At Age 12, Kids Can Have Their Own Savings Account

These days, many people have stopped carrying cash and switched to scan-to-pay as their primary payment method. It's convenient, fast, and requires just one smartphone with a banking app (and money in the account) to pay at almost any store. So it's no surprise that kids want their own bank accounts too.

As children grow into teenagers - around 12-13 years old - they crave independence. Having a banking app to transfer money for snacks or save up for things they want becomes increasingly important to them. 

But as parents, we naturally worry and ask ourselves: "Is my child ready?" or "Will they get scammed if they start managing money on their own?" Today, Kiatnakin Phatra Bank would like to introduce you to KKP SAVVY - a savings account that offers much more than just deposit, withdraw, transfer, top-up, and payment functions. It's an account designed to cultivate saving discipline and financial planning skills in your child, with us as a guide watching over them closely.

You might wonder...Other banks just let you download an app and open an account online - why does Kiatnakin Phatra Bank still require you to bring your child to a branch to open their first account?

The answer is that we prioritize our customers' "safety" above all else. Especially nowadays, with daily news about mule accounts, scammers often lure children with promises of easy side income to open accounts without their parents' knowledge. This is extremely dangerous!

That's why we've designed the KKP SAVVY account opening process for children to emphasize security and parental oversight:

• Come Together : Bringing your child to open an account at a branch confirms that the parent/guardian is aware of and consents to this transaction. 
• Verify the Relationship : Parents must bring their own ID card, the child's ID card, a copy of the house registration, and the child's or parent's mobile phone number to legally verify guardianship and prevent strangers from falsely bringing children to open accounts. 
• Update Identity : Children's faces may have changed significantly from the photo on their ID card taken when they were 7 years old. We recommend updating the ID card photo to be current for safety and to ensure the facial recognition system works as accurately as possible.

• Parent/guardian's ID card
  
• Child's ID card
  
• Copy of child's house registration
• Child's or parent's mobile phone number 

KKP SAVVY is an online savings account with no physical passbook. After successfully opening the account, you'll need to add it to the KKP Better app, which comes with features specifically designed to build financial discipline:

• Better Box : Teaches your child to divide money into proportions within a single account. Kids can create separate Boxes based on their goals, such as a Snack Money Box or a Toy Savings Box.   
• Better Bonus : Makes saving fun for your child, because the KKP SAVVY account offers a Better Bonus - bonus interest rate of up to 0.15% p.a.* on top of the regular interest rate when money is deposited for more than 91 days without withdrawal. This acts as a reward for children who maintain consistent saving discipline.  

The reason we require extensive documentation and have a somewhat complex process that requires a branch visit is because we don't just want to be a bank - we want to be a safe space that helps parents protect their children from scammers while fostering their growth into disciplined adults who can plan their finances well.

Find a branch near you : https://bank.kkpfg.com/th/branch   

For more information, contact KKP Contact Center: 02-165-5555 

*Interest rates, terms and conditions are subject to Kiatnakin Phatra Bank's criteria and requirements.

Related Products