Whether the kids need somewhere to stash their yearly ang bao earnings or leftover weekly allowance, here are the top bank accounts for them to start saving for a rainy day…
Prepping kids for the real world doesn’t just mean making sure they don’t end up a self-entitled little whatsit. It’s also making sure they have some street smarts for the world of adulting ahead. As such, it’s never too early to get the kids thinking about saving money! And one way to do this is by opening a kid’s bank account in Singapore – a place where they can put all that red packet money to good use (instead of spending it all in one go!).
Psst – when applying for a kid’s bank account in Singapore, you’ll need to bring identification documents along, including your and your child’s birth certificate, passport, and/or NRIC. Some banks also require you to provide extra documentation, such as immigration documents and proof of address, as well as a minimum deposit. It also helps if you have a pre-existing account with the bank.
Not sure where to start? We’ve got you sorted with this list of easy-to-open bank accounts for kids in Singapore.
Kids’ bank accounts in Singapore
1. Choose from three POSB kids bank accounts
Looking to open an account with POSB? There are three types of bank accounts for you and your kids to select from, each with its own unique differences.
POSB’s My Account
As parents, we don’t have time to juggle multiple bank accounts… we’re busy enough as it is. If you’re looking for a solution, POSB’s My Account allows you to manage your little one’s finances easily. It’s suitable for kids of all ages, and they’ll get to earn daily interest every month. Plus, bubs can earn higher interest in the future of up to 3.8% when the account is converted into a multiplier account. And, it’s also customisable to your needs. Super handy!
POSB Smart Buddy
Young ‘un starting school? Check out POSB’s Smart Buddy bank account for kids. It’s the world’s first in-school savings account that allows your child to tap to pay in school and at selected merchants (there are over 160 participating schools in Singapore!). Plus, pair it with the dedicated mobile app where you can allocate allowances, check on savings, and be informed of your child’s whereabouts, too. The kiddos can even check their fitness activity, including steps taken and calories burnt!
POSB Smiley CDA
Just gave birth? Congratulations! The POSB Smiley CDA is a perfect choice for parents of newborns. This special savings account has dollar-to-dollar matching from the government. Plus, your little one will enjoy up to 2% interest rate per annum and exclusive merchant deals for the whole family. And, if Mum or Dad is an existing POSB bank member, the account will be bundled together with your Reserved Account. A great kids bank account up until the age of 12.
Psst, bubs might also be eligible for a Baby Bonus Scheme, too…
2. Choose from two UOB kids bank accounts
There are two bank accounts that you can consider if you’re looking at United Overseas Bank (UOB)…
UOB Junior Savers Account
Struggling to make a decision on which bank account is best for your family? Well, we’re about to make your decision-making process a little tougher. Consider UOB’s Junior Savers account! It has complimentary life insurance coverage up to 100% of your deposit balance. Plus, the account can be converted to a regular statement-based savings account when the little one reaches 16 years old. And, they’ll get a UOB ATM card with PLUS and NETS facilities, too. But, the minimum initial deposit for the account is hefty compared to other banks – you’ll need to deposit a minimum of $500.
UOB Child Development Account
Similar to POSB, UOB also has its own CDA. It offers a 2% p.a. interest with no deposit cap on all balances, a First Step grant of S$3,000, and dollar-for-dollar matching from the Singapore Government. Plus, you can use the savings in the CDA to pay for permitted expenses at approved institutions for all your children. There’s also no initial deposit and no fees required to maintain the account.
3. Choose from two OCBC kids bank accounts
Similar to UOB, OCBC has two kids bank accounts to choose from.
OCBC Mighty Savers Account
If you’re considering banking with OCBC, or are already banking with them, you might’ve heard of its OCBC Mighty Savers account for kids. The little ones can earn up to 0.20% interest per year on their entire account balance. And they can even enjoy priority queue service with the Mighty Savers Fast Track on Sundays at OCBC branches. Psst, you can also make coin deposits for free! Perfect for getting the kids to save in their little piggy banks.
OCBC Child Development Account
Unlike other CDAs, OCBC’s CDA offers parents up to 50% discount at more than 15 merchants. Which is perfect when you’re planning their first birthday party or when you’re shopping online for their first pair of shoes. You can also set aside monetary gifts your little one has received into their Mighty Savers Account and let them grow together. Oh, and don’t forget the dollar-for-dollar match by the Singapore Government.
4. Standard Chartered
Are you already banking with Standard Chartered? Sign the kids up for its e$aver Kids account! You won’t need an initial deposit or a minimum balance, and there are no monthly fees and no lock-in period, so you can withdraw whenever you like. It’s perfect for kids under 18. Call the bank to find out about their competitive interest rates!
Help kickstart the kids’ saving habits with Citibank‘s Junior Savings Account! Kiddos under 18 can open a bank account with the help of Mum or Dad, and you can easily track your funds with statements. Plus, once your young ‘un is 15, they’ll receive an international ATM card and can utilise Citibank’s internet banking system. You’ll have to check with the bank for its current interest rate as it changes regularly.
6. CIMB Bank
Got a kid under 12? CIMB‘s Junior Savers Account is a savings account that lets your little one enjoy high-interest rates from the get-go. But, you’ll need to ensure your tyke’s account has a minimum balance of $1000. Plus, withdrawals for this joint trust account with you can only be performed at CIMB branches. But you’ll get to enjoy monthly e-statements, no fall below fees, and you can get your account immediately upon application!
Saving money’s a good habit to cultivate when the kids are young because it teaches them to save for a rainy day. And with Maybank‘s Youngstarz Savings Account, you’ll find that the little one will stand to gain from its complimentary insurance, which covers personal accidents and hand, foot and mouth disease, too. Plus, bubs will also get birthday privileges and discounts as well as a $20 Popular bookstore voucher when you open the account.
Psst – it’s never too late to teach kids the value of a dollar! Lead by example and start saving in Singapore with these useful hacks.