Introduction
In this day and age where it is increasingly difficult to find financial stability, one of the greatest gifts you can impart to your children is the knowledge of saving money. Many schools in the country are not equipped to teach financial education to children, so it is up to you to introduce your child to the concepts of budgeting, investing, and saving.
One of the most effective ways to hone your child’s financial literacy is by giving them their own savings account. This allows your child to save up small amounts and even earn passively through interest rates.
Learn more about the Micro Savings accounts we offer at Cebuana Lhuillier and discover why it’s important for you to register an account for your child early. By reading this article, you’ll get to be familiar with how it works and how you can use the Cebuana Lhuillier Micro Savings 24k card to your advantage.
Importance of Opening a Bank Account for Kids
Getting your kids comfortable with the idea of managing their finances is important. Today, being financially literate can be your weapon against the increasingly unstable state of our economy. By opening a Micro Savings account for your kids, you are teaching them to prepare for the future.
Allows You To Invest in Your Child’s Future
Opening a Micro Savings account for your child allows you to invest in their future. You can deposit as little as ₱50 so your child can have an accessible fund. What’s great about Cebuana Lhuillier’s Micro Savings accounts is it has an outstanding 0.20% interest rate per annum. This means that your account can earn money passively as long as you don’t go below the minimum balance to earn interest.
More than the actual money, you are also investing in your child’s future success. According to research, students or kids who have a background in financial literacy are more likely to be successful in life. These children exhibit higher confidence, problem-solving abilities, and management skills, which are all crucial in the world we are living in.
Teaches Financial Literacy
Former Education Secretary Leonor Briones once said that “financial education is vital in developing a financially literate citizenry, empowering them to make wise financial decisions, take advantage of economic opportunities, and achieve financial health.” She then went on to say that training children to be financially literate can help them contribute productively to the growth of the nation.
As a parent, you can do your part in teaching your child financial literacy by opening a Micro Savings account for them. Children as young as seven years old can open their own account at Cebuana Lhuillier. Every account comes with a Cebuana Micro Savings 24k card that you or your child can use to access funds. This is an effective way to teach your child how to budget, manage, and save their allowances.
Encourages Kids To Save
There is no better time to teach your kids how to save than now. Giving your kids access to their own funds is simply not enough; you need to guide your child in saving and budgeting to help them develop the financial skills necessary for adulthood.
By opening a Cebuana Lhuillier Micro Savings account for your child, you are encouraging them to recognize the value of money and think critically before spending. You are also giving them the necessary push towards a more financially healthy future. Research shows that children who grew up having a savings account tend to develop a more diverse asset portfolio and accumulate more savings as they grow older.
Why You Should Choose Cebuana Lhuillier’s Micro Savings Account
Choosing the right savings account for your children is just as important as guiding them with their finances. Make the best decision by choosing Cebuana Lhuillier as your service provider. Here are some of the reasons why our Micro Savings account is perfect for you:
Affordable Initial Deposit
With Cebuana Lhuillier, you can start small with your savings through our affordable initial deposit of ₱50. You or your child can continue funding the account with deposits as low as ₱50 until you reach the amount where you can earn interest rates. The great thing about this is that it is completely within the budget of a student.
No Minimum Maintaining Balance
Cebuana Lhuillier wants to grant every Filipino the opportunity to enjoy the benefits of banking without the hassle and financial burden that comes with it. This is why we offer Micro Saving accounts that have no required maintaining balance. You can register an account with an initial deposit of as low as ₱50 and withdraw your funds using your Cebuana Lhuillier Micro Savings ATM card without worrying about assessed fees.
High Interest Rate
Here at Cebuana Lhuillier, we offer an interest rate of up to 0.20% per annum. This amount is what you will earn passively over a year just by entrusting your funds with us. To earn this interest rate, your account balance must be at least ₱500. Take note that ₱500 is only the minimum balance to earn interest and not the maintaining balance.
Minimal Requirements Needed
Unlike other banks, Cebuana Lhuillier doesn’t require tons of documents to open a savings account. The process is kept simple and only involves filling out the application form at any of Cebuana Lhuillier’s branches and submitting a government-issued ID. A copy of your birth certificate and student ID are required if you are still in school. The only other requirement is your initial deposit plus the ₱75 payment for your Cebuana Lhuillier Micro Savings 24k card.
Account Opening Through eCebuana App
Don’t like going out? Register your Micro Savings account online using our app. With the eCebuana app, you can complete the registration of your Cebuana Lhuillier Micro Savings account online. Simply fill out the personal information form and follow the guide online.
Conclusion
It is never too early to start preparing for your child’s future. These days, financial literacy is a valuable asset, and it is crucial to educate your child on financial matters. One way to do that is through Micro Savings accounts that you can open at Cebuana Lhuillier.
Visit our branches or download the eCebuana app today to register and manage your account. Here at Cebuana Lhuillier, we provide easier banking access to every Filipino!
Cebuana Lhuillier Micro Savings is a product of Cebuana Lhuillier Rural Bank. Deposits are insured by PDIC up to P500,000 per depositor. Regulated by the Bangko Sentral ng Pilipinas with contact number (02) 8708-7087 and email address [email protected]. A Proud Member of BancNet and UnionPay.