If you’re a parent in Singapore, you’re probably searching for the best savings account for your child’s future. One option to consider is the OCBC Child Account. This savings account is designed specifically for children, offering competitive interest rates and a range of benefits to help your child save and grow their funds.
The OCBC Child Account is a great way to teach your child the value of saving money, while also earning interest on their deposits. With this account, your child can start saving from as young as 2 months old, up until they turn 18 years old. Plus, the account comes with a range of additional perks and promotions, such as exclusive discounts and rebates at selected merchants.
If you’re interested in opening an OCBC Child Account, it’s a simple and straightforward process. You can do it online or in person at any OCBC branch. You’ll need to provide some basic information, such as your child’s birth certificate and your own identification documents. Once your account is set up, you can start depositing funds and watching your child’s savings grow.
Key Takeaways
- The OCBC Child Account is a great savings account option for children in Singapore, offering competitive interest rates and additional benefits.
- You can open an OCBC Child Account online or in person at any OCBC branch.
- With an OCBC Child Account, your child can start saving from as young as 2 months old, and enjoy exclusive discounts and rebates at selected merchants.
OCBC Child Account Overview
If you’re looking for a savings account for your child, OCBC Child Account is a great option. It offers two main programmes: Mighty Savers and Child Development Account (CDA).
Mighty Savers Programme
OCBC Mighty Savers is a savings account designed for children aged between 2 months to 16 years old. By opening a Mighty Savers account, your child can learn the importance of saving while earning interest on their savings. The account is free to open and requires no minimum deposit. Your child can also enjoy exclusive perks and benefits such as free gifts and discounts at selected merchants.
Child Development Account (CDA)
The OCBC Child Development Account (CDA) is a special savings account designed to help parents save for their child’s future. It is available for Singaporean children aged 6 years old and below. The government will match dollar for dollar, the amount you save, up to a certain limit. The CDA can be used to pay for expenses related to your child’s education, healthcare, and other approved expenses. In addition, you can enjoy higher interest rates and exclusive benefits with the OCBC CDA account.
With OCBC Child Account, you can start saving early for your child’s future and enjoy higher interest rates and exclusive benefits. The account is easy to open, requires no minimum deposit, and offers a range of benefits to help your child learn the importance of saving. Whether you choose Mighty Savers or Child Development Account, you can be sure that your child’s future is in good hands.
Opening an OCBC Child Account
If you are looking to open a savings account for your child, the OCBC Mighty Savers account might be a great option for you. Here’s what you need to know about opening an OCBC child account in Singapore.
Eligibility and Documentation
To open an OCBC Mighty Savers account, you will need to meet the following eligibility criteria:
- Your child must be below the age of 16
- You must be an existing OCBC account holder
- You must be a Singaporean citizen or permanent resident
In terms of documentation, you will need to bring along the following:
- Your child’s birth certificate
- Your passport
- Your employment pass (if applicable)
- Your phone bill as proof of address
Steps to Open an Account
Opening an OCBC child account is a simple process that can be done in just a few steps. Here’s what you need to do:
- Visit any OCBC branch with the required documentation.
- Fill out the account opening form and provide the necessary documents.
- Make an initial deposit of at least $50 to activate the account.
Once your child’s account is activated, you can start earning interest on your savings. Plus, if you are an OCBC Child Development Account (CDA) holder, you can enjoy an additional 0.20% interest per annum.
In conclusion, opening an OCBC child account is a great way to start saving for your child’s future. With a low initial deposit and competitive interest rates, it’s a great option for parents looking to invest in their child’s financial future.
Interest Rates and Benefits
If you are looking for a savings account for your child, the OCBC Child Development Account (CDA) is definitely worth considering. Here are some of the benefits that you can enjoy:
Base and Bonus Interest
With the OCBC CDA, you can earn a base interest of 0.05% per annum by depositing a minimum of $50 and making no withdrawals in the same month. Additionally, if you are an OCBC CDA holder, you can enjoy an exclusive CDA Advantage Bonus Interest of 0.20% per annum.
Dollar-for-Dollar Matching
One of the most attractive features of the OCBC CDA is the dollar-for-dollar matching scheme. From your child’s birth up till the end of their 12th year, the government will match your savings dollar-for-dollar. This means that you get to earn the most for your child. For eligible Singaporean children born on or after 14 February 2023, the government will provide an initial cash gift of $5,000.
The OCBC CDA offers a wider range of benefits and perks through their Baby Bonus Card. These benefits include learning and playing, health, childcare, shopping and dining. The OCBC CDA also offers better interest rates at 2% per annum after the first $25,000 deposited with an interest cap on balