<![CDATA[Which is your preferred Kids Savings Account?]]>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?

]]>https://forum.kiasuparents.com/topic/13010/which-is-your-preferred-kids-savings-accountRSS for NodeSat, 18 Apr 2026 19:05:07 GMTWed, 11 Aug 2010 08:19:52 GMT60<![CDATA[Reply to Which is your preferred Kids Savings Account? on Mon, 15 Apr 2019 09:00:55 GMT]]>Hi, I would like to check if I am the aunt for my 7 year old nephew, am I able to open a joint kids account with them instead of the parent?

]]>https://forum.kiasuparents.com/post/1906519https://forum.kiasuparents.com/post/1906519Mon, 15 Apr 2019 09:00:55 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Thu, 14 Jan 2016 11:24:47 GMT]]>Whoa i didnt know there were so many different kids savings accounts. I am using POSB for my DD… will explore the others now that I know of it.


Thanks for sharing !

]]>https://forum.kiasuparents.com/post/1628512https://forum.kiasuparents.com/post/1628512Thu, 14 Jan 2016 11:24:47 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Mon, 11 Jan 2016 00:36:59 GMT]]>

mommy2two:

for my kids, each one will get a \"stock\" (not necessarily blue chip) during their 1st year; usually i will buy within 3-5 months after their birth as a starting gift for them. CPF is the best way to start if there's insufficient hard cash on hand.
Who is the owner for the \"stock\" then? Don't think can be the child.

If one uses CPF, the money still don't belong to the child right?

]]>https://forum.kiasuparents.com/post/1626154https://forum.kiasuparents.com/post/1626154Mon, 11 Jan 2016 00:36:59 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Sun, 10 Jan 2016 11:20:04 GMT]]>hello. is the ocbc mighty savers a multi currency account (USD or Euros)?

]]>https://forum.kiasuparents.com/post/1626029https://forum.kiasuparents.com/post/1626029Sun, 10 Jan 2016 11:20:04 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Tue, 20 Oct 2015 03:38:06 GMT]]>for my kids, i opened both Maybank Youngstarz and OCBC Mighty Savers for them; for different savings. Maybank is for me to contribute to their savings on monthly basis while Mighty Savers are more for their own ‘income’ from CNY or Birthday Ang Paos.


So far, i find that Maybank is good for me as once the kids’ savings hit certain amount, i will move them to a consolidated account under iSavvy account (mine) which yields more interests (monthly and yearly).

alternatively, another better way to save/compound savings for them in the long run (not CPF SA for sure!) is to buy blue chip stock. there are risks involved for sure but for long term, the dividend is definitely much much more that the interests from savings of FD.

for my kids, each one will get a "stock" (not necessarily blue chip) during their 1st year; usually i will buy within 3-5 months after their birth as a starting gift for them. CPF is the best way to start if there’s insufficient hard cash on hand.

just my sharing 😃

]]>https://forum.kiasuparents.com/post/1594434https://forum.kiasuparents.com/post/1594434Tue, 20 Oct 2015 03:38:06 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Sun, 28 Jun 2015 07:30:38 GMT]]>Recently an agent suggested me to buy an endowment and beneficial is my kid so anything happens, she will have the money rather than one of those savings cos they tend to ask for premium of 10yrs but u can take it out at 15yrs.

]]>https://forum.kiasuparents.com/post/1530088https://forum.kiasuparents.com/post/1530088Sun, 28 Jun 2015 07:30:38 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Mon, 15 Jun 2015 22:01:19 GMT]]>Else just buy them an insurance policy that will be in force even after the parent pass away.


No, I am not kidding. I also just happen to know about such a policy from my spouse.

The policy is in force until the parent birthday reach 99 years old even after the parent pass away.

This plan is good if you have spare cash and wanted to leave something for your kid.

]]>https://forum.kiasuparents.com/post/1524503https://forum.kiasuparents.com/post/1524503Mon, 15 Jun 2015 22:01:19 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Thu, 04 Jun 2015 23:09:15 GMT]]>If the kid is still very young and they have no need for the $, I suggest buying some blue chip. Over next 10,20 years, you should be better off 99% of the time.


The only trouble is the I can’t open a CDP account in their name as there is a min age right?

So need to buy under my account and I need to keep track and return them their interest, dividend etc. Very leychey.

