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7 Best Children’s Savings Account Singapore 2022

best children's savings account singapore
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Give your kids a headstart on their finances by introducing saving and budgeting concepts. It’s never too early to teach kids about saving money. To help you get started, you can open a kid’s bank account in Singapore.

While putting coins into a piggy bank is a good start, opening a kids’ savings account will help securely build up funds. Ang Pao money, cash gifts, and savings can earn interest when saved in a savings account. Most importantly, it teaches children the value of saving, helping them develop their money management habits.

Top banks offer various kids’ savings accounts you can choose from. However, not all savings accounts are made equal. Here is a curated list of the best children’s savings account Singapore.

Best Places To Grow Your Children’s Money

Not sure where to start? Here are a few characteristics to watch out for when choosing the best children’s account:

  • Most of these savings accounts have a maximum eligible age. Make sure that your child fits the age eligibility requirement.
  • A kid’s savings account also requires a parent / legal guardian to open an account with the child. Some banks offer the option of having internet banking access to your child’s account, connected to your own personal internet banking access. This makes for easier access and management.
  • No minimum deposit and waived fall below fee.

Let’s take a look at some of the best savings accounts for kids in Singapore.

Bank Savings Account Interest Rate Age Limit Benefits
CIMB Junior Savers Account 0.40% 12 years old
  • No fall-below fees
  • Online Application
  • Competitive Interest Rates
Citibank Junior Savings Account Up to 0.10% 18 years old
  • Access account anytime through online banking
Maybank Youngstarz Account Up to 0.375% 16 years old
  • Hand, Foot & Mouth Disease Hospitalization and Outpatient Insurance
  • Worldwide Personal Accident Insurance coverage for parent and child
  • Maybank Family Plus which allows up to 3 times interest rates
OCBC Mighty Savers Account Up to 0.20% 16 years old
  • Account-holders get priority queue service on Sundays, at any ‘Sunday at OCBC’ branch
  • No coin deposit fee
POSB My Account Up to 0.05% No age requirement
  • S$1 gift deposit when opening an account
  • No coin deposit fee
  • Complementary POPULAR 1-year student membership
  • Use together with POSB Smart Buddy
Standard Chartered e$aver Kids Account Up to 0.05% 18 years old
UOB Junior Savers Account Up to 0.05% 16 years old
  • Complementary UOB ATM Card with NETS and PLUS facilities
  • Can be converted to a regular statement-based account when the child reaches 16 years old
  • FREE insurance coverage- up to 100% of your deposit balance

1. CIMB Junior Savers Account

Best For: Individuals looking for the most generous interest rates in Singapore without needing a very high account balance. It’s best to open this account as early as possible since this is only for children 12 years and below.

Interest Rates

Account Balance Interest Rates
First S$200,000 0.20% p.a.
Next S$800,000 0.40% p.a.
Above S$1,000,000 0.20% p.a.

Minimum Initial Deposit: S$1,000

Minimum Balance to Earn Interest: S$1,000

Fall Below Fee: None

Promotions/Bonus/ Other benefits:

  • No fall-below fees
  • Online Application
  • Competitive Interest Rates

2. Citibank Junior Savings Account

Best For: Children who want to jumpstart their financial journey. Upon opening a Citibank Junior Savings Account, they will receive their first ATM card and have access to online banking from 15 years old.

Interest Rate

Account Balance Interest Rates
First S$30,000 0.05% p.a.
Above S$30,000 0.10% p.a.

Minimum Initial Deposit: None

Fall Below Fee: None (S$5 if the parent is a Citibank account holder and the total account balance is below $15,000)

3. Maybank Youngstarz Account

Best For: Children who can keep a high but attainable account balance. Additionally, parents or guardians will love the complimentary insurance coverage for Hand, Foot and Mouth Disease Hospitalization and outpatient care.

Interest Rate

Account Balance Interest Rates
First S$3,000 0.1875% p.a.
Next S$47,000 0.3125% p.a.
Remaining balance above S$50,000 0.3750% p.a.

Minimum Initial Deposit: S$10

Minimum Amount to Earn Interest: S$3,000

Fall Below Fee: None

Promotions/Bonus/ Other benefits:

  • Open a new account for your child and start the savings challenge to receive up to S$30 POPULAR Bookstore vouchers
  • Exclusive privileges during your child’s birthday month
  • Hand, Foot & Mouth Disease Hospitalization and outpatient insurance
  • Worldwide Personal Accident Insurance coverage for you and your child

4. OCBC Mighty Savers Account

Best For: Children who want a pocket money-friendly account. Additionally, with this account, parents or guardians can enjoy privileges on Sundays – no long queue!

