<![CDATA[Savings account for 16-year-old]]>

slmkhoo\" post_id=\"2042615\" time=\"1634431609\" user_id=\"28674:

We did a half measure at first - we allowed them to have a debit card first, to avoid the risk of running up debt and so we could see how their spending patterns were developing. My younger girl was given a supplementary dredit card (of my husband's card) on her first overseas vacation without us, just in case. But once she went to university overseas, she got her own credit card. We took back the supplementary card after she graduated, but I think she never used it in the 3 yrs.
That's good. I think your daughter is sensible. Using a debit card will limit your loss, perhaps if your daughter misplaced her card or something.

]]>https://forum.kiasuparents.com/topic/100781/savings-account-for-16-year-oldRSS for NodeWed, 29 Apr 2026 16:23:57 GMTSun, 17 Oct 2021 01:11:15 GMT60<![CDATA[Reply to Savings account for 16-year-old on Sun, 17 Oct 2021 00:46:49 GMT]]>

Zeal mummy\" post_id=\"2042584\" time=\"1634396923\" user_id=\"58173:[quote=\"Zeal mummy\" post_id=2042584 time=1634396923 user_id=58173]
Wow, credit card sounds fancy! Definitely okay for responsible children.[/quote]
We did a half measure at first - we allowed them to have a debit card first, to avoid the risk of running up debt and so we could see how their spending patterns were developing. My younger girl was given a supplementary dredit card (of my husband's card) on her first overseas vacation without us, just in case. But once she went to university overseas, she got her own credit card. We took back the supplementary card after she graduated, but I think she never used it in the 3 yrs.

]]>https://forum.kiasuparents.com/post/2042615https://forum.kiasuparents.com/post/2042615Sun, 17 Oct 2021 00:46:49 GMT<![CDATA[Reply to Savings account for 16-year-old on Sat, 16 Oct 2021 15:08:43 GMT]]>Wow, credit card sounds fancy! Definitely okay for responsible children.

]]>https://forum.kiasuparents.com/post/2042584https://forum.kiasuparents.com/post/2042584Sat, 16 Oct 2021 15:08:43 GMT<![CDATA[Reply to Savings account for 16-year-old on Sat, 16 Oct 2021 12:10:43 GMT]]>My kids started working after O levels so they need to have an account for salary crediting. I started transferring their allowance to them after they have the accounts.


I gave kids each a credit card when they started secondary school to manage their admin, eg music exam applications, buy things online etc. They need keep me updated before any transaction.

]]>https://forum.kiasuparents.com/post/2042561https://forum.kiasuparents.com/post/2042561Sat, 16 Oct 2021 12:10:43 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 10:07:33 GMT]]>I think the kids need a bank account now not for ATM purposes but to use the PayNow function and other cashless/online transactions. Time has changed.

]]>https://forum.kiasuparents.com/post/2042432https://forum.kiasuparents.com/post/2042432Fri, 15 Oct 2021 10:07:33 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 08:03:57 GMT]]>

doodbug\" post_id=\"2042339\" time=\"1634264985\" user_id=\"13281:

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.
Not at all! Fellow weirdo here!

]]>https://forum.kiasuparents.com/post/2042414https://forum.kiasuparents.com/post/2042414Fri, 15 Oct 2021 08:03:57 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 07:58:34 GMT]]>

starlight1968sg\" post_id=\"2042342\" time=\"1634265146\" user_id=\"14025:

doodbug\" post_id=\"2042339\" time=\"1634264985\" user_id=\"13281:

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.

I cant rem when I gave dd her own ATM card.
It is easier to learn how to manage money when young bec parents can still exercise some control/influence

Agree! Not easy too but might be easier than when they become older.

]]>https://forum.kiasuparents.com/post/2042409https://forum.kiasuparents.com/post/2042409Fri, 15 Oct 2021 07:58:34 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 07:52:19 GMT]]>

jacsplace\" post_id=\"2042351\" time=\"1634266746\" user_id=\"7071:

doodbug\" post_id=\"2042339\" time=\"1634264985\" user_id=\"13281:

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.

No, you're not the only weirdo here, haha! We wanted our kids to have their own ATM cards too when they started sec sch, but we could only do so with a joint (trustee?) account, or so the banks I called told me (POSB, OCBC, UOB). DH didn't like it (don't ask me why, he's just like that lah), so we simply wait for our kids to turn 16.

Yup, we got her the account the moment she started sec school. It is joint-name until they are older but that is okay. Slowly building the pot of gold, trust and independence.

]]>https://forum.kiasuparents.com/post/2042406https://forum.kiasuparents.com/post/2042406Fri, 15 Oct 2021 07:52:19 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 07:49:12 GMT]]>

slmkhoo\" post_id=\"2042246\" time=\"1634214618\" user_id=\"28674:

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.
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.[/quote]
Yup for savings and also for small expenditures, learn to keep track of spending/savings and convenience. There’s atm in some schools now, I think RI has (you might want to check the poly, sec sch, uni) She rarely uses the atm card, the account will officially be hers when she turns 15 years old.

