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Cheat Sheet: Best Savings Accounts For Kids 2018

DIYInsurance

As the festive season of Chinese New Year approaches, and your children’s excitement escalates, it is an opportune time for you to help your child cultivate a healthy relationship with money.

With a significant sum stuffed in red packets each year, opening a savings account for the child is an effective way to start your child on the road to good saving habits and investments. While it encourages the concept of savings to the child, it also shows your child the benefits of compound interest and how they can put their money to better use.

If you are a parent and are looking at setting up a bank account for your child, there are many available now. For your easy reference, we compiled the key features of 7 kids’ bank accounts in Singapore.

 


CIMB Logo

CITI Bank Logo

Maybank Logo

OCBC Logo

POSB Logo

Standard Chartard Logo

UOB Logo
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) First $30,000 – 0.05%

Above $30,000 – 0.10%

First $3,000 – 0.1875%

Next $47,000 – 0.3125%

Above $50,000 – 0.3750%

$50 deposit monthly with no withdrawlals – additional 0.35%

OCBC CDA holders additional 0.40%

First $350,000 – 0.050%

Next $650,000 – 0.075%

Above $1,000,000 – 0.100%;

First $50,000 – 0.10%

Next $150,000 – 0.15%

Abover $200,000 – 0.25%

First $350,000 – 0.05%

Above $350,000 – 0.10%

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 18 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 $5,000 Pencil case 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)
A free Teddy bear at Build-A-Bear workshop with min $2,000 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

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.

Happy Saving for your little one!

 

This article is contributed by DIYInsurance and was first published here on 31st Jan 2018. DIYInsurance (Do It Your-way Insurance) is Singapore’s First Life Insurance Comparison Web Portal started in June 2014 by Providend Ltd to empower people to make informed decisions about their own insurance purchases. 

(By DIYInsurance)

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