Savings account for 16-year-old

[sharonkhoo]

jacsplace\" post_id=\"2042202\" time=\"1634198916\" user_id=\"7071:

Hi,

Which bank and which account have you opened for your DC, aged 16 years and above?

TIA

POSB - path of least resistance! That was a few years ago, though. She's already 22.

[jacsplace]

slmkhoo\" post_id=\"2042204\" time=\"1634199367\" user_id=\"28674:

jacsplace\" post_id=\"2042202\" time=\"1634198916\" user_id=\"7071:

Hi,

Which bank and which account have you opened for your DC, aged 16 years and above?

TIA

POSB - path of least resistance! That was a few years ago, though. She's already 22.

Path of least resistance -- I like that May I know which account? Thanks!

[Zeal mummy]

Uob/posb/ocbc all have kids account and they come with an atm card. My kid is only 13 though.

[sharonkhoo]

jacsplace\" post_id=\"2042212\" time=\"1634203027\" user_id=\"7071:

slmkhoo\" post_id=\"2042204\" time=\"1634199367\" user_id=\"28674:

[quote=jacsplace post_id=2042202 time=1634198916 user_id=7071]Hi,

Which bank and which account have you opened for your DC, aged 16 years and above?

TIA

POSB - path of least resistance! That was a few years ago, though. She's already 22.

Path of least resistance -- I like that May I know which account? Thanks![/quote]Just a regular savings account which came with a Passion/ATM/debit card (all-in-one). Initially, we turned down the debit card as we didn't see that she needed it at that age. So she just had a Passion/ATM card. Later, when she finished JC, she applied for the debit card. It was called an \"eKids\" account (but was exactly like a normal account), which was rather embarrassing once she graduated. I believe she has opened a regular DBS account now. You should check the latest offerings - this was in 2015!

The reason we opened this account was to give her some experience of handling her own money and the convenience of having an ATM card and NETS (no Paynow in those days). She only had her pocket money in there (lower risk) as we kept the rest of her savings separately for her. If you want better interest rates or whatever, then you should look for other types of accounts.

[sharonkhoo]

Zeal mummy\" post_id=\"2042217\" time=\"1634204411\" user_id=\"58173:[quote=\"Zeal mummy\" post_id=2042217 time=1634204411 user_id=58173]
Uob/posb/ocbc all have kids account and they come with an atm card. My kid is only 13 though.[/quote]

What is the purpose of the account? I stated ours above. So we wanted something basic with just a little money in there. Does a 13yo need to learn to operate a bank account yet? If it's to keep their savings, you might want to open an account but keep control of it. My kids had their trustee account (also POSB) till they were 16. We kept them on a purely cash economy till then, but maybe that is not so possible now.

[jacsplace]

slmkhoo\" post_id=\"2042244\" time=\"1634214181\" user_id=\"28674:

jacsplace\" post_id=\"2042212\" time=\"1634203027\" user_id=\"7071:

[quote=slmkhoo post_id=2042204 time=1634199367 user_id=28674]
POSB - path of least resistance! That was a few years ago, though. She's already 22.

Path of least resistance -- I like that May I know which account? Thanks!

Just a regular savings account which came with a Passion/ATM/debit card (all-in-one). Initially, we turned down the debit card as we didn't see that she needed it at that age. So she just had a Passion/ATM card. Later, when she finished JC, she applied for the debit card. It was called an \"eKids\" account (but was exactly like a normal account), which was rather embarrassing once she graduated. I believe she has opened a regular DBS account now. You should check the latest offerings - this was in 2015!

The reason we opened this account was to give her some experience of handling her own money and the convenience of having an ATM card and NETS (no Paynow in those days). She only had her pocket money in there (lower risk) as we kept the rest of her savings separately for her. If you want better interest rates or whatever, then you should look for other types of accounts.[/quote]I think POSB may have done away with that account. I can only find something called My Account on their website (https://www.posb.com.sg/personal/deposits/savings-accounts/my-account-kids).

My DS is turning 16 soon and wants to go to poly next year. So we'd like to get him his own ATM/debit card/Paynow. We got a similar account for DD when she turned 16 a couple of years ago. Hers is with OCBC Frank. It's good but we discovered that withdrawing cash could be a bit of a problem due to lack of ATM (OCBC/shared network) nearby when she needed cash urgently on a few occasions. POSB might be easier as there are more POSB/DBS ATMs around.

I'm doing my own research into this but always good to have real-life experience stories from parents, so thanks for sharing yours :rahrah:

[starlight1968sg]

My 22 years old daughter has a POSB a/c (joint name with me).

[doodbug]

Am I the only weirdo here? My kids have had their own ATM cards since Sec 1. Much easier for everyone I feel - I find it troublesome when they tell me things like EZLink card need to top up, or if I whatsapp them to buy stuff, run errands, or go doctor/dentist - they can always do so without the issue of having no cash on hand.

[sharonkhoo]

jacsplace\" post_id=\"2042328\" time=\"1634261296\" user_id=\"7071:

My DS is turning 16 soon and wants to go to poly next year. So we'd like to get him his own ATM/debit card/Paynow. We got a similar account for DD when she turned 16 a couple of years ago. Hers is with OCBC Frank. It's good but we discovered that withdrawing cash could be a bit of a problem due to lack of ATM (OCBC/shared network) nearby when she needed cash urgently on a few occasions. POSB might be easier as there are more POSB/DBS ATMs around.

I'm doing my own research into this but always good to have real-life experience stories from parents, so thanks for sharing yours :rahrah:

If you want to do some research, see which ATMs are in the various polys? My daughter had an DBS ATM in her school!