]]>https://forum.kiasuparents.com/post/2042404https://forum.kiasuparents.com/post/2042404Fri, 15 Oct 2021 07:49:12 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 05:01:21 GMT]]>

slmkhoo\" post_id=\"2042341\" time=\"1634265116\" user_id=\"28674:

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!

Will do, thanks!

]]>https://forum.kiasuparents.com/post/2042377https://forum.kiasuparents.com/post/2042377Fri, 15 Oct 2021 05:01:21 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 02:59:06 GMT]]>

doodbug\" post_id=\"2042339\" time=\"1634264985\" user_id=\"13281:

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.
No, you're not the only weirdo here, haha! We wanted our kids to have their own ATM cards too when they started sec sch, but we could only do so with a joint (trustee?) account, or so the banks I called told me (POSB, OCBC, UOB). DH didn't like it (don't ask me why, he's just like that lah), so we simply wait for our kids to turn 16.

]]>https://forum.kiasuparents.com/post/2042351https://forum.kiasuparents.com/post/2042351Fri, 15 Oct 2021 02:59:06 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 02:48:25 GMT]]>

starlight1968sg\" post_id=\"2042342\" time=\"1634265146\" user_id=\"14025:

doodbug\" post_id=\"2042339\" time=\"1634264985\" user_id=\"13281:

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.

I cant rem when I gave dd her own ATM card.
It is easier to learn how to manage money when young bec parents can still exercise some control/influence

I guess we're older and more old-fashioned? I liked my kids to handle cash when they were younger, and didn't see the need to change until they were 16! I thought they would have a better \"feel\" of the quantities if it was physical rather than digital. But we stay near an MRT station, so accessing an ATM or topping up EZlink cards is convenient for us, and we always had our kids carry a little emergency stash of cash which they could use if necessary. Come to think of it, I used to walk them to the MRT station in the mornings before school, so that was when I would top up their cards.

]]>https://forum.kiasuparents.com/post/2042347https://forum.kiasuparents.com/post/2042347Fri, 15 Oct 2021 02:48:25 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 02:32:26 GMT]]>

doodbug\" post_id=\"2042339\" time=\"1634264985\" user_id=\"13281:

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.
I cant rem when I gave dd her own ATM card.
It is easier to learn how to manage money when young bec parents can still exercise some control/influence

]]>https://forum.kiasuparents.com/post/2042342https://forum.kiasuparents.com/post/2042342Fri, 15 Oct 2021 02:32:26 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 02:31:56 GMT]]>

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!

]]>https://forum.kiasuparents.com/post/2042341https://forum.kiasuparents.com/post/2042341Fri, 15 Oct 2021 02:31:56 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 02:29:45 GMT]]>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.

]]>https://forum.kiasuparents.com/post/2042339https://forum.kiasuparents.com/post/2042339Fri, 15 Oct 2021 02:29:45 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 01:34:03 GMT]]>My 22 years old daughter has a POSB a/c (joint name with me).

]]>https://forum.kiasuparents.com/post/2042329https://forum.kiasuparents.com/post/2042329Fri, 15 Oct 2021 01:34:03 GMT<![CDATA[Reply to Savings account for 16-year-old on Fri, 15 Oct 2021 01:28:16 GMT]]>

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 πŸ™‚ 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:

]]>https://forum.kiasuparents.com/post/2042328https://forum.kiasuparents.com/post/2042328Fri, 15 Oct 2021 01:28:16 GMT<![CDATA[Reply to Savings account for 16-year-old on Thu, 14 Oct 2021 12:30:18 GMT]]>

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.

]]>https://forum.kiasuparents.com/post/2042246https://forum.kiasuparents.com/post/2042246Thu, 14 Oct 2021 12:30:18 GMT<![CDATA[Reply to Savings account for 16-year-old on Thu, 14 Oct 2021 12:23:01 GMT]]>

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 πŸ™‚ 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.

]]>https://forum.kiasuparents.com/post/2042244https://forum.kiasuparents.com/post/2042244Thu, 14 Oct 2021 12:23:01 GMT<![CDATA[Reply to Savings account for 16-year-old on Thu, 14 Oct 2021 09:40:11 GMT]]>Uob/posb/ocbc all have kids account and they come with an atm card. My kid is only 13 though.

]]>https://forum.kiasuparents.com/post/2042217https://forum.kiasuparents.com/post/2042217Thu, 14 Oct 2021 09:40:11 GMT<![CDATA[Reply to Savings account for 16-year-old on Thu, 14 Oct 2021 09:17:07 GMT]]>

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 πŸ™‚ May I know which account? Thanks!

]]>https://forum.kiasuparents.com/post/2042212https://forum.kiasuparents.com/post/2042212Thu, 14 Oct 2021 09:17:07 GMT<![CDATA[Reply to Savings account for 16-year-old on Thu, 14 Oct 2021 08:16:07 GMT]]>

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.

]]>https://forum.kiasuparents.com/post/2042204https://forum.kiasuparents.com/post/2042204Thu, 14 Oct 2021 08:16:07 GMT