Which is your preferred Kids Savings Account?
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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: -
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.
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What are the deposits rate for getting a savings account in Singapore for my elder son 3.5 years of age…
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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. -
Thanks lor…
just wanted to know the personal opinion of parents about the best bank to have kids savings account with, -
The thread I quoted specifically discuss children savings accounts.
So I will soon merge this thread with that. -
I checked the DBS website, their latest deposit rates is at 0.0500%. I think most banks’ rates are more or less the same.
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At 3.5 years old, I think it makes more sense to have a piggy bank, where physical coins are deposited, and the little fella can feel it, shake it and proudly tell everybody who comes over that he’s rich !!
A passbook does not have that effect, and interest is not what you are going for at this stage anyway. -
We have been PRs for a long time and recently became citizens. I went along to OCBC today to open a CDA account. To my surprise, I was offered a Mighty Savers account as well. It must be a new rule or a promotional move. The CDA account can be used to pay only certain approved costs/fees, like childcare and insurance, but the Mighty Savers account is operated normally by the parent with deposits and withdrawals. I was not really interested in the Mighty Savers account, since I invest in different products for my child (5 yo) - gold, investment linked insurance policies that will mature in 12-15 years’ time. It is clear that OCBC is aggressively targeting the kids’ market for savings accounts. I am not really interested in stickers or free gifts - very gimmicky I thought. But – I guess I now have a choice of depositing her hongbao money in the Mighty Savers account or keep using that for investment product premiums…
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ePOSBkids? Went to apply for a POSBkids account for my boy but found out they stopped issuing passbooks to go green and now everything is "e"…
Prefer a physical passbook because I think kids like something tangible to hold and see… easier for them to keep track of their own savings… and also instill ownership and responsibility… as compared to ePOSBkids where their account is tagged to their parents and can only be accessed through the parent’s online password & token…
I think POSB missed this point when they decide to introduce ePOSBkids as a replacement… Have dropped them a feedback on this…
What is your take on this "e" thingy?
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