Starting a savings plan for your child’s future is one of the most selfless acts you can perform as a parent. A savings account in a child’s name is a kid savings account. The parent or legal guardian of the child is usually the account holder. This savings account can be used towards the child’s future education or a down payment on a home.
Multiple financial institutions in Singapore provide this service. They typically have greater interest rates than regular savings accounts and have features and bonuses tailored to youngsters.
In Singapore, numerous choices for children’s savings accounts are available. Here are lists of the best children savings account in Singapore to assist you in determining which one is ideal for your family:
UOB Savers Junior Account
The UOB Savers Junior Account is an excellent alternative for Singaporean parents seeking a savings account for their children. This account is intended for children under the age of 16 and offers a variety of features and benefits that make it an excellent choice for parents.
UOB Development Child Account
The best savings account in Singapore for kids is the UOB development child account. From birth until age 12, kids can take advantage of the account’s excellent interest rates and various savings options. By opening this account, parents can encourage their children to save for the future.
OCBC Savers Kids Mighty Account
In Singapore, there is a wide variety of savings accounts for kids, but one of the best is the OCBC Mighty Savers Kids Account. This account is great for families because it is tailored to children under 16 and has many useful features. There are a lot of benefits to the OCBC Mighty Savers Kids Account, including a high-interest rate and no monthly maintenance costs.
CITIBANK Savings Junior Account
There are no maintenance fees or minimum balance requirements for the kid-friendly savings account offered by Citibank. Those under the age of eighteen can benefit much from this account. This savings account is a great way to teach your kiddo the value of saving early on and to watch their money increase over time. Additionally, Citibank provides a smartphone app that keeps tabs on your kid’s savings progress.
Advantages of Children’s Savings Accounts
Children’s savings accounts are a great way to help your kids learn about money management and future savings. There are many advantages to opening a children’s savings account, including the following:
- Teaching your children the importance of savings: By opening a savings account for your children, you can help them learn the importance of saving for the future. This can instill healthy money habits that will last a lifetime.
- Helping your children reach their financial goals: A savings account can help them save for specific financial goals, such as a college education or their first car.
- Building your child’s credit history: If your child opens a savings account at a young age, they can start building a positive credit history. This can help them when they need to borrow money for major purchases later in life.
- Giving your children a sense of responsibility: When your children have their own savings account, they can start to feel a sense of responsibility.