As they say, it’s never too early to start saving. A 12-year-old girl from Cebu started her journey to saving by opening a LANDBANK savings account for only P1.
74-year-old Jesus Abao Wong is among the many people who wants to teach the younger generation to start saving for their future. So, he encouraged her granddaughter, Dhaemyze, to open a savings account.
“I have always wanted to open an ATM savings account for my granddaughter and teach her how to save for her future,” he said in an article on GMA.
Unfortunately, for students like Dhaemyze, it can be difficult to open a savings account under their name. There are many requirements and standards that a young student might have trouble complying with.
Luckily, LANDBANK has made it easier for the “unbanked” to open their own account for as low as P1. Jesus accompanied his granddaughter Dhaemyze to the LANDBANK Camotes Branch with an initial deposit of just P1 and 1 valid ID.
LANDBANK’s PISO (Perang Inimpok Savings Option) account allows the individuals without existing LANDBANK deposit accounts and have no capacity to open a regular deposit savings account with higher maintaining balance and documentary requirements to have their own savings account.
To open a LANDBANK PISO account, you only need at least P1 and one valid ID. If you don’t have any ID, you can present a Barangay certification/clearance.
According to an article on PIA, the savings account is ideal for students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers, and others who wish to open an account with a lower initial deposit and less requirements.
“The LANDBANK PISO is another testament of our commitment to advance the National Government’s financial inclusion agenda. We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” said LANDBANK President and CEO Cecilia C. Borromeo said in the article.
Opening a savings account is one great way to teach kids about investing and saving for their future. Financial literacy should be taught not just to earning adults but the youth as well. It’s also a good step to help raise business-minded kids.
For more details on LANDBANK PISO, visit any LANDBANK branch near you or visit their website.
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