UCPB launches new kiddie savings account

MANILA, Philippines - To further promote financial literacy among Filipino youth, United Coconut Planters Bank (UCPB) has launched its newest savings account product.

“Instilling in children the importance of saving money for rainy days not only trains them to be frugal and wise early on in life, but also prepares them for a life of financial freedom and security in the future. Helping them open a savings account is an easy way to get started,”  said Manuel Macam, UCPB region head, for Metro Manila. 

He said the product, dubbed as UCPB’s Kiddie Max Savings Account, is one of the most convenient and kid-friendly savings accounts in the market today.

“With this product, UCPB goes back to basic and offers a completely hassle-free and no-frills savings account for children below 18 years of age,” he said.

UCPB Kiddie Max is an interest-earning account with a technological edge that allows parents of the accountholders to link their child’s account via UCPB Connect and/or UCPB Telebanking in order to make quick fund transfers from their own UCPB accounts and perform other account management functionalities.

“Rather than offer frills the kids would find difficult to appreciate, we opted to add that technological twist, so that the parents can conveniently guide their children with this product and have their kids learn how to manage their own funds at the same time. It is a way they can get involved in the most constructive manner,” Macam said.

Opening a Kiddie Max Account comes easy with a minimum deposit of P500. Accountholders and their parents or designated guardians will be able to manage their funds and monitor their transactions with their own passbook or an ATM card.

“We believe that this product can help the youth learn how to value money -- a basic principle of future financial stability which has been overtaken by the advent of multi-media consumer marketing and the “I Must Have It” mentality of our youth today,” Macam added.

Recently, UCPB’s JP Rizal Branch partnered with the Preschoolers of The Playhouse for Early Education to educate kindergarten and preparatory pupils about the importance of saving money.