Start saving with these bank accounts for kids in Singapore

Bank-accounts-for-kids honeykids asia Singapore
Whether the kids need some place 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 that they don’t end up a self-entitled little whatsit, but also making sure they have some street smarts about them for the world of adulting ahead. As such, it’s never too early, we say, to start the kids thinking about saving money, opening a bank account and getting them to put that red packet money to good use. Don’t forget, when applying for a bank account you’ll need to bring identification documents along including yours and your child’s birth certificate, passport and/or NRIC. Some banks 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 for easy-to-open bank accounts for kids in Singapore…

ePOSBkids Account
Interest: 0.05% up to 0.1% for balance over $1,000,000
Initial deposit: $0
Minimum balance: $0
Eligibility: children up to 18 years old.
Bonus:

  • Daily interest
  • No minimum deposit and fall-below fee until child is age 21 years old.
  • No coin deposit fee until child is age 16 years old
  • Monthly eStatements
  • $1 gift deposit upon opening
  • Deposit and maintain S$2,000 Fresh Funds for a 6-month period (1 March – 31 August 2019) to earn $18 Ang Bao for kids, $180 for parents. Valid until 28 February 2019.
  • Free 6-month Popular Bookstore Student Card Membership (for kids aged seven to 15)
  • Smart Buddy wearable and mobile app to track fitness and teach kids to manage spending habits

POSB, p. 1800 339 6666; www.posb.com.sg

HSBC Premier Lite Saving account
Interest: 0.08%
Initial deposit: $1
Minimum balance: $0
Eligibility: HSBC Premier Savings account holders with a child below 18 years old
Bonus:

  • HSBC Premier interest rates
  • Internet banking, ATM and 24-hour Phone Banking Services.
  • Global support at any HSBC Premier Centres worldwide.

HSBC, p. 1800 4722 669; www.hsbc.com.sg

UOB Junior Savers Account
Interest: 0.05% up to 0.1% interest for balance above $350,000
Initial deposit: $500
Minimum balance: $500 ($2 balance fee will be charged if average daily balance falls below $500)
Eligibility: Children under 16
Bonus:

  • UOB ATM Card with PLUS and NETS facilities.
  • Phone Banking and Internet Banking
  • Account may be converted to a regular savings account when the child turns 16
  • Up to 100% insurance coverage with a minimum average daily balance of $3,000 over the past six months

UOB, p. 1800 222 2121; www.uob.com.sg

Get the kids saving early! Photography: Rawpixel via Unsplash

OCBC Mighty Savers Account
Interest: Base interest 0.05% p.a.+ bonus 0.35% p.a. (with S$50 monthly deposit without any withdrawals) + bonus 0.40% p.a. (for OCBC CDA account holders)
Initial deposit: $0
Minimum balance: $0
Eligibility: children under 16 years
Bonus:

  • Priority queue for kids at ‘Sunday at OCBC’ branches
  • Monthly e-statements
  • Double cash reward of up to $4000 when you purchase select endowment plans. Valid until 31 March 2019
  • Deposit at least $500 or $1500 by 28 February 2019 and receive one of our limited-edition customisable pixel art gifts
  • Mighty Savers Game app to encourage children good money management habits.

OCBC, p. 6363 3333; www.ocbc.com

CIMB Junior Savers Account
Interest: 0.8% p.a. (with minimum balance $1000)
Initial deposit: $1000
Minimum balance: $0
Eligibility: Children under 12 years old, with parent or legal guardian over 18 years old
Bonus:

  • Monthly e-statements
  • No fall below fee
  • One month’s premium reimbursement when you sign up for TM Kidstart and NTUC VivoChild endowment plan. 
  • $1 monthly account fee waived when you opt out of paper statements

Cimbank, p. 6333 7777; www.cimbbank.com.sg

Citibank Junior Savings Account
Interest: check with bank
Initial deposit: $0
Minimum balance: $0
Eligibility:  Children under 18 years old, with parent or guardian over 18 years old
Bonus:

  • Phone banking
  • International ATM Card for children over 15
  • Internet Banking available for children over 15

Citibank, p. 6225 5225; www.citibank.com.sg

Maybank Youngstarz Savings Account
Interest: 0.1875% p.a. for first $3,000; 0.3125% p.a. for the next $47,000; 0.3750% p.a. for balance above $50,000.
Initial deposit: $10
Minimum balance: $0
Eligibility: Children under 16, with parent or guardian over aged 16 years old
Bonus:

  • Birthday privileges and discounts
  • Hand, Foot and Mouth Disease Insurance and Personal Accident Insurance with minimum deposit of $5,000
  • Up to 3x interest rate with Maybank Family Plus

Maybank, p. 1800 629 2265; info.maybank2u.com.sg

Standard Chartered e$aver Kids
Interest: check with bank
Initial deposit: $0
Minimum balance: $0
Eligibility: Children under 18 years old, with parent and guardian over 21 years old
Bonus:

  • No lock-in period
  • No monthly fee

Standard Chartered, p. 1800 747 7000; www.sc.com/sg

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