How to Open a Fun Savers Club Account at Metrobank
I sent my 9-year old off to Metrobank to open a Fun Savers Club bank account last July 17. He was accompanied by his dad. He recently bagged a project as a voice talent for an insurance ad, and I thought it was only right that the check be in his name and deposited in his own bank account – just like his 12-year old brother, Pablo, when he played roles in a couple of musicals.
We chose Metrobank simply because Pablo’s receivables were in Metrobank checks, and because they accept checks under the child’s name.
We originally opened a bank account for him at Banco De Oro but found Metrobank more convenient, so we transferred his savings.
(READ: The Working Child and his Savings Account)
We observed how approachable and helpful Metrobank staff are. They even let the kids use their private restroom once while we were waiting in line to deposit Pablo’s check. Talk about excellent service!
Anyway, when Lukas got a voice talent project, it was a no-brainer to have him open an account at the same bank his kuya opened his.
In the previous years, there were more requirements to open a Metrobank Fun Savers Club account. The child must produce a Birth Certificate certified by the NSO, a valid ID, a parent’s valid ID, and two 2×2 photos
But my husband said that the staff told him that they have a new list of requirement which only includes:
A valid ID (with the child’s signature)
A birth certificate from PSA.
Parent’s valid ID, if the child’s ID has no signature.
The minimum amount for a child to open an account is PHP 500 and PHP 4,000 for it to start earning interest. The interest rate is 0.25% per annum.
That’s basically all you need to know about opening a Fun Savers Club Account at Metrobank.
(READ: School Allowance and Money Management)
We think that having a bank account is a good tool to teach our 9-year old about managing his money. Lukas is excited to see his earnings go into his passbook, but he’s also excited to spend some of it. It’s an opportunity to educate him on money, savings, and investments.
It’s good to teach kids about money while they’re young, but it’s better to be on a look out for actual opportunities to educate them, such as when they do paid projects or join kiddie bazaars.
I think that teaching money principles is good, but teaching with real-life experiences is better.
”The speed of your success is limited only by your dedication and what you’re willing to sacrifice” –Nathan W. Morris.
15 Comments
Michi
We recently opened an account too at Metrobank and I agree with you, mababait nga yung staff nila. Maski nga guard, naggreet pa sa amin compared sa ibang bank na icheck lang bag mo. They also offered us the Fun Savers Club pero okay na kami sa BDO ng anak ko. 🙂
Juvy
Its good to teach kids early the value of saving money. My boys also have savings but they are with BDO since I like that they have weekend banking.
Edz
Can we create an online account for the kiddie account to check on the balance? This is good especially that I’m working abroad. I can’t seem to figure out on their website. Thanks.
My Onni You
This is a good way to teach kids these days to save money.
Wendy
Congrats kay kiddo! We did the same for my 2 boys since toddlers pa lang sila. kaya every year naging habit na ang bank visit pag umuuwi kami dyan sa Pinas for vacation. the bulk of their earnings came from a movie role din. buti both of them in different movies.
Marycor
Wow, good to know that you’re teaching your son about saving at his young age. Kami naman ng toddler ko we’re using piggy bank for now so instead na isubo nya yun mga coins pinalalagay ko sakanya sa piggy bank 😉 😀
Mikhaela
This is a good start to save money at very young age. Congrats!
WanderWoMom
lucky the metrobank staff in your area are nice. Samin napaka suplada at wala ginawa kundi magchikahan.
Anyhoo. I was planning for bdo, since thata the nearest bank in our place. Curious what banks doesnt accept checks with a childs name?
Blairvillanueva
This is amazing! It is good that we teach our kids our to handle their savings and finances, so that they know the value of money.
Jam
Great job on teaching your little one to start saving! This will help them big time as they grow older.
Monz Melecio
Until now hindi pa kami nakakapag open ng account for our kids.. Thanks for this info, kaya lang malayo ang metrobank samin.
Rad
That is cool! I remember that my mom taught me how to do this too when I was a small boy. 🙂
Irene
Hello everyone! Can somebody tell me what are the partner merchants of FSC? I can’t find it in their website. Thanks in advance!
Wyona Marie Young
I just opened my 7yr/old son a metrobank FSC account today. Will I be able to transfer money from my account to his account? And where can I find the list of partner merchants? Thanks
May De Jesus-Palacpac
Hi Wyona! No, since it’s a passbook account. You’ll have to go do it over the counter.