10 Savings Accounts For Kids: Interest Rates, Deposit Requirements, Perks & More

Looking for a way to save money for the kids? Here’s our guide to the savings accounts for kids with interest rates, perks and more, so you can give your child a secure financial headstart!

Preparing for your child’s future begins with saving money! With inflation on the rise, it’s more important now than ever to start saving early. Whether you need an account to store your child’s annual ang pao money or daily allowance for personal spending, these savings accounts for kids will help you reach your financial goals. Choosing a bank doesn’t have to be daunting. We did the research for you, so you don’t have to. From interest rates to perks like complimentary insurance and exclusive deals, we break down what each bank has to offer so you can choose a savings account that best suits your needs. Read on for all the deets!

1. CIMB Junior Savers Account

Offering a competitive interest rate of up to 1.58% per annum, the CIMB Junior Savers Account makes it a piece of cake to save money for your child. Sign up online from the comfort of your home and make a $1,000 deposit to get started. We love that there’s no fall-below fee, so there’s no penalty if you have to withdraw some cash for a rainy day.

Age requirement: 16 years and below
Minimum deposit: $1,000
Interest rate: Up to 1.58% p.a.

Perks for families: No fall-below fees and an easy online application to get started.

CIMB, www.cimb.com.sg

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2. Citibank Junior Savings Account

With an online banking feature and access to funds through the ATM, the Citibank Junior Savings Account is a good option for parents who want to give teens easy access to their savings. With a minimum deposit and balance requirement of just $5, anyone can open a joint account with one or two adult applicants who are 18 years or above.

Age requirement: Below 18 years old
Minimum deposit: $5
Interest rate: Up to 0.10% p.a.

Perks for families: No service fees, ATM access with the Citibank ATM card and online banking feature (Citibank Online), which is only accessible for kids aged 15 and above.

Citibank, www.citibank.com.sg

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3. Maybank Youngstarz Account

Looking for a kids’ savings account with extra perks? The Maybank Youngstarz Account offers hospitalisation insurance and outpatient insurance for your child, plus personal accident insurance for you and your child. Made for kids aged 16 and under, this account has a Money Lock function to protect your money from scammers. Visit a Maybank branch to open your child’s account and maintain a minimum $10 balance to enjoy all the perks!

Age requirement: 16 years and below
Minimum deposit: $10
Interest rate: Up to 0.375% p.a.

Perks for families: Hand, Foot & Mouth Disease Hospitalisation and Outpatient Insurance, free Personal Accident Insurance for you and your child and Money Lock feature.

Maybank, www.maybank2u.com.sg

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4. OCBC Mighty Savers Account

With no minimum deposit required, the OCBC Mighty Savers Account makes it easy for anyone to save! The base interest is 0.05% per year, but if you maintain $50 in your account with no withdrawals, you can enjoy an additional interest of 0.05% per year. To maximise the benefits of this account, create an OCBC CDA account for a total interest of 0.30% per year!

Age requirement: Below 16 years old
Minimum deposit: None
Interest rate: Up to 0.30% p.a.

Perks for families: No minimum balance required and no fee for coin deposits at ATMs

OCBC, www.ocbc.com

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5. OCBC MyOwn Account

With the OCBC MyOwn Account, your child can learn to manage their own money with pre-set spending limits and a daily $50 cash withdrawal limit. You and your child can track expenses and set savings goals through the handy OCBC app. As a perk, kids can enjoy exclusive entertainment and dining deals through the app. Plus, kids can choose from adorable Disney and Star Wars card designs! What’s not to love?

Age requirement: 7 to 15 years old
Minimum deposit: None
Interest rate: 0.05% p.a.

Perks for families: Debit card for kids with parent-set transaction limits; exclusive entertainment and F&B deals through the OCBC app; parents receive transaction notifications through the OCBC app.

OCBC, www.ocbc.com

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6. POSB My Account

Looking for accessibility? POSB My Account is the way to go. With plenty of ATMs islandwide, you and your child will have easy access to the savings account. This POSB kids’ account grows with your child, giving them access to more services as they become more independent. Your child will get a $1 gift deposit when you open an account for them, and there’s no deposit fee for using their coin deposit machine!

Age requirement: Below 16 years old
Minimum deposit: None
Interest rate: 0.05% p.a.

Perks for families: No initial deposit or minimal balance required; $1 welcome gift for new accounts; no coin deposit fee.

POSB, www.posb.com.sg

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7. POSB Smart Buddy

If your child is gearing up for primary school, POSB Smart Buddy will come in handy for contactless payment! Create an account for your child (or link your own), then link the account to your child’s free Smart Buddy Watch. Using the handy app, you can set their daily allowance or arrange for auto-crediting to your child’s account. For every $10 your child saves, they will get $1 credited to their savings account! P.S. Read all about the POSB Smart Buddy Savings Programme here.

Age requirement: 7 to 16 years old
Minimum deposit: None
Interest rate: 0.05% p.a.

Perks for families: Free Smart Buddy Watch and Card for contactless payment; parent-friendly app; rewards programme.

POSB, www.posb.com.sg

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8. UOB Junior Savers Account

Want a savings account that offers free insurance coverage? With the UOB Junior Savers Account, your child can enjoy free insurance coverage of 50% with a minimum deposit balance of $3,000. The more your child accumulates, the more coverage they can enjoy (up to 100% with a minimum balance of $50,000). Do note that your child must maintain a balance of $500 to avoid the $2 fall-below fee.

Age requirement: 16 years and below
Minimum deposit: $500
Interest rate: 0.05% p.a. (first $350,000) then 0.10% p.a. ($350,000 and above)

Perks for families: More savings offers more complimentary insurance coverage; the account can convert into a regular savings account upon your child turning 15 years old.

UOB, www.uob.com.sg

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9. Standard Chartered e$aver Kids

The Standard Chartered e$aver Kids Account gives you complete control over your child’s savings. With no monthly fees, minimum balance requirement and no lock-in period, this account is simply a place to accumulate your child’s savings. Plus, we love that you can create this account with no minimum deposit, and if you change your mind, you can close the account without a penalty fee.

Age requirement: Below 18 years old
Minimum deposit: None
Interest rate: 0.05% p.a. (first $50,000), 0.10% p.a. (next $150,000) and 0.15% (above $200,000)

Perks for families: Tiered interest rates; no minimum deposit, balance, monthly fees or lock-in period; no fee for early account closure (within 6 months).

Standard Chartered, www.sc.com

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10. Standard Chartered First$aver Account

Looking for an account that allows your child to manage money independently (while giving you full access)? With the Standard Chartered First$aver Account, children aged 13 and above receive a debit card and mobile banking for digital payments. With their user-friendly app, you can monitor your child’s transactions and safeguard their savings with the Money Lock feature.

Age requirement: Below 18 years old
Minimum deposit: None
Interest rate: 1.00% p.a. (first $50,000)

Perks for families: First$aver debit card for youths aged 13 and up; mobile banking for digital payments; Money Lock feature to protect from scams; 1% cashback on eligible spends, capped at $60 per month.

Standard Chartered, www.sc.com

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