Smart Parenting Series #4: Best Savings Account for your Child
- LittleComingSoon
- Feb 3, 2021
- 1 min read
Chinese New Year is around the corner! What better way to kickstart your child's savings journey by opening a bank account and
kickstart their first savings! Here are some banks to consider:
1. OCBC
Minimum Initial Deposit: S$1,000
Minimum Average Daily Balance: S$3,000
Fall Below Fee: S$2 (Waived the 1st year)
Max Effective Interest Rate: 2.68% p.a. at S$75,000 balance
2. Standard Chartered
Minimum Initial Deposit: S$0
Minimum Average Daily Balance: S$3,000
Fall Below Fee: S$5
Max Effective Interest Rate: 2.88% p.a. at S$80,000 balance
3. DBS
Minimum Initial Deposit: S$0
Minimum Average Daily Balance: S$3,000
Fall Below Fee: S$5 (Waived if less than 30 years old, or if it's applicant's 1st account with DBS)
Max Effective Interest Rate: 3.80% p.a. at S$100,000 balance
4. Maybank
Minimum Initial Deposit: S$500 for Singaporeans & PR, S$1,000 for foreigners
Minimum Average Daily Balance: S$1,000
Fall Below Fee: S$2 (Waived if less than 25 years old)
Max Effective Interest Rate: 3.00% p.a. at S$50,000 balance
5. UOB
Minimum Initial Deposit: S$1,000
Minimum Average Daily Balance: S$1,000
Fall Below Fee: S$5
Max Effective Interest Rate: 2.50% p.a. at S$75,000 balance
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