If you’re a parent in Singapore, you might be wondering how to help your child start their financial journey. One option is to open a POSBkids account, which is a joint savings account that grows with your child. With no minimum deposit or fall-below fee until age 21, and no coin deposit fee until age 16, it’s a convenient way to encourage your child to save.
One of the benefits of a POSBkids account is that it comes with an ATM card, which can help your child learn to manage their own money. The card can be used to withdraw cash from ATMs, make purchases at merchants that accept NETS, and even pay for public transport. You can also link your child’s account to PayNow, which allows them to receive money directly from your account or from other people.
Managing finances with POSBkids is easy thanks to the many convenient banking services available. You can check your child’s account balance and transaction history online or through the mobile app, set up automatic savings plans, and even apply for a debit card for yourself. With more than 100 branches across Singapore, including 15 weekday evening branches, it’s easy to find a location that’s convenient for you.
Key Takeaways
- A POSBkids account is a joint savings account that grows with your child, with no minimum deposit or fall-below fee until age 21.
- The account comes with an ATM card that can be used to withdraw cash, make purchases, and pay for public transport.
- With convenient banking services and more than 100 branches across Singapore, managing your child’s finances with POSBkids is easy and convenient.
Opening a POSBkids Account
If you’re looking to open a bank account for your child, POSBkids is a great option to consider. With POSBkids, you can enjoy a range of features that are tailored to help your child learn about saving and managing money. Here’s what you need to know about opening a POSBkids account.
Eligibility and Documents
To apply for a POSBkids account, your child must be a Singapore citizen, Permanent Resident, or foreigner with a valid Singapore passport or FIN. The account is available to children up to 16 years old. For joint-alternate accounts, the child must be at least 12 years old.
To open a POSBkids account, you will need to bring along the following documents:
- Your child’s original birth certificate or passport
- Your child’s original NRIC (for Singapore citizens and Permanent Residents)
- Your own NRIC or passport
- A completed account opening form, which you can download from the POSB website
Applying for a POSBkids Account
To apply for a POSBkids account, you can visit any POSB branch with your child and the required documents. Alternatively, you can apply online through the POSB website.
When applying online, you will need to provide your child’s personal details, including their name, NRIC or passport number, and contact information. You will also need to provide your own personal details, including your name, NRIC or passport number, and contact information.
Once you have completed the application form, you will need to print it out and sign it. You can then bring the signed form, along with the required documents, to any POSB branch to complete the account opening process.
With a POSBkids account, your child will receive an ATM card that they can use to withdraw cash and check their account balance at any POSB or DBS ATM. They will also receive a passbook to keep track of their transactions.
Overall, opening a POSBkids account is a great way to teach your child about financial responsibility and help them develop good money habits. So why not apply now and give your child the gift of financial literacy?
Understanding ATM Cards for Kids
If you are a parent in Singapore, you may be wondering if it is a good idea to get an ATM card for your child. The answer is yes, and here’s why.
Benefits of Having an ATM Card
An ATM card is a debit card that allows your child to withdraw money from an ATM machine. It is a great way to teach your child about saving and managing money. With an ATM card, your child can deposit money into their savings account and withdraw money when they need it. This is a great way to teach your child about financial responsibility.
Another benefit of having an ATM card is that it can be used as an ez-link card. Your child can use it to pay for public transportation, such as buses and trains. This is a convenient way for your child to get around without having to carry cash.
Safety and Security Features
When you open an ePOSBkids account for your child, you can be sure that their money is safe and secure. The account comes with a PIN that only your child knows. This ensures that no one else can access their account.
In addition, the ePOSBkids account has a Smart Buddy feature that allows you to monitor your child’s spending. You can set limits on how much they can spend and receive alerts when they make a purchase. This is a great way to teach your child about budgeting and financial responsibility.
Overall, getting an ATM card for your child is a great way to teach them about financial responsibility. With an ePOSBkids account, you can be sure that their money is safe and secure, and you can monitor their spending to ensure that they are making responsible choices.
Managing Finances with POSBkids
If you’re looking to teach your child about savings and managing finances, the POSBkids account with an ATM card is a great option to consider. With no minimum balance required until your child turns 21, it’s an accessible way to introduce your child to banking.
Teaching Kids About Savings
The POSBkids account is designed to help children learn about saving money. With the account, your child will receive a monthly statement that shows their account balance, transactions, and interest earned. This can be a great opportunity to teach your child about budgeting and saving.
One way to encourage your child to save is to set savings goals. For example, your child might want to save up for a new toy or a day out with friends. You can help your child set a savings goal and work towards it by making regular deposits into their account.
Interest Rates and Account Growth
The POSBkids account offers competitive interest rates, which can help your child’s savings grow over time. As of February 2024, the interest rate for the account is 0.05% per annum. This means that if your child has $100 in their account, they will earn $0.05 in interest per year.
