Prepping kids for the real world doesn’t just mean making sure they don’t end up a self-entitled little whatsit. It’s also making sure they have some street smarts for the world of adulting ahead. As such, it’s never too early to get the kids thinking about saving money! One way to do this is by opening a kids’ savings account in Singapore – a place where they can put all that red packet money to good use (instead of spending it all in one go!).

Kids’ Savings Accounts in Singapore

1. POSB kids’ savings accounts

Looking to open an account with POSB? There are three types of bank accounts for you and your kids to select from, each with its own unique differences.

POSB My Account

As parents, we don’t have time to juggle multiple bank accounts… we’re busy enough as it is. If you’re looking for a solution, POSB’s My Account allows you to manage your little one’s finances easily. It’s suitable for kids of all ages, and they’ll get to earn daily interest every month. Plus, bubs can earn higher interest in the future of up to 3.8% when the account is converted into a multiplier account. And, it’s also customizable to your needs. Super handy!

POSB Smart Buddy

Is the little one starting school? Check out POSB’s Smart Buddy bank account for kids. It’s the world’s first in-school savings account that allows your child to tap to pay in school and at selected merchants (there are over 160 participating schools in Singapore!). Plus, pair it with the dedicated mobile app where you can allocate allowances, check on savings, and be informed of your child’s whereabouts, too.

POSB Smiley CDA

Just gave birth? Congratulations! The POSB Smiley CDA is a perfect choice for parents of newborns (only for babies eligible for the Baby Bonus Scheme). This special savings account has a dollar-to-dollar matching from the government (up to $15,000 depending on how many children you have). Plus, your little one will enjoy up to a 2% interest rate per annum and exclusive merchant deals for the whole family.

2. UOB kids’ bank accounts

UOB Junior Savers Account

Struggling to make a decision on which bank account is best for your family? Well, we’re about to make your decision-making process a little tougher. Consider UOB’s Junior Savers account! It has complimentary life insurance coverage up to 100% of your deposit balance. Plus, the account can be converted to a regular statement-based savings account when the little one reaches 15 years old. And, they’ll get a UOB ATM card with PLUS and NETS facilities, too. But, the minimum initial deposit for the account is hefty compared to other banks – you’ll need to deposit a minimum of $500.

UOB Child Development Account

Similar to POSB, UOB also has its own CDA. It offers a 2% p.a. interest with no deposit cap on all balances, a First Step grant of up to S$5000, and dollar-for-dollar matching from the Singapore Government. Plus, you can use the savings in the CDA to pay for permitted expenses at approved institutions for all your children. There’s also no initial deposit and no fees required to maintain the account.

3. OCBC kids’ bank accounts

OCBC Mighty Savers Account

If you’re considering banking with OCBC, or are already banking with them, you might’ve heard of its OCBC Mighty Savers account for kids. The little ones can earn up to 0.30% interest per year on their entire account balance. You can also make coin deposits for free! Perfect for getting the kids to save in their little piggy banks. Did we mention there is no initial deposit or minimum average daily balance for the month required?

OCBC Child Development Account

Unlike other CDAs, OCBC’s CDA offers parents up to 50% discount at more than 15 merchants. Which is perfect when you’re planning their first birthday party or when you’re shopping online for their first pair of shoes. You can also set aside monetary gifts your little one has received into their Mighty Savers Account and let them grow together.

4. Standard Chartered kids’ savings account

Are you already banking with Standard Chartered? Sign the kids up for its e$aver Kids account! You won’t need an initial deposit or a minimum balance, and there are no monthly fees and no lock-in period, so you can withdraw whenever you like. It’s perfect for kids under 18. Call the bank to find out about their competitive interest rates!

5. Citibank kids’ bank account

Help kickstart the kids’ saving habits with Citibank‘s Junior Savings Account! Kiddos under 18 can open a bank account with the help of Mum or Dad, and you can easily track your funds with statements. Plus, once your young ‘un is 15, they’ll receive an international ATM card and can utilize Citibank’s internet banking system. You’ll have to check with the bank for its current interest rate as it changes regularly.

6. CIMB Bank kids’ savings account

Got a kid under 12? CIMB‘s Junior Savers Account is a savings account that lets your little one enjoy high interest rates from the get-go. But, you’ll need to ensure your tyke’s account has a minimum balance of $1,000. Plus, withdrawals for this joint trust account with you can only be performed at CIMB branches. But you’ll get to enjoy monthly e-statements, no fall-below fees, and you can get your account immediately upon application!

7. Maybank Kids’ bank account

Saving money is a good habit to cultivate when the kids are young because it teaches them to save for a rainy day. And with Maybank‘s Youngstarz Savings Account, you’ll find that the little one will stand to gain from its complimentary insurance, which covers personal accidents and hand, foot, and mouth disease, too. Plus, bubs will also get birthday privileges and discounts.

Conclusion

Start saving early with these top bank accounts for kids in Singapore. Designed to teach financial literacy, these accounts offer high interest rates, rewards, and educational tools. Give your child a head start in managing money wisely.