Savings

Comparison of Kids' Savings Accounts in Singapore


Article Author - Shawn Lee
By Shawn Lee
Feb 03, 2017

Now that I am married, I gifted out ang baos (red packets) for the first time this Lunar New Year. It was wonderful to spread the joy and see my little cousins light up when they received them.

I still recall that when I was a kid, I was very excited to open the ang baos I received during each Chinese New Year. I would count, double count the money I received and ask my parents to deposit into my POSB account.

This same bank account is still with me and for many years, it was the only bank account I had which I performed all my financial transactions with. All that I have earned from my part-time work during the school holidays, allowance that I received in army and internships stints went into the POSB account.

If you are a parent and are looking at setting up a bank account for your child, there are many available now. Setting up one for your child provides many benefits:

  1. Gives your child ownership to manage a sum of money at a young age
  2. Provides an opportunity for you to educate your child on good money habits of saving money
  3. Early start for your child to learn about the benefits of compound interest and how they can put their money to better use

We compile the key features of 7 kids’ bank accounts in Singapore.


 
CIMB
Junior Saver
Citibank
Junior Savings
Maybank
Youngstarz
OCBC
Mighty Savers
POSB
ePOSBkids
Standard Chartered
e$aver Kids
UOB
Junior Savers
Interest Rate
Basic Interest (p.a) 0.80% 0.05% 0.1875% 0.05% 0.05% 0.10% 0.05%
Bonus Interest (conditions) - - (1) 0.1875% (first $3,000), 0.3125% (next $47,000)

(2) Additional 0.50% interest with min. deposit of $20,000
(1) Additional 0.35% if $50 deposited monthly without any withdrawals

(2) Additional 0.40% for OCBC CDA holders
- - -
Requirements
Minimum Initial Deposit and Balance $1,000 minimum deposit, no fall-below fees None  $10 minimum deposit None None until age 21 None S$2 monthly fee if average daily balance fall below $500
Eligibility 12 & Below 18 & below 16 & below 16 & below 18 & below Below 21 Below 16
Other Benefits and Conditions
Other Features & Fees One month's premium reimbursement on child endowment plans   HFMD and/or Personal Accident (PA) insurance by maintaining deposit of $2,000 Lunch box set with min. deposit of $300 & backpack with min. deposit of $1,200 Coin deposit waived until 16 years old & $1 gift deposit $5 per cash withdrawal for counter transaction Free insurance up to 100% of deposit (min. $3000 over 6 months)
S$20 POPULAR Bookstore voucher with min $1,000 Free 6-month popular membership card for aged 7-15 Complimentary UOB ATM Card with NETs and PLUS facilities
Bank account website Details Details Details Details Details Details Details
*Compiled on 1st February 2017. Do note that most banks charge a fee of up to S$50 if the bank account is closed within 6 months after opening.

We have compared the bank accounts and these are our top favourites for you to Do It Your-way (DIY)!


CIMB Junior Saver

Interest rates are a key factor in our consideration and decision. We recommend the CIMB Junior Saver account as it provides the highest interest at 0.80% p.a if you are able to make $1,000 initial deposit.


OCBC Mighty Savers

However if you are more comfortable with a local bank, the OCBC Mighty Savers programme offers 0.80% p.a as well if you sign up for the Child Development Account (CDA) with OCBC and if you can make $50 deposit into the account monthly without making any withdrawals.


Do remember to bring along your child’s birth certificate when you head to the bank. We hope this comparison gives you a good head start in selecting a suitable bank account for your child.

In the next article, we share on how you can save up for your child’s tertiary education.

Happy Saving for your little one!




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