Helping children realize the importance of saving money has always been one of the key thrusts of RCBC Savings Bank (RSB), one of the largest thrift banks in the country. The bank believes that instilling good habits of spending and saving in children should start as early as possible, so that when they grow up, they’ll know the value of money, and of saving.
Towards this end, RCBC Savings Bank has joined the Bangko Sentral ng Pilipinas (BSP) to support the latter’s initiative called the Banking On Your Future (BOYF) Kiddie Account Program. RCBC Savings Bank has joined hands with 11 other banks with the aim of promoting to kids and their parents the good habit of regularly saving money and consequently helping raise the country’s savings rate.
Together with the support of the Bank Marketing Association of the Philippines (BMAP), the BOYF program encourages children to open accounts with initial deposits of P100 and below at any of the bank’s head offices or their respective network of branches. This makes the opening of savings accounts affordable and convenient nationwide, as it taps the combined network of over 3,000 of the participating banks’ branches.
According to Rommel S. Latinazo, President of RCBC Savings Bank, the BOYF program is a great initiative in meeting the government’s objective to boost the savings rate of Philippine households, which is estimated at only 10%. “Household saving is a vital source of capital for the country. It is for our national benefit that people save more, and more people save,” he says.
By participating in the BOYF program, Latinazo adds, “Our new W.I.S.E. kiddie savings account will help teach children the importance of saving money at a young age. With proper guidance from parents at home, and teachers in school, these young depositors will grow up with good money management habits.”
RCBC Savings Bank is a subsidiary of Rizal Commercial Banking Corporation (RCBC), one of the country’s top universal banks. To know more about the WI.S.E. kiddie savings account, call 782-5676, email email@example.com or visit www.rcbcsavings.com.