks for dropping by =)

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  2. Hmm.. same thing goes by (BDO) i didn't receive any welcome gift, and they didn't offer the saver's card. :( no discounts and privileges also, feel so bad~~~

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    1. I opened baby's metrobank account last oct 31. I already received the fun savers card today. On the other hand kay BDO, I asked about the card pa and I received it mga 5 months after opening the account last February after ifollowup ni MIL and hubby for the nth time.

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  3. My eldest already have an account at Metrobank.. Will try to open one for her sa BDO next year (January maybe)..

    Thank you for sharing this info. Big help! :)

    Bookmarked already!


    Dropping by from Filipino Bloggers Network.. :)

    Hope you could return the favor.. ;)
    http://www.shutterbugmom.com/2013/11/hardys-it-gets-better-with-time.html

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  4. Thanks for this information. I was really looking out a bank account so I can open one for my baby. This helped me.

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    Replies
    1. Glad to be of help. Thank you for stopping by. God bless =)

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  5. This is very informative. Thanks so much. you helped me alot. I was torn between the two as well. But I think Il go with Metro because of the educational perks and insurance

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    1. It really feels good reading comments like this. Thank you also. God bless =)

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  6. Hi! I opened an account for my son last December 2012 pa. We also didn't receive a pencil case or a Junior Savings Club card. How do you claim the card?

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    Replies
    1. I was given the card because I asked for it. Go to your bank and ask if you can have a card. =)

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  7. hi...panu mu makukuha ung educational trust benefit?

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  8. Many thanks! What is educational trust benefit from metrobank? I'm planning to open an account for my 2 nieces, I'm torn between these 2 banks, cause at the moment I can only afford 1. ;) hope to get reply. God bless.

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  9. Many thanks sa info! What is educational trust benefit of metrobank? I'm planning to open an account for my 2 nieces, but at the moment I can only afford 1 bank. God bless.

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  10. Many thanks! What is educational trust benefit from metrobank? I'm planning to open an account for my 2 nieces, I'm torn between these 2 banks, cause at the moment I can only afford 1. ;) hope to get reply. God bless.

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  11. As i understand it, Metrobank will give P50,000.00 to the child for his education should the account holder/s die provided that the ADB is at least P4,000.

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  12. Whew! I was torn between two din! Pero mas type ko na nga ang metrobank and BDO. I went to bdo kanina pero mas maganda yung perks ng metrobank no?

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  13. Hi! If ever na iwiwidraw po ba ung pera any branch ng Metrobank pwde? At mag deposit? Thanks! I'm planning to open acct dn po ksi for my son. At kung may charged po ba ang mag widraw? Thanks!

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    1. Yes any branch pwede basta you present the passbook. There is no charge naman unless for example your account is in manila and you will deposit or withdraw sa province o vice versa.

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  14. i like this idea it is very important to save money for the future and teach children to save money.

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  15. love it.... thanks Edel for sharing this information.

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  16. thank you for sharing the information....

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If you have any questions, please leave a comment and I'll gladly answer them. =)