Your child’s very own bank account? Yes, please! We’ve got first dibs on how this will benefit the young ones.
Remember those childhood days when we’d pretend to buy and sell items with fake Monopoly money? Well, here’s your chance to turn this fun memory into a reality for your children. Indeed, financial savviness and independence can — and should be! — fostered from a young age. Kickstart the whole process by opening a new bank account for your child, and, hear us out, make it one that they can enjoy access to.
To date, bank accounts are usually only accessible to individuals aged 16 and above; the only way around this is to have joint accounts with their parents. However, what if we told you that teenagers and older children (between the ages of seven and 15) are now able to have their own accounts?
We’ve got our bets on OCBC MyOwn Account which, since 20 October 2024, has allowed the kiddos to operate their own accounts digitally. The account is registered under the child’s name, but a caveat is that it must be opened by a parent. Parents, you can keep an eye on your child’s account activities through your OCBC app. To convince you further, here are five perks of giving your child their own bank account:
1. It inculcates independence and a sense of ownership
There’s nothing like being held responsible for your own day-to-day activities. And yes, that includes buying and paying for stuff! Imagine your kid swelling with pride when you tell them that they’ll manage their own bank account. This is also a good opportunity to teach them money management skills, and how to work within a fixed budget.
Kids can download the OCBC app on their smartphones. The best part? They can look forward to depositing their own angpao or birthday money, and experience the joy of watching their accounts grow! Even better, children can also personalise their debit cards by choosing their favourite design from a line-up of options.
2. Children can learn the value of money
Sometimes, it’s easy to forget how much something costs when you’re using someone else’s money to pay for it. When children use their bank accounts to pay for something, they’ll be able to see first-hand how much money is deducted on a daily basis.
We recommend starting with a conversation about finances and teaching them the best ways they can make financial decisions. You can even delve into how money is earned so that the children can have a clearer picture of where all the moolah comes from.
It’s also great to touch on the importance of savings, as well as how to differentiate between needing and wanting something. The lines are often blurred for children, so it’ll be fantastic to have a little refresher. Don’t forget to discuss financial security too, and stress the importance of not divulging PIN numbers or passwords with anyone else.
3. It’s a low-risk tool
In fact, what better way is there to teach your child about saving and growing their money? The OCBC MyOwn Account will also up the ante by introducing financial literacy through fun, educational comics, activity sheets and weekly quizzes. It’ll touch on topics like budgeting, mindful spending, online safety, and more — in a highly relatable and digestible manner, of course! This programme will be accessible via the OCBC app and website, ensuring easy on-the-go access.
For added security, each account also comes with a “kill switch” of sorts. This allows parents to freeze the child’s account at any time if any suspicious activity is detected. Parents will also be able to access and monitor the account — more on this in the next point!
4. Parents can still supervise their children
Don’t worry, parents, you’ll be involved in the whole process. Your child’s account transactions can be viewed on your OCBC app, allowing you to supervise whatever’s happening in real-time. If you’d like, you can even opt to receive a push or email notification whenever a deduction is made from the account. You can also decide when your child can access the account via their own app, or when they can use their own debit card. You call the shots!
OCBC is also progressively introducing parental account controls, so stay tuned for more details.
5. It offers them more convenience
Many of us go cashless nowadays, even more so for students or teenagers out with their friends. Having their own account will allow them to make digital payments independently. Need to top up your transport card, or buy some food? OCBC has got it all sorted.
The OCBC app will allow kids to make contactless payments, as well as use PayNow via scan-and-pay merchant QR codes. Monitoring account balances is a piece of cake with a simplified dashboard — nothing too complicated that children might find hard to understand.
Does this sound like something that your child will love? Sign us up already! Find out more details on OCBC’s website. There are limited-edition Disney, Marvel and Pixar OCBC pins to be redeemed for new account openings, cash deposits into the account, and friend referrals.
From now until 30 November 2024, bring your kids to the OCBC Wisma Atria branch to check out three informative photo zones — and find out tips on saving, budgeting, and digital banking whilst you’re at it. Come say hi to your favourite Disney characters such as Stitch and Elsa, and capture memories with your family at the photobooth. Don’t miss out on the claw machine, where attractive prizes are up for grabs!
This post is in partnership with OCBC.