Teaching Your Children to Save with BSP Kids Savings Account
Childhood is the best time to teach kids about money. Teaching your children how to manage their money from an early age could help them to develop a healthy relationship with money.
For parents who want to teach their kids about money and financial literacy, one of the best and first thing to do is to help your child open a savings account.
BSP Kids Savings Account is a great way to begin. Open your Kids first savings account with BSP to kickstart their journey of saving and banking with ease.
- Who can open a BSP Kids Savings account?
The BSP Kids Savings Account is an account that parents can open for their children between 0-12 years of age.
- How to apply or open Kids Savings Account?
To apply or open your BSP Kids Savings Account, you can visit your nearest BSP Branch, sub branch or any of our BSP Agents if you are in a rural location where our agents operate. You can also see our Branchless Banking teams who are also often out on locations opening new accounts and registering customers, whether on a weekends or holidays.
- What are the Requirements to apply for your Kids Savings Account?
Firstly, complete the Kids Savings Account Application Form, and then submit with either one or more valid identification documents or one valid identification and one additional identification document
Valid identification types can be:
- Original Passport if any,
- Current Student Identification Card or
- Identification Letter from the School Principal.
Additional identification types can be:
- Original Birth,
- Baptism or
- School Certificate.
- Baby Clinic Book
A child unable to provide any of the above identification documents, especially children under 10 years of age and infants, you can still open an account. They must provide a completed Kids Savings Account Application Form, whilst Parent or guardian may act as the custodian of the child's Kids Savings Account and must be fully identified by the bank if they are not existing BSP customer.
- What to Know about Kids Savings Account?
The Kids Savings Account is fee free and is opened with only K2 initial deposit fee. Interestingly, it comes with a tiered interest plan, which means, the more you save, the more the interest is paid to your balance. Hence, as a Savings account to encourage us to save money, withdrawals from this Account can only be done during December and January only.
An added feature is a Kids Savings account holder can also register for the Mobile Banking service.
Little Loa Kevau showing off her new BSP Kids Savings Account Card and account information at the POM Nature Park.
SUMATIN ACCOUNT
For children over the age of 12 and between 13- 25, we also have you covered with our BSP Sumatin Account. It is a transaction account for students who can access their funds to pay for their day-to-day needs. You can open a BSP Sumatin Account for those students who may be living away from home for an extended period.
Encourage your children from 12 years old and above, to be financially responsible. This starts with giving them the opportunity to manage their own funds with their Sumatin Account.
Access to the Sumatin Account is made convenient with the Sumatin Account Card, including an option to have a VISA Debit Card as well.
Students can also have Mobile and Internet Banking as options to make payments or view their accounts. The Sumatin Account is a Fee Free Account and can be open with a K5 initial deposit and Current Student Identification card.
Opening a kids’ savings account or a Sumatin account can help your child learn more about managing money, saving for the future and other aspects of personal finance, starting from a very young age.
To our our NCD residents, who wish to open your BSP Kids Savings Account and Sumatin Account for your children, or Kundu Account, apply for a new KunduCard or VISA Card, we will be at the Port Moresby Nature Park on Saturday 25th and Sunday 26th June, 2022, for the BSP Trash to Treasure Sculpture Festival. You can also visit our Vision City Mega Mall BSP Kiosk on Weekends or POM City Market at the National Museum.
Young Miss Katpi with her Sumatin Card and Account Information recently obtained at the POM Nature Park.