Top Kids Savings Accounts In Singapore

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No matter how old your little one is, it’s never too early to plan for his or her future. Or rather, to plan for it, invest in it, and secure it. And since we live in an increasingly cashless world, opening a savings account for your children is an excellent option for all the abovementioned reasons. And, yes, it is a great and safe place to keep your child’s Ang Bao for Chinese New Year. Furthermore, opening a savings account for kids is an ideal way to introduce your children to the world of personal finance. That’s what we are going to discuss today! BusyKidd invites you to learn more about kids’ savings accounts and check out the TOP options to choose from in Singapore.

Why You Should Open A Kids Savings Account?

Kids savings account is similar to your regular savings account in a bank – but with several differences. For example, most children’s savings accounts have a maximum eligible age. This account can’t be opened without a parent (or legal guardian) – and parents get internet banking access to this account, so they can manage it as well. Besides, some (but not all) children’s savings accounts do not have a minimum deposit and fall-below fees.

Benefits Of Opening Kids Savings Account:

  • It allows you to set aside money intended for your child (for example, for his or her future education).
  • It allows kids to build up their personal savings.
  • It boosts your kids’ financial education – teaches them to respect money, spend money wisely, save money for the future, etc.
  • It develops essential lifelong skills, such as independence, responsibility, etc.  
  • Develops good money habits – and not just for kids, by the way.
  • It is a secure way to keep Ang Bao and other money gifts, pocket money savings, first salary, etc.

Besides, there are many other benefits in terms of finances – and you can get all the details from bank specialists when choosing a certain kids’ savings account. And we, in turn, will share our list of TOP saving accounts for children in Singapore right now!

TOP Saving Accounts For Children

CIMB Junior Saver Account

CIMB Junior Saver Account is developed for kids aged 12 and below. It provides competitive rates and has no fall-below fees. However, an initial deposit of S$1,000 is required. In addition, withdrawals from this joint trust account can only be made at CIMB branches.

You can apply for the CIMB Junior Saver Account online. It provides multiple perks, like discounts, invitations to events, etc. Did we mention that the CIMB Junior Saver Account ensures exclusive privileges at KidZania SG?

CITIBANK Junior Savings Account

CITIBANK Junior Savings Accounts is an option for parents with kids 18 years old and below. Facilities for this account include Phone Banking, Online Banking, and an International ATM card (the latter two options – for kids above 15 years old). Interest rates depend on the balance and change regularly, so follow the information on the bank’s official website. You can track your fund via the bank’s separate monthly statement.

ICBC Elite Kids Account

ICBC Elite Kids Account is for children under 16 years old with parents who already have an ICBC account. It offers a normal rate of 0.10% plus an additional bonus rate of 0.10% if your average daily balance increases S$500 from the previous month. Signature, debit cards, and internet banking opportunities are issued to a child when he or she reaches 18 years old.

MAYBANK2U Youngstarz Account

In addition to ordinary saving advantages, the MAYBANK2U Youngstarz Account boasts a whole range of pleasant perks. These include Free Personal Accident Insurance coverage for you and your child; Hand, Foot & Mouth Disease Hospitalisation and Outpatient Insurance; and an opportunity of 3X interest with Maybank Family Plus. Besides, this account provides various birthday perks and discounts for kids.

You can visit any of the bank’s branches to open the account or opt for an application via the bank’s app. An initial deposit of S$10 is required.

OCBC Mighty Savers Account

OCBC Mighty Savers Account is great for little financial experts taking their first steps in the world of money. Its interest rate is up to 0.3% per year. No initial deposit or minimum balance is required. Besides, kids can make coin deposits for free! Various festive promotions and pleasant perks are also ensured.

OCBC Mighty Savers Account can be opened by kids under 16 years old and their parents.

POSB My Account

A minimum balance is not required. Furthermore, you’ll get a S$1 gift deposit for your child when you open the POSB My Account. Your kid will earn daily interest every month. You can activate banking services anytime and anywhere. There’s no account fee if you use eStatement. There is a S$2 account fee monthly if you use a paper statement (waived only if you’re 16 years old and below). The main thing, you can customise the account as your child grows and his or her needs change. You can even give a very special name to your joint account.

STANDARD CHARTERED e$aver Kids Account

STANDARD CHARTERED developed an online trust savings account that allows parents to manage their little ones’ savings. It doesn’t require any minimum deposit or balance, has no lock-in period and monthly fees, and offers competitive interest rates.

To open the e$aver Kids Account, the child must be below 18 years old, and the parents must be 21 years old and above. An absolutely hassle-free option for those who already have STANDARD CHARTERED accounts.

UOB Junior Savers Account

UOB Junior Savers Account offers parents to protect their little ones at the very beginning of their financial journey. It provides daily interest on your savings and free insurance coverage. In addition, you can convert this account to a regular statements-based savings account as soon as your kid turns 15.

UOB Junior Savers Account can be opened for children 16 years old and below. There is a minimum initial deposit of S$500. Fall-below fee is also required – it is S$2 if the average balance for the month is below S$500.

Opening the kids’ savings account is an excellent start for your little one’s adventure in the world of money – and a great investment in their future.

Featured Images Credit: Depositphotos

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