Interest Rates

Interest Rates (p.a.)
Base Interest 0.05%
Bonus interest: Deposit at least $50 and do not make any withdrawals within the month 0.05%
CDA Advantage Bonus Interest: OCBC CDA holders 0.10%
Total 0.20%

Minimum Initial Deposit: None

Minimum Amount to Earn Interest: S$50 and do not make any withdrawals within the month

Fall Below Fee: None

Promotions/Bonus/ Other benefits:

  • Account-holders get priority queue service on Sundays, at any ‘Sunday at OCBC’ branch
  • Free coin deposits

5. POSB My Account

Best For: Children who want to focus on growing their savings – big or small without incurring additional costs. It also works as a joint account where parents or guardians can help them grow their funds.

Interest Rates

Account Balance Interest Rates
First S$10,000 0.050% p.a.
Next S$90,000 0.050% p.a.
Next S$250,000 0.050% p.a.
Next S$650,000 0.050% p.a.

Minimum Initial Deposit: None

Minimum Amount to Earn Interest: S$10,000

Fall Below Fee: None

Promotions/Bonus/ Other benefits:

  • S$1 gift deposit when opening an account
  • Free coin deposit
  • Complementary POPULAR 1-year student membership
  • Use together with POSB Smart Buddy

6. Standard Chartered e$aver Kids Account

Best For: Parents who want flexibility as well as complete control of their children’s savings. There’s no minimum initial deposit, minimum average daily balance, or fall-below fee.

Interest Rates

Account Balance Interest Rates
First S$50,000 0.050% p.a.
Next S$150,000 0.050% p.a.
Above S$200,000 0.050% p.a.

Minimum Initial Deposit: None

Minimum Monthly Contribution: S$5 via GIRO or Standing Instruction

Fall Below Fee: None

7. UOB Junior Savers Account

Best For: Account holders who enjoy complimentary insurance coverage. Additionally, UOB Junior Savers Account is also a great option if the child wants to convert to regular statement-based accounts when they reach 16 years of age.

Interest Rate

Account Balance Interest Rates
First S$15,000 0.050% p.a.
Next S$80,000 0.050% p.a.
Next S$250,000 0.050% p.a.
Above S$350,000 0.050% p.a.

Minimum Initial Deposit: None

Minimum Average Daily Balance: S$500

Fall Below Fee: $2

Promotions/Bonus/ Other benefits:

  • Complementary UOB ATM Card with NETS and PLUS facilities
  • Can be converted to a regular statement-based account when the child reaches 16 years old
  • FREE insurance coverage- up to 100% of your deposit balance

child holding her coins

Pros and Cons Of Kids Savings Accounts

Advantages of a Child’s Account

  • Your kids will learn how to budget. Teaching kids to put their money safely away but also teaching them to spend on what they need by setting savings goals.
  • Children will learn a sense of financial responsibility
  • A savings account for children is interest-bearing. With a small monthly deposit, your kids’ account could grow.
  • Kids’ savings accounts are usually free from an early account closure fee, maintenance fees, or fees for when the balance falls below the minimum. However, you still need to read the fine print.
  • The low age requirement allows you to open a savings account for your kids as early as possible.

Disadvantages of a Child’s Account

  • Most savings accounts for children don’t come with a debit card. Others only grant an ATM card when the child reaches an eligible age.
  • Some banks automatically convert kids’ savings accounts to a regular savings account. However, some may require you to transfer the funds to a new account.
  • Some accounts require a parent’s signature for every transaction. That said, ask the bank whether they require a parent’s signature for kids to access their funds.

How To Choose The Best Savings Account For Your Children

Not all savings accounts are made equal. That said, there are a few factors you need to take into account when opening a kids’ savings account.

  • Fees: Check what the charges and fees will be. Most banks don’t charge a fee when the balance falls below minimum, maintenance fee, or early account closure fee.
  • Interest Rates: Choose an account for kids that offers decent interest rates.
  • Age Limit: Consider accounts with no minimum age requirement. Such accounts give you the ability to open one even for a newborn. However, savings bank accounts have a maximum age limit between 12 and 18 years old.
  • Benefits: Take a look at the promotions and benefits offered along with the savings account. Some accounts offer kid-related merchant discounts or complimentary life insurance coverage. Choose the one that’s most relevant to you.

