Mummyfique’s Guide to Kids’ Savings Accounts in Singapore

It’s always good to teach your kids the value of saving from a young age but with so many options out there to choose from, it can be difficult to select one for your little one.

Which is why we’ve put together this list of the various savings accounts you can open for junior in Singapore — hopefully you will find it useful.

CIMB Junior Savers Account

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Who can sign up: Children under 12-years-old, with a parent or legal guardian as the joint account holder

Minimum initial deposit: $1,000 ($2 minimum balance fee will be charged if monthly balance falls below $500)

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Interest rates: 0.8% per annum (with a minimum of $1,000 in account)

Additional benefits:
• Invitations to exclusive events
• Special discounts and privileges

Other notes:
• Opt out of paper statements to have $1 monthly account fee waived

Visit website here.

Citibank Junior Savings Account

 

Who can sign up: Children under 18-years-old, with parent or a guardian aged 18 and above

Minimum initial deposit: $0

Interest rates: Not available online

Additional benefits:
• International ATM Card when child turns 15
• Internet Banking available when child turns 15

Visit website here.

ePOSBkids Account

Who can sign up: Children under 18-years-old

Minimum initial deposit: $0

Interest rates: Not available online

Additional benefits:
• Waiver of coin deposit fee till child turns 16 years old
• $1 gift deposit
• Free six-month POPULAR Bookstore membership card (for children aged seven to 15)
• Monthly e-statements

Current Promotion:
• Free limited edition Smiley coin bank when you apply for account online

Visit website here.

Maybank Youngstarz Savings Account

Who can sign up: Children under 16-years0old, with parent or guardian aged 16 and above

Minimum initial deposit: $10

Interest rates: 0.1875% per annum for first $3,000; 0.3125% per annum for the next $47,000; 0.3750% per annum for balance above $50,000.

Additional benefits:
• Birthday privileges
• Complimentary Hand, Foot and Mouth Disease Insurance and Personal Accident Insurance with minimum $2,000 account balance
• Earn up to 3x the usual interest rate if the parent/legal guardian has an iSaVvy Saving Account with average daily balance of $2,000, transfers $200 to child’s Youngstarz Savings Account and spend $800 on Maybank Family & Friends card in a month

Current promotion:
• Open an account with $1,000 and receive a $20 POPULAR Bookstore voucher

Visit website here.

OCBC Mighty Savers Programme

Who can sign up: Children under 16-years-old, with a parent or legal guardian as the joint account holder

Minimum initial deposit: $0

Interest rates: 0.05% per annum (base interest) + 0.35% per annum (bonus interest with a minimum S$50 deposit monthly without any withdrawals) + 0.40% (for OCBC Child Development Account holders)

Benefits:
• Priority queue for kids at ‘Sunday at OCBC’ branches
• e-statements

Current Promotion:
• 10th anniversary monthly prize draw if you open an account with $300 initial deposit

Visit website here.

Standard Chartered e$aver Kids

Who can sign up: Children under 21 years old, with parent and guardian above 21-years-old

Minimum initial deposit: $0 (Parents have to complete a GIRO form for a monthly deposit of $50)

Interest rates: Not available online (0.1% based on e$aver account)

Additional benefits:
• e-Statements

Other notes:
• Account will be closed if the account carries $0 balance for six consecutive months
• $5 charge per cash withdrawal for counter transactions

Visit website here.


UOB Junior Savers Account

Who can sign up: Children under 16-years0old

Minimum initial deposit: $500 ($2 minimum balance fee will be charged if monthly balance falls below $500)

Interest rates: 0.05% per annum for first $350,000, 0.10% per annum for balance above $350,000.

Additional benefits:
• UOB ATM card with NETS and PLUS facilities
• Access to banking account via Internet Banking and 24-hour phone baking service
• Complimentary limited insurance coverage with a minimum of $3,000 in the account

Other notes:
Account will be converted to a regular statement-based savings account when child reaches 16 years old.

Visit website here.

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