Which is your preferred Kids Savings Account?
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Our kids’ bank account are 2 "metal" piggy banks with padlocks. Everytime they earn some money, like 50cts, they will shake the piggies and feel the weigh !
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I prefer OCBC Kids’ Mighty Savers’ account, reminded me of the nostalgic POSB of old when I paste stamps on the savings cards so long ago…
Nowadays they are playing catch-up lah…already got Mighty Savers so won’t go for the squirrels anymore…
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Just 4, but helping needy
OVER the past two months, four-year-old Kendric Chang has been making the effort to set aside some of the money that his father gives him weekly for The Straits Times School Pocket Money Fund (SPMF).
As an OCBC Bank Mighty Savers account holder, he is one of 5,000 customers who received the SPMF's coin bank as a gift from the bank.
Since then, his mother Jane Tan, 32, has been teaching Kendric the concept of saving and giving to the needy children that the fund supports.
Yesterday, Kendric was the first customer to bring his filled coin bank to the OCBC branch in Ang Mo Kio Central to deposit his contribution, amounting to $26.30, to the fund.
Madam Tan, who accompanied him to the branch, said: 'We're happy to support the School Pocket Money Fund as we think that it is a worthy cause. This is a good opportunity to teach Kendric to save from young and to contribute to the community whenever we can.'
All 18 of OCBC's Sunday banking branches became exclusive collection points for people who wished to donate to the SPMF yesterday.
The bank will be collecting money that members of the public have saved up in their Help-A-Kid coin banks, which have been on sale since July to raise funds for needy students with no pocket money for recess or bus fares.
The coin banks, retailing at $5 each, are part of an initiative to encourage people, including children, to foster a habit of saving.
Additionally, savers are urged to give their money to those who need it more.
The coin banks have been available at all NTUC FairPrice supermarkets, and proceeds will go to the SPMF.
OCBC has bought and given out more than 10,000 of the coin banks to employees, and to customers who sign up for its Might Savers account for children.
'By giving these coin banks to our young savers, we hope to help make saving both fun and meaningful for them,' said Mr Ching Wei Hong, OCBC's head of global consumer financial services.
This is the fund's 10th anniversary fund-raising campaign, and it is aiming to collect $5 million for 12,400 needy students.
More than 50,000 of the coin banks have been sold, and as many more will be made available.
Organisations that wish to lend a hand may place bulk orders for the coin banks at [email protected].
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_575373.html -
I applied OCBC young savers for both my kids
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hi, i currently hv ocbc cda acct for my gal… do u all tink i shd open one savings acct too?
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Both my DD and DS has POSB account. Its easier for me to maintain thru iBanking.
My DS has OCBC CDA. Is it the same as MightySaver? -
both my boys have ocbc cda and mighty saver accounts.
Am thinking of opening POSB Kids account too for angbao money. -
my kids have ocbc mighty savers acct for their AP and Bday monies, apart from their CDA, which i will only top up to the max amt required (dollar-for-dollar matching) since the amt can only be used for their education/medical expenses.
i also opened maybank youngstarz acct for them, as and when i have extra i will save some for them. and when it reaches a certain amt, i take it out to invest in shares for short/mid term and any profit will be plunge back into the acct. i find this a better way to accumulate grow their funds
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mambobb:
My DS has OCBC CDA. Is it the same as MightySaver?
CDA accounts are for restricted usage. MightSaver is a kids' savings account. So you need to open both if you want for different purposes. -
Just went to POSB, they told me that there is no more rewards for kids.
BigDevil:
I have summarised the various offerings in the table below.
http://www.postimage.org/image.php?v=PqQIzo0
Some points to note:
1. POSB's MSA (MySavings Account) comes in adult and children versions, but I don't see any difference between the 2 since both offer same interest rate, no fall-below fee, no minimum balance to maintain. I included MSAkids (because of \"KIDS\") in the table above even though it doesn't seem to offer any extra perks as compared to MSA. I guess maybe with the word \"kids\" in the account name, you are less likely to make a withdrawal from it since you are saving for your children's furture?
2. Both MSAkids and StanChart e$aver Kids! require GIRO/standing instructions to make monthly deposit into the account.
3. MSAkids' interest rate depends on the amount of your monthly deposit, unlike other accounts which are tiered according to the account balance.
4. Only POSBkids and OCBC Young Savers offer a reward program to encourage savings.
So which one do you prefer? What do you look for in a kids savings accounts....high interest rate? Promote savings?
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