Are There Any Caveats To Look Out For?

Under the Deposit Insurance Scheme, deposits of up to S$75,000 are insured by law. That said, you don’t have to worry about your child losing the money in their savings account. However, there are other caveats to look out for:

  • Ability to limit withdrawals: As your child grows, they will have more access to the account. That said, they may be tempted to make frequent withdrawals. If this is concerning to you, consider an account that limits access.
  • Introductory interest rates. As mentioned previously, you need to read the fine print. Some banks offer attractive introductory interest rates that are limited to a certain period only.

How To Apply

Eligibility

Each bank sets its own eligibility criteria. However, they typically require your child to be:

  • Below the age limit set by the bank. For instance, some banks have an age limit of 12 years old.
  • A parent or legal guardian needs to open the kids’ account with the child.
  • Both residing in Singapore

Document Requirements

For the child:

  • A copy of your child’s birth certificate or NRIC if they are above 15 years old
  • Passport, S-Pass, Student Pass, Dependent Pass, or Long Term Visit Pass for foreigners

For parents and legal guardians:

  • NRIC for Singaporeans and Permanent Residents
  • Passport and Employment Pass for foreigners
  • Proof of residences, such as phone bill, half-yearly CPF statement, or any bank statement

Frequently Asked Questions

1. What Is Kids’ Savings Account and How Does It Work?

A savings account for kids may offer higher interest rates than a standard savings account. Additionally, most banks don’t charge a monthly maintenance fee and fall below fee. However, it may have withdrawal restrictions and limits.

With a kids’ savings account, you can open at any age as there is no minimum age requirement. But they have age restrictions on children being able to open one by themselves. For instance, if a child is below 16 years old, they will need to open an account together with their parents or legal guardian.

2. What’s The Difference Between Children’s Savings Account And Child Development Account (CDA)?

The Child Development Account (CDA) is part of the baby bonus scheme wherein parents receive baby bonus money from the government. The aim was to help parents with the cost of raising a kid. On top of bonus money, you may deposit money into the CDA account to receive the government’s dollar-for-dollar matching.

However, this account is different from a savings account. With Child Development Account, you can only use it for child-related expenses, such as:

  • Educational expenses at child care centers, kindergartens, special education schools
  • Healthcare expenses at hospitals, clinics, pharmacies, and more

Bear in mind that you can only use the CDA funds at Baby Bonus-approved institutions and merchants.

Child Development Account Child’s Savings Account
Funds can be used for child-related expenses only Funds can be used for anything
CDA funds can only be used at Baby Bonus-approved institutions and merchants. You can use the funds to pay any merchant or institution
When your child turns 13 years old, the CDA will be closed. Any leftover amount will be transferred to the Post-Secondary Education Account. When the child reaches the age limit of the account, you have the option to turn the account into a standard savings account or transfer the funds to a different account.

3. Should I Apply For A Kids Saving Account For My Child If I Already Have A CDA Account?

Yes. Even if you already have a CDA account, it’s best to open a junior savings account for your kid since each account is designed for different purposes.

4. Which Bank is Best For Children’s Account in Singapore?

The best children’s account will depend on your needs and preferences. However, here are some you may want to consider:

  • Maybank Youngstarz Account: Aside from the potentially high interest rate, they also offer insurance coverage along with the account.
  • OCBC Mighty Savers Account: This is a flexible account with interest rates that can go up to 0.20%.
  • UOB Junior Savers Account: Offers a complementary ATM card and can be converted to a standard savings account when your child reaches 16 years old.

Conclusion

Key Takeaways:

  • Savings accounts for kids may offer higher interest rates than a standard savings account.
  • Most accounts don’t charge a fall below fee, maintenance fee, or closure fee.
  • A children’s account usually doesn’t have a minimum deposit or a minimum average daily balance.
  • It’s best to open a savings bank account for kids even if you already have CDA.

It’s never too early to teach kids the importance of saving. Start them young so they will become financially responsible adults. Here’s some guidance on how to begin saving.

However, for your emergency cash needs, you may choose to take out personal loans from a licensed moneylender. Loan Advisor is a reliable loan comparison website that offers complete and updated information about the top licensed moneylenders in Singapore. Request up to three loan quotes today!

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