- SINGAPORE
Best Savings Accounts For Kids And Teens In Singapore
Start Your Kids On Their Financial Literacy Journey
It is never too early to start saving for your kids. Gone are the days when kids are expected to drop coins in their piggy banks. The effect of compounding interest associated with putting money in a savings account can help magnify the returns of your hard-earned savings for your kids.
This can eventually go a long way in financing their education or perhaps their wedding dowry. Here are some of Singapore’s best kids’ savings accounts to help you stretch that dollar!
Want more? Check out these other family finance guides:
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OCBC: OCBC Child Development Account + OCBC Mighty Savers Account
Newborn - 12 Years Old Or Age 16 Years & BelowThe OCBC Child Development Account is integrated into the Baby Bonus Scheme and offers an interest rate of up to 2.40% per year. Families can enjoy up to 50% discounts at over 14 partner merchants, enhancing the savings experience.
Linking this account to the OCBC Mighty Savers Account allows families to earn a higher interest rate of 0.30% by saving at least SG$50 monthly without withdrawals. Parents can open the Mighty Savers Kids Account for just SG$50, making it accessible for children aged 16 and below. This program encourages financial responsibility and rewards good saving habits. By saving regularly, kids can earn up to 0.30% on their balance and a base interest of 0.05%.
Signing up for these accounts is a wise choice. They provide a fun way for young savers to learn about money management while watching their savings grow!
OCBC:
- OCBC Child Development Account, www.ocbc.com/personal-banking/deposits/child-development-account
- OCBC Mighty Savers Kids Account, www.ocbc.com/personal-banking/deposits/mighty-savers-child-savings-account
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MAYBANK YOUNGSTARZ ACCOUNT: Open An Account With Just SG$10
Age 16 Years & BelowWith just SG$10, families can open a Maybank Youngstarz Savings Account for children and teens under 16 years old, making it an accessible way to start saving early. This passbook savings account offers exclusive birthday privileges, ensuring every child feels special during their birthday month.
Additionally, it provides free personal accident insurance for both the child and the parent, along with coverage for hospitalization and outpatient expenses associated with hand, foot, and mouth disease, which is common among young kids. It's a fantastic choice for parents looking to encourage their children on their financial journey!
Maybank Youngstarz Account, www.maybank2u.com.sg/en/personal/accounts/savings/Youngstarz-Account
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POSB: POSB My Account + POSB Smiley Child Development Account
Savings Account For Kids 16 Years & Below + Special Savings Account For Your NewbornThe POSB My Account offers an appealing savings solution with no minimum balance or age requirements, making it an account that grows with your child. Upon opening, it even provides a SG$1 gift deposit with no initial deposit, allowing kids to earn daily interest of up to 0.05%.
In addition, the POSB Smiley Child Development Account (CDA) is designed specifically for newborns. It features dollar-for-dollar matching from the government and attractive interest rates of up to 2.0% for balances up to SG$50,000. Account holders can also benefit from exclusive merchant deals in health and toy categories. Families can enjoy even more perks by bundling the CDA with their savings account, making saving both rewarding and fun!
POSB:
- My Account, www.posb.com.sg/personal/deposits/savings-accounts/my-account-kids
- POSB Smiley Child Development Account, www.posb.com.sg/personal/deposits/savings-accounts/child-development-account
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UOB JUNIOR SAVERS ACCOUNT: Free Insurance Coverage
Age 16 Years & BelowThe UOB Junior Savings Account is one of those accounts that grows with your child. With a minimum of SG$500, you can open a joint account with your kid and enjoy free insurance coverage of up to 100% of the account balance.
In addition to the free insurance coverage, you can enjoy daily interest on the balance in the savings account. Once your child turns 15, the account can be converted into a regular savings account, giving your child a head start on their savings!
UOB Junior Savings Account, www.uob.com.sg/personal/save/kids-accounts/junior-savers-account
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CITIBANK JUNIOR SAVINGS ACCOUNT: Easy Tracking Of Funds On ATMS & Online Banking
Age 18 Years & BelowOnline banking is increasingly popular, and the Citibank Junior Savings Account provides a perfect starting point for young savers! This account comes with a separate monthly statement, making it easy for parents and children to track their funds.
Once your child turns 15, they can access the account conveniently through online banking, promoting financial literacy and independence. Focusing on teaching money management from an early age, this account encourages kids to save while enjoying the benefits of modern banking. It's a fantastic way for children to learn about responsibly saving and managing their finances in today's digital world!
Citibank Junior Savings Account, www.citibank.com.sg/personal-banking/deposits/savings-account/children-savings-account
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CIMB JUNIOR SAVER ACCOUNT: No Penalties & Full Online Access
Age 16 Years & BelowThe CIMB Junior Saver Account is a wonderful option for families looking to teach their kids and teens about saving. Designed for children aged 16 and below, this account encourages young savers to develop good financial habits early on.
With an interest rate of up to 2.70%* p.a., children can see their savings grow without worrying about falling below fees or lock-in periods. This flexibility allows them to withdraw their money whenever needed, making saving for personal goals easier. Additionally, when children open an account online with their parents, they receive a S$100 ActionCity voucher, which can be a fun bonus.
CIMB Junior Saver Account, www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-junior-saver-account
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STANDARD CHARTERED E$AVERS KIDS: No Minimum Deposit
Age 18 Years & BelowThe Standard Chartered e$avers Kids account is a great choice for young savers. It features no minimum initial deposit and no fall-below fees. What makes this account particularly appealing is its lack of a lock-in period, allowing kids the freedom to access their funds whenever needed.
This account teaches children about saving and provides a flexible platform for managing their money. With the ability to withdraw funds anytime, kids can learn to balance their savings with spending. The e$avers Kids account is a fantastic way for children to start their financial journey while enjoying the benefits of a well-structured savings account!
Standard Chartered e$avers Kids, www.sc.com/sg/save/savings-accounts/esaver-kids
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ICBC ELITE KIDS ACCOUNT: Bonus rate of 0.10% On Top Of Normal Interest Rate
Age 16 Years & BelowThe ICBC Elite Kids Account is an excellent savings option for children under 16, offering competitive interest rates that make saving exciting. With a base interest rate of 0.10%, young savers can also earn an additional bonus interest of 0.10% by maintaining a minimum increment of SG$500 in their daily average balance compared to the previous month.
This account rewards saving and encourages kids to set financial goals and watch their money grow. It's a fantastic way for children to learn the value of saving while enjoying the benefits of a well-structured account designed just for them!
ICBC Elite Kids Account, www.icbc.com.sg/en/column
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