Trust Savings Deposit
Product Description
Is a type of savings account that is designed to help young people learn about money management. These accounts are typically available to individuals who are under a certain age, often 18 years old. Key features include age requirement, low initial deposit requirement and the ability to earn interest and with parental control.
Purpose
Youth savings accounts provide several benefits:
Financial Literacy: They help young people understand banking and money management, including the value of money, the importance of saving, and how interest works.Saving Habit: They encourage a lifelong habit of saving through regular deposits.
Goal Setting: They can be used to save for specific goals, teaching the importance of planning and delayed gratification.
Low Costs: With low or no minimum balance requirements and typically no fees, they are accessible to young people.
Security: The money in the account is safe from loss or theft.
Earning Interest: These accounts typically earn interest, helping the account balance grow over time.
Parental Oversight: Parents or guardians can monitor their child’s saving habits and guide their financial decisions with these accounts.
- 1% Interest Rate per annum
- Maintaining Balance of Php 200.00
- With Passbook to monitor the balance
- No withholding taxes on interest
Member's Testimony
SAVINGS PRODUCTS AND LOAN PRODUCTS