It’s important to note that interest rates are subject to change, so it’s a good idea to keep an eye on the rate and adjust your savings strategy accordingly.
In addition to earning interest, the POSBkids account also offers the opportunity for your child to learn about managing their finances responsibly. With an ATM card, your child can learn how to withdraw money, check their balance, and make deposits. This can be a valuable lesson in financial responsibility that will serve them well in the future.
Overall, the POSBkids account with an ATM card is a great way to teach your child about saving and managing their finances. With no minimum balance required until your child turns 21, competitive interest rates, and the opportunity to learn about banking, it’s a smart choice for parents looking to give their children a head start in financial education.
Convenient Banking Services for Families
When it comes to banking services for families, ePOSBkids account with ATM card is a great option. With a variety of digital banking solutions and branch and ATM services, this account makes banking convenient and accessible for both parents and children.
Digital Banking Solutions
ePOSBkids account offers a range of digital banking solutions that make banking easy and convenient. With internet banking, you can access your account from anywhere, anytime. You can also use the DBS/POSB card to make payments and transactions at various merchants.
The account also offers video teller machine services that allow you to perform transactions such as cash withdrawals, deposits and transfers at any time of the day. Additionally, you can use AXS stations or the SAM kiosk to pay bills, top up prepaid cards and more.
Branch and ATM Services
ePOSBkids account offers a range of branch and ATM services that make banking easy and convenient. With over 100 branches, including 15 weekday evening branches, you can access banking services at a time and location that is convenient for you.
The account comes with an ATM card that allows you to withdraw cash and perform transactions at any DBS/POSB ATM. You can also activate your card services online or through the digibot chatbot.
Lastly, you can use PayLah! to make payments and transfers to other PayLah! users in an instant.
Overall, ePOSBkids account with ATM card is a great option for families who want convenient and accessible banking services. With a range of digital banking solutions and branch and ATM services, this account makes banking easy and hassle-free.
Additional Features and Perks
As a parent, you want to ensure that your child’s savings account comes with additional features and perks that will make their banking experience more enjoyable and rewarding. The ePOSBkids account comes with several exciting features that your child will love.
Linking to EZ-Link and NETS FlashPay
The ePOSBkids account comes with an ATM card that can be linked to both EZ-Link and NETS FlashPay. This means that your child can use their card to pay for public transport and other services that accept these payment methods. Top-up services are available at any POSB/DBS ATM, AXS station, or SAM kiosk.
Rewards and Community Programmes
The ePOSBkids account offers a range of rewards and community programmes that your child can benefit from. For example, your child can earn rewards for saving regularly or participating in educational programmes. They can also join community programmes that encourage them to give back to society through volunteer work.
To participate, your child can simply log in to their account and sign up for the relevant programmes. The rewards and benefits will be automatically credited to their account.
Overall, the ePOSBkids account is a great way to introduce your child to banking and savings. With its range of features and perks, your child can enjoy a fun and rewarding banking experience while learning important financial skills. So why wait? Open an account today and start your child’s savings journey!
Frequently Asked Questions
What’s the youngest age a child can have their own debit card in Singapore?
The youngest age a child can have their own debit card in Singapore is 12 years old. At this age, children can apply for a DBS/POSB ATM card at any DBS/POSB branch. Once they turn 16, they can access DBS/POSB digibank services and apply for the DBS Visa Debit Card, which unlocks up to 4% cashback on eligible transactions.
How can I upgrade my child’s POSBkids account to a regular account when they come of age?
When your child turns 16, their POSBkids account will automatically be upgraded to a regular POSB savings account. They will have access to all the features and benefits of a regular account, including an ATM card, digibank services, and more.
Is there a specific account for youngsters where they can use an ATM card in Singapore?
Yes, the ePOSBkids account is a specific account for youngsters where they can use an ATM card in Singapore. This account is designed for children aged up to 15 years old and offers joint-alternate account options, no minimum deposit or fall-below fee until age 21, and no coin deposit fee until age 16. With an ePOSBkids account, children can also learn about contactless payments with Smart Buddy, set savings goals, collect Smiley Stamps, and watch their savings grow in their linked bank account.
How do you go about applying for a child’s ATM card with POSB?
To apply for a child’s ATM card with POSB, you can visit any DBS/POSB branch with your child and provide the necessary documents, including your child’s identification card and proof of address. You can also apply online through the POSB website.
At what age is a child eligible to open their own bank account in Singapore?
Children are eligible to open their own bank account in Singapore at the age of 16. However, they can apply for a DBS/POSB ATM card at the age of 12 and access digibank services at the age of 16.
What are the conditions for setting up a trust account with POSB for a minor?
To set up a trust account with POSB for a minor, you will need to provide the minor’s birth certificate, identification card, and proof of address. The account must be opened by the trustee, who will manage the account until the minor reaches the age of majority. The trustee can be any individual or organization, as long as they are approved by POSB. The trust account can be used for various purposes, including education, healthcare, and general savings.