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Banks and bills: What I wish my school had taught me instead

A quick guide to bank services for my fellow young adults

To young adults learning about banks and bills belatedly during a pandemic: I got you.

Hey, don’t get me wrong. School did teach me a lot of things but I kinda wish I had learned more life skills than theoretical stuff, such as how to open a bank account, how to invest, and how cards work.

I’m a growing girl with growing needs and a bank account sure is one

Being thrust into adulthood during a pandemic is pretty tough. You’re in the middle of some great life transition but you’re meeting roadblock after roadblock on your way to finding a job or opening up a new business. But hey, all hope is not lost with the power of the internet that connects us. 

Let’s start with opening an account which, you’d realize, is important in all your adult ventures. All you have to do is fill out an online form, submit the requirements with two valid IDs, and make a deposit. It’s as easy as that with BDO.

Note that there are many types of savings accounts so make sure you let  them know which type best suits your lifestyle and bank objectives. I’d recommend an ATM savings account for newbies like me who value simplicity and convenience; cashless transactions are a great way to navigate bills and other money concerns during these times. The initial deposit is only P2,000 and so is the MADB (how much you need to maintain in your bank) but I suggest going for P5,000 to earn interest on your savings. 

Caption: ATM savings account from BDO

Okay, here’s where it gets fun. Just like most transactions nowadays, banks also have rewards systems. “Shop to shop more!” Earn points by making qualified banking transactions and use these points for your purchases at any branch of SM Store, SM Supermarket, SM Hypermarket, and SM retail establishments such as Watsons, Toy Kingdom, Ace Hardware, Forever 21, Uniqlo, SM Appliance Center, and more (one point is equivalent to P1.00). With BDO rewards, you’re rewarded just for keeping your account. The more points you earn, the more perks and privileges you get! Go up the membership ranks to enjoy more privileges such as shopping, mall and airport perks, VIP access to sales and events.

BDO Rewards Cards 

HOLD UP!

But hey, we’re not getting bank accounts just to spend recklessly and go broke. We’re here to invest in our future! In times of uncertainty, investments help give you a sense of stability. If you’re too afraid to delve into stocks right now, don’t worry as time deposit accounts are available and are great options to help you achieve your savings goals. Choose between peso and dollar time deposits as well as monthly, yearly and even a 5- or 10- year plan for those long term goals. A goal without a plan is just a wish, so go get that bread and take the necessary steps to achieve the future you want.

You best know I’m going to get my future kid a junior savers account to secure his or her future. Regularly depositing money no matter the amount  into a savings account dedicated to your child will bring you big benefits in the future. Keep this in mind. Momma’s got you, junior.

Junior savers account from BDO

Header Image by Gabby K from Pexels

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