]]>https://forum.kiasuparents.com/post/1518441https://forum.kiasuparents.com/post/1518441Thu, 04 Jun 2015 23:09:15 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Wed, 20 May 2015 06:43:48 GMT]]>

MMM:
Dear parents, savings aside, do you realise how little interest they offer for OCBC savers account.... It was really miserable like few dollars a year!!! The same amount could have fetch interest of hundreds of dollar a year that can go into their savings.


I spoke to my kids about moving their savings out of OCBC for fixed deposit or government bond. One was asking what about new savings after I shared the interest difference... Told them they can continue saving in OCBC saver and when the pool reach a certain level, we will transfer it out. I will ensure there is fair allocation of interest amount...
Yup, noticed that - the low interest.

And yes, we are doing something similar too. Move a lump sum out to somewhere with better return.

]]>https://forum.kiasuparents.com/post/1509801https://forum.kiasuparents.com/post/1509801Wed, 20 May 2015 06:43:48 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Wed, 20 May 2015 06:40:29 GMT]]>How about Maybank? Youngstarz, kids’ account.Don’t like OCBC customer service. Yep, good idea to consolidate the amount and put into FD or invest it.

]]>https://forum.kiasuparents.com/post/1509798https://forum.kiasuparents.com/post/1509798Wed, 20 May 2015 06:40:29 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Wed, 20 May 2015 06:24:48 GMT]]>

MMM:
Dear parents, savings aside, do you realise how little interest they offer for OCBC savers account.... It was really miserable like few dollars a year!!! The same amount could have fetch interest of hundreds of dollar a year that can go into their savings.


I spoke to my kids about moving their savings out of OCBC for fixed deposit or government bond. One was asking what about new savings after I shared the interest difference... Told them they can continue saving in OCBC saver and when the pool reach a certain level, we will transfer it out. I will ensure there is fair allocation of interest amount...
Yes, interest rate is low due to the GFC. All fixed deposit or normal savings will erode due to inflation which is much higher than their savings.

What I did was to invest the kids money in fundamentally sound Reit to give them about 7% annually, on top of the capital gain (about 91% gain so far).

So with compounding interest, their money will grow even faster when they grow up.

PS: for those on ePOSB or the old normal kids account POSB, they can get 10% per month (capped at the $10 deposit for the squirrel card) with the on-going campaign called the National School Savings Campaign 2015 for the whole year.

]]>https://forum.kiasuparents.com/post/1509789https://forum.kiasuparents.com/post/1509789Wed, 20 May 2015 06:24:48 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Wed, 20 May 2015 02:57:45 GMT]]>Dear parents, savings aside, do you realise how little interest they offer for OCBC savers account… It was really miserable like few dollars a year!!! The same amount could have fetch interest of hundreds of dollar a year that can go into their savings.


I spoke to my kids about moving their savings out of OCBC for fixed deposit or government bond. One was asking what about new savings after I shared the interest difference… Told them they can continue saving in OCBC saver and when the pool reach a certain level, we will transfer it out. I will ensure there is fair allocation of interest amount…

]]>https://forum.kiasuparents.com/post/1509639https://forum.kiasuparents.com/post/1509639Wed, 20 May 2015 02:57:45 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Sat, 28 Feb 2015 06:49:05 GMT]]>

seamonkee:
dotti:

I prefer to the physical bank book too. As the online account opening was only for eposb and I wanted the actual bank book. I made my way to a branch but was told that the bank has stopped issuing them.


What a shame. I think it is a good idea for kids to see their deposits being recorded down in a bank book and their money \"growing\". I have one for my elder kid and am kicking myself for not opening one for the younger one before they stopped the practise.

Some things are still better done the old fashioned way.

Totally agree... I did sent them my feedback.... Hopefully they take up the case and look at it again... Cause within a week span, I already received several same feedback from my friends on this and that the lack of passbook is the reason why they went with OCBC instead of POSB....

It's a waste because we all grew up with POSB... Unknowingly, POSB is going to lose one whole young generation to other banks...

