Raising a child in Singapore comes with its own financial responsibilities — from education and enrichment classes to healthcare and daily expenses. One often overlooked yet incredibly vital component is teaching children financial literacy early on. And there’s no better way to begin than by opening a child’s savings account.
In this comprehensive MoneyGuide, we delve deep into how to choose the best child’s savings account in Singapore, the features to look out for, and the role these accounts play in shaping lifelong money habits. Whether you’re a new parent or looking to switch your child’s current account, this guide provides both clarity and direction.
Why Open a Child’s Savings Account?
Opening a savings account in your child’s name is more than just a way to store extra cash. It serves three fundamental purposes:
- Financial Education: Children learn how savings work, how to track balances, and the concept of interest accumulation.
- Early Financial Identity: Building a relationship with a bank early may assist with future financial products, including student loans or bursaries.
- Parental Motivation: A dedicated savings account acts as a concrete reminder to set aside money for the child’s future needs, such as university fees or study abroad.
Key Factors to Consider When Choosing a Child’s Savings Account
Before selecting a child’s savings account, it’s important to assess a few core factors that directly affect the benefits and usability of the account:
1. Interest Rates
A high interest rate is obviously desirable, as it grows the savings faster. However, be mindful of tiered interest structures. Some accounts offer attractive rates only up to a certain balance limit or may require fulfilling specific monthly criteria.
Tip: Watch out for promotional interest rates that might revert to very low base rates after a few months.
2. Minimum Balance Requirements
Children’s accounts should ideally have no or low minimum balance requirements. This ensures flexibility for parents who might be depositing irregular amounts or teaching their child to manage small sums.
3. Fees and Charges
Avoid accounts that levy monthly fall-below fees or charge for standard transactions. The goal is to encourage saving, not penalise low balances or basic usage.
4. Parental Controls and Joint Access
Most children’s accounts in Singapore are opened under a trust or joint account structure, with the parent or guardian overseeing activity. This control is crucial to ensure safety and prevent misuse.
5. Online Banking and Mobile App Accessibility
In today’s digital world, having access to the child’s account via a mobile app or online portal is essential for convenience and monitoring. Some banks even offer child-friendly dashboards or gamified experiences to make saving fun.
6. Educational Tools and Perks
Some banks provide value-added features such as interactive financial education, rewards for regular savings, or integration with family banking tools. These perks can be a game-changer in engaging a child with money management.
Top Children’s Savings Accounts in Singapore (2025 Edition)
Here’s a curated look at some of the most competitive and well-regarded child savings accounts in Singapore. Each of these comes with unique benefits tailored for different needs.
1. OCBC Mighty Savers Account
Why It Stands Out:
OCBC’s Mighty Savers Programme is one of the most recognisable child banking platforms in Singapore.
- Interest Rate: Up to 0.20% p.a. (bonus interest for saving consistently).
- Minimum Balance: None for children under 16.
- Parental Access: Joint account with parent/guardian.
- Extras: Insurance coverage (subject to conditions), fun online resources, and in-branch activities.
Best For: Parents looking to encourage consistent monthly saving habits.
2. POSB My Account (with POSB Smiley CDA integration)
Why It Stands Out:
POSB offers a simple, fuss-free experience with robust digital features.
- Interest Rate: Up to 0.05% p.a.
- Minimum Balance: No fall-below fee until age 21.
- Parental Access: Linked to the parent’s ibanking access.
- Extras: Personalised debit card with child’s name (optional), seamless integration with Baby Bonus (CDA).
Best For: Parents who want a streamlined account that evolves with the child into adulthood.
3. Maybank Youngstarz Account
Why It Stands Out:
An account that combines savings with free insurance and reward programmes.
- Interest Rate: Base rate at 0.1875% p.a.
- Minimum Balance: $10 to earn interest.
- Parental Access: Joint account setup.
- Extras: Free personal accident insurance, birthday rewards, deposit incentives.
Best For: Parents who want to bundle savings with child protection.
4. Standard Chartered e$aver Kids Account
Why It Stands Out:
A digital-centric account ideal for families comfortable with online banking.
- Interest Rate: 0.25% p.a.
- Minimum Balance: No minimum deposit or fall-below fees.
- Parental Access: Trust account structure.
- Extras: Online-only access, simple application process.
Best For: Digitally savvy parents and children who want a minimalist account.
5. UOB Junior Savers Account
Why It Stands Out:
One of the few accounts that grows with your child up to 18 years old with added insurance options.
- Interest Rate: 0.05% p.a. (tiered rates with higher deposits).
- Minimum Balance: $500 for ages 13+.
- Parental Access: Joint account.
- Extras: Comes with free child insurance (conditions apply), savings milestones.
Best For: Families seeking a long-term account with insurance features.
What About the Child Development Account (CDA)?
For parents of newborns or toddlers, it’s worth understanding the Child Development Account (CDA), part of the Baby Bonus Scheme.
- Purpose: Government co-savings scheme.
- Matched Savings: Up to $3,000 to $6,000 matched by the government depending on the child’s birth order.
- Usability: Funds can be used for education, healthcare, and approved services.
- Banks Offering CDA: POSB, OCBC, UOB.
Though not a traditional savings account, the CDA offers unbeatable value and is a must for new parents.
How to Open a Child’s Savings Account in Singapore
Documents Typically Required:
- Child’s birth certificate or passport
- Parent’s NRIC/passport
- Proof of relationship (if not a parent)
- For CDA accounts: Notification of Eligibility from MSF
Application Process:
Most banks offer in-branch application, though several now support online applications for certain accounts. Choose a bank branch that is child-friendly, as some offer welcoming experiences like activity corners or cartoon mascots.
Teaching Your Child to Use the Account
Opening an account is only the first step. Active participation helps your child gain real-world understanding of money:
- Set Savings Goals: Let your child choose a toy or book they want to save for.
- Track Progress Together: Review monthly bank statements and show how interest adds up.
- Reward Good Habits: Consider matching their deposits or celebrating milestones.
- Use Cash Deposits: Take your child to the bank to physically deposit savings – this makes the experience tangible.
Common Mistakes to Avoid
- Choosing Based Solely on Interest Rate: While a good rate is important, accessibility and features matter just as much.
- Neglecting to Monitor Activity: Especially with accounts that allow debit card usage or online transfers.
- Using the Account Like a Piggy Bank: A bank account is a teaching tool, not just a storage device. Engage with it purposefully.
Final Thoughts: Start Early, Grow Steadily
A child’s savings account is more than a financial tool — it’s a stepping stone to responsible adulthood. By choosing the right account, you’re not just safeguarding your child’s funds, but also planting seeds of financial literacy, discipline, and independence.
Singapore’s diverse banking landscape offers multiple options to suit different parenting styles and savings goals. With the right guidance, every dollar saved today becomes a powerful asset for tomorrow.
MoneyGuide Summary Checklist for Parents
| Feature | Ideal Option |
|---|---|
| Interest Rate | ≥ 0.20% with no strict conditions |
| Minimum Balance | None or low (≤ $10) |
| Fees | No monthly fees or fall-below charges |
| Parental Control | Joint or trust account with full parental access |
| Digital Access | App or online banking for visibility and tracking |
| Bonus Features | Insurance, educational content, birthday perks |
Choose wisely, start early, and let those small coins snowball into a foundation for your child’s secure financial future.
