Phillip Bank Introduces Kids Save Account In Cambodia

Phillip Bank is proud to be the first bank in Cambodia to introduce a savings account that comes with life insurance coverage for the applicant. Named “Kids Save”, this savings account requires a low initial deposit of only USD 10 and is affordable to the general population of Cambodia.

As an emerging economy, Cambodia has a young population with an estimated 50% aged 22 years and below. Thus, the Kids Save Account will help young parents plan for their children’s futures while inculcating the good habit of saving money to them.

“We believe in teaching children about good money management skills by nurturing the habit to save money from young. The money put into the Phillip Bank Kids Save Account will earn them more interest over time compared to other banks and therefore, the earlier the child starts saving, the more money he or she will have in the long run,” said Mr Han Peng Kwang, General Manager of Phillip Bank.

With interest rates starting from 1.5% and going as high as 3% per annum, the Kids Save Account allows parents to plan the financing of their children’s education. In addition, the insurance coverage on the applicant (the parents) further protects the future of the child in the case of eventualities as the child would receive the savings balance as well as the sum assured.

The Kids Save Account is now available at any of Phillip Bank’s 4 branches located within Phnom Penh and more information on this can be found at www.phillipbank.com.kh.