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Best Accounts for Kids | Savings Accounts for Kids in Singapore

Bank Accounts | Savings Accounts
by Priyadarshini 26 March 2021

Singapore is a pretty expensive city and raising kids here is no easy feat. Parents have to start planning very early for their kids’ education, healthcare, and overall upbringing. Your kids will receive some money (Ang pao money) every now then from family and relatives on various occasions. We suggest it is best to save the cash so that it can be put to good use when your child grows up. After all, if you can stash the cash in a bank account and earn decent interest on it. Not a bad idea at all isn’t it? In this blog, we tell you about the best accounts for kids in Singapore.

Best Accounts for Kids in Singapore:

Citibank Junior Savings Account

This Citibank account is meant for parents who already have an existing account with Citibank. And want to open one for their children who are below the age of 18 years. This account does not charge the fall-below fees on the Junior Savings Account holders. So if your child is the only one in the family with a Citibank savings account, you don’t have to worry about the fall below fee. But if you have your own Citibank account and the total relationship balance (which is the total balance of a parent and their child combined) sits lesser than $15,000, you will be charged a service fee of $15. This account offers you an interest rate of 0.05% on the first $30,000, and subsequently 0.1% on amounts above the sum of $30,000.

CIMB Junior Savers Account

CIMB’s kids’ savings account has one of the most generous offers in terms of interest rates in Singapore. The account is meant for children aged 12 and below. It will give you an interest rate of 0.8% annually. Also, there is no fall below fees or minimum deposit required. This makes it one of the best accounts for kids in Singapore. All you need is to make an initial deposit of $1,000. Also, note that the minimum amount you will need to have to earn interest is $1,000.

UOB Junior Savers Account

Another popular bank account for kids in Singapore is the UOB Junior savers account because of its ubiquity. This account is for children who are 16 years and below. You will require a minimum deposit of $500. However, if your account balance is less than $500 at any given point, you will be charged $2. The interest rate offered is 0.05% for the first $350,000 you deposit, and then subsequently it is increased to 0.1% for any sum above $350,000.

POSB Kids Account

Most kids in Singapore have the POSB kids’ account. You can get this account for your kid until he/she is 18 or younger. There is no fall-below fee till your child turns 21. You will be charged a fee of $2 if your account balance is lesser than $500. The interest rates are however less attractive as compared to other banks. It stands at 0.05% on amounts up to $350,000 and then subsequently increases to 0.075%. For any amounts above $1,000,000, you will receive 0.1% in interest.

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Tags:
banking for kids
banking in Singapore
banking options
best accounts for kids
kids savings accounts
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