Helping children realize the importance of saving has always been one of the key thrusts of RCBC Savings Bank (RSB), one of the largest thrift banks in the Philippines. Thus, RSB designed the W.I.S.E (Wise Investors Save Early), a personal savings account primarily designed for children. The WISE product is in support of the new program launched by the Bangko Sentral ng Pilipinas (BSP) called the Banking On Your Future (BOYF) Kiddie Account Program. RSB is supporting this initiative that aims to raise the country’s savings rate by promoting the habit of regularly saving money. Together with the support of the Bank Marketing Association of the Philippines (BMAP), the W.I.S.E. program encourages children to open an account with initial deposit of P100 at any of the bank’s network of branches. This program recognizes the importance of teaching children the value of money and the benefits of saving while they are young.
RSB have deployed its bank personnel to various schools to promote the BSP initiative and encourages kids, together with their parents, to open a W.I.S.E savings account. To date, the Bank has over 108,000 accounts since the launching of this product in December 2013 and P1 billion worth of deposits.
RSB’s “W.I.S.E Savings Account On You Future” program was given a Merit Award in the 2015 Outstanding Development project under the Financial Inclusion category.