My First Step
My First Step Savings Account is a special savings deposit designed for children/teens from 7 to 17 years old. It is neither an ‘In-Trust-For’ (ITF) account nor a ‘For-Account-Of’ (FAO). This account is evidenced by a passbook designed for My First Step Savings Account. My First Step accountholders with more than 5 years historical relationship with the Bank have the privilege to continue enjoying this product with no change in its features, even upon reaching his/her maturity age.
FEATURES:
| Minimum Initial Deposit | 100.00 |
| Interest Rate | 0.3% |
| Minimum Maintaining ADB (MMADB) to earn interest | 1000.00 |
| Minimum Maintaining ADB (MMADB) not subject to service charge | None |
| Manner of Interest Payment | Credited Monthly |
| Evidence of Deposit | Passbook |
| Withdrawal | presentation of passbook and a duly accomplished Withdrawal Slip (signed by parent or legal guardian) |
| Dormancy | Two (2) years from the last customer initiated transaction |
| Freebies | a) Gift Check (GC) or gift item worth P100.00, upon opening of account. b) Additional Php 100.00 GC or gift item when the account reaches Php50,000.00 ADB and PhP 100,000.00 ADB respectively. c) Birthday Card |
FEES and CHARGES:
| Below Minimum Maintaining ADB (MMADB) for two (2) consecutive months | n/a |
| Account Closure within 30 days | Php 250.00 |
| Witholding Tax | 20% on interest paid |
REQUIREMENTS:
Valid IDs from both the Parent/Guardian and Child/Teen shall also be required as follows:
- Parent/Guardian
- Latest “1 x 1 ID” Picture
- At least one (1) primary and two (2) secondary ID with photo and signature
- Proof of Billing
- Children/Teens
- Latest “1 x 1 ID” Picture
- Birth Certificate issued by NSO
- Student Driver’s License / Passport / School ID
- School Registration Form
Specimen signatures of both child/teen and parent/guardian (if new account) shall be obtained.