OCBC is great with all the monthly freebies for the kids. I like that special kids queue service for Sunday banking. Very convenient 😄

]]>https://forum.kiasuparents.com/post/1470546https://forum.kiasuparents.com/post/1470546Sat, 28 Feb 2015 06:49:05 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Sat, 28 Feb 2015 05:49:43 GMT]]>

dotti:
I prefer to the physical bank book too. As the online account opening was only for eposb and I wanted the actual bank book. I made my way to a branch but was told that the bank has stopped issuing them.


What a shame. I think it is a good idea for kids to see their deposits being recorded down in a bank book and their money \"growing\". I have one for my elder kid and am kicking myself for not opening one for the younger one before they stopped the practise.

Some things are still better done the old fashioned way.
Totally agree... I did sent them my feedback.... Hopefully they take up the case and look at it again... Cause within a week span, I already received several same feedback from my friends on this and that the lack of passbook is the reason why they went with OCBC instead of POSB....

It's a waste because we all grew up with POSB... Unknowingly, POSB is going to lose one whole young generation to other banks...

]]>https://forum.kiasuparents.com/post/1470530https://forum.kiasuparents.com/post/1470530Sat, 28 Feb 2015 05:49:43 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Thu, 26 Feb 2015 13:38:55 GMT]]>I prefer to the physical bank book too. As the online account opening was only for eposb and I wanted the actual bank book. I made my way to a branch but was told that the bank has stopped issuing them.


What a shame. I think it is a good idea for kids to see their deposits being recorded down in a bank book and their money "growing". I have one for my elder kid and am kicking myself for not opening one for the younger one before they stopped the practise.

Some things are still better done the old fashioned way.

]]>https://forum.kiasuparents.com/post/1469768https://forum.kiasuparents.com/post/1469768Thu, 26 Feb 2015 13:38:55 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Thu, 26 Feb 2015 00:16:13 GMT]]>

seamonkee:
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?
No \"e\" for myself and dd.
Dh prefers \"e\" thingy.
We like holding/updating the passbooks although we can still \"check\" our $$ online via internet banking.

]]>https://forum.kiasuparents.com/post/1469299https://forum.kiasuparents.com/post/1469299Thu, 26 Feb 2015 00:16:13 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Wed, 25 Feb 2015 15:19:41 GMT]]>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?

]]>https://forum.kiasuparents.com/post/1469223https://forum.kiasuparents.com/post/1469223Wed, 25 Feb 2015 15:19:41 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Sun, 11 May 2014 14:39:49 GMT]]>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…

]]>https://forum.kiasuparents.com/post/1287794https://forum.kiasuparents.com/post/1287794Sun, 11 May 2014 14:39:49 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Mon, 02 Apr 2012 15:26:17 GMT]]>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.

]]>https://forum.kiasuparents.com/post/739643https://forum.kiasuparents.com/post/739643Mon, 02 Apr 2012 15:26:17 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Mon, 02 Apr 2012 07:35:12 GMT]]>I checked the DBS website, their latest deposit rates is at 0.0500%. I think most banks’ rates are more or less the same.

]]>https://forum.kiasuparents.com/post/739342https://forum.kiasuparents.com/post/739342Mon, 02 Apr 2012 07:35:12 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Fri, 30 Mar 2012 05:13:57 GMT]]>The thread I quoted specifically discuss children savings accounts.


So I will soon merge this thread with that.

]]>https://forum.kiasuparents.com/post/738122https://forum.kiasuparents.com/post/738122Fri, 30 Mar 2012 05:13:57 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Fri, 30 Mar 2012 05:11:15 GMT]]>Thanks lor…

just wanted to know the personal opinion of parents about the best bank to have kids savings account with,

]]>https://forum.kiasuparents.com/post/738120https://forum.kiasuparents.com/post/738120Fri, 30 Mar 2012 05:11:15 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Fri, 30 Mar 2012 01:02:46 GMT]]>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.

]]>https://forum.kiasuparents.com/post/737938https://forum.kiasuparents.com/post/737938Fri, 30 Mar 2012 01:02:46 GMT<![CDATA[Reply to Which is your preferred Kids Savings Account? on Thu, 29 Mar 2012 15:10:51 GMT]]>What are the deposits rate for getting a savings account in Singapore for my elder son 3.5 years of age…

]]>https://forum.kiasuparents.com/post/737846https://forum.kiasuparents.com/post/737846Thu, 29 Mar 2012 15:10:51 GMT