Which is your preferred Kids Savings Account?

[micollh]

financial_guru:

micollh:

thanks for the infor. let me find out more and discuss with hubby. once put in cannot take out.

Putting into CPF SA account locks up the money until your kid reaches retirement!
You should be looking at either endowments, unit trusts or shares that doesn't have such a long lock-in period.

My 2¢!

i read thru the mimimum sum top-up, i think it's not the option i will take. i might as well save for my own retirement haaa.. i will prefer something that wont lock up the fund, so that when they need the money for education, we can retrieve it.

[dicky]

That's right. Won't recommend it if have intention to take out.SA meant for retirement, that why give 4% (5% if 1st 60K while stock lasts)


Unless like us, don't need it since the amount too small to make a difference anyway. The only benefit is just for DS to faster meet his Minimum Sum and take out the excess for investment in multiple housing or investment.

Stick to bank deposit for lowest risk or stock market dividend for highest risk. Doubt DS can save enough to buy shares, insurance etc. Think at best $200 per year exclude Ang Bao.... :oops:

[starlight1968sg]

dicky:

Just filled up the form for Minimum Sum Top Scheme, and submit by post to CPF board together with cheque and birth cert copy.


If intend for kids grow up to use CPF for education or housing etc, don't recommend put into CPF. SA cant be used for that.

More clarification, please.
Am surprised to know can open a CPF a/c for kids!
If this is possible, will do so for my girl to earn the risk free interest.

[dicky]

Usually company will make a cash contribution from your salary, and CPF automatically open your account if you do not have an account.

CPF board does allow cash topup to recipient related to giver, irregardless of age. To open a CPF account, simply make a contribution to won/recipient CPF account via Minimum Sum Top-up Scheme. The same scheme that allows you to claim up to 7K tax relief when you topup your parent's CPF SA/retirement account.
Not many people know of this since there is no info on CPF website. And no-one ask anyway as cash goes in CPF SA account cannot take out.
Hope this helps :boogie:

[micollh]

KSP, standard chartered save & build game again. http://www.standardchartered.com.sg/promotion/save_n_build2/index.html?camp_id=mnbnr_save-n-build2-bnr


but this round, no participation encouragement of $10.

[NaNaAYie]

For my daughter and son, I opened for them OCBC Mighty savers account for daily savings and once they have saved upto SGD 20.00, then will head down to OCBC to get a new set of stickers.


Have another one under POSBkids for their AP and BDay $$$. Also NTUC thrift for junior for as and when I have xtra then I will put into that account.

[Sunshine lady]

for the ds, i opened a esaver kid account recently. I dun see any requirement for giro???? Nonetheless, i made a standing instruction to debit xx from my saving account to his esaver kid a/c.


seems that ocbc mighty saver is more popular than scb esaver kid.. :xedfingers:

[Lshawn]

ocbc is good cos it gives alot of freebies and perks to my kids but the waiting time at the queue is too much of a hassle.

[daryltheman]

What are the deposits rate for getting a savings account in Singapore for my elder son 3.5 years of age…

[BigDevil]

You can find some information in the first post of http://www.kiasuparents.com/kiasu/forum/viewtopic.php?f=47&t=13010.


But do note that information in that post was accurate as of Aug 2010. For the latest rates, you will have to visit individual bank's website.