Give Your Child a Headstart in Cultivating a Healthy Relationship with Money
by Rachel Lee
3 years ago
Start your child on the road to good financial habits and preparing for the future with a savings account. You can not only help finance their future education or other important events, but also teach them the importance of investing in the future, as well as mathematics concepts such as compound interest.
The question, of course, is: which account is the best for your child? For your reference, we’ve compiled a snapshot of the savings accounts offered in Singapore (in alphabetical order).
They have similar benefits and offer many of the same features, but here are our picks for your child’s money:
For the highest interest rates
The CIMB Junior Savers account offers the highest interest at 0.8% per annum with an initial deposit of $1,000.
For the comfort factor
If you’re more comfortable with a local bank, OCBC Mighty Savers offers 0.8% per annum as well if you sign up for a Child Development Account (CDA) and deposit $50 monthly without making any withdrawals.
Don’t forget to bring your little one’s birth certificate or IC, together with yours, when heading to the bank, as some banks require a parent or guardian to open a joint account. Happy saving!
Deposits and other fees: Minimum initial deposit of $1,000. Monthly fee of $1 (waived if you opt out of paper statements). No fall-below fee, but the interest rate only applies if the account maintains a minimum of $1,000