The RCBC GoSavers Kiddie And Teen Savings Account
Teaching your kids about good money management from an early age can set them up with the right skills to budget, save and spend wisely as they get older. One of the most effective ways parents can first teach their children to save money is by letting them own a piggy bank. Coin banks encourage them to save a portion of their allowance and grow their money over time. In return, kids can use their savings to buy the things they want while at the same time learning the value of patience and perseverance.
I used to owned a piggy bank when I was a kid (until college) for me to save if I want to buy something for myself or a gift for someone. I feel proud of myself if I bought a gift for my parents or relatives from the money I saved. Now that I have a four year old daughter, I started teaching her how to save by having her own piggy bank as well. I want her to learn how to save, how to budget and the needs versus want thing. This is the reason why it is advisable to start them early on their financial journey. As parents of this eager young generation, it is important to guide them as they make their own decisions and show them the value of saving and how to handle their finances wisely.
Budgeting can also work for kids and teens who are given weekly and monthly allowances to spend. With a given budget, they can learn how to smartly plan for their expenses and prioritize where to use their money. This shapes them to become responsible and wise spenders in the future.
Once they get used to saving in a piggy bank, the next step is to open their own bank account. Having their own personal savings accounts, kids can learn independence and responsibility in managing their finances early in life. Likewise, it helps them grow and mature to become financially savvy individuals.
Aside from teaching kids to save money, parents can also guarantee a stable financial foundation for the young ones by getting them insured. With life insurance, parents can have greater peace of mind knowing their kids are covered from any unfortunate events. It also gives children security and freedom to enjoy life without any worries.
One of the most child-friendly banks that parents can trust in helping shape their kids to become smart young investors is RCBC with its new GoSavers Kiddie and Teen Savings Account. It comes with its own debit card and passbook that will assist children in tracking their hard-earned savings. It is also the first start-up savings account in the country that offers a comprehensive insurance package for both parents and the child.
RCBC GoSavers is the only kiddie and teen savings account that comes with a free comprehensive insurance package for both the parent and the child. With only a minimum initial deposit of P100, parents can already open a GoSavers account for their child. To qualify for the free Sun Life Grepa insurance, the account holder must make an initial deposit or maintain a 6-month average daily balance of at least P10,000. It promises lifelong protection for the family with its life insurance for the parents and personal accident and accident medical reimbursement for the child.
Emmanuel Valdes, Senior Vice President and Head of Deposit Products and Promotions Division said, “Our goal has always been financial inclusion for all Filipinos and part of that is educating children on how to save and manage their own finances. We want to create a savings-conscious generation where we can enable and show them how to intelligently and consistently grow their money for their own future.”
With the RCBC GoSavers, parents can enjoy the guarantee of a secured financial future and safety for their kids. It is open to children 21 years old and below and they can either apply online through www.rcbc.com/Personal/GoSavers or drop by at any RCBC branch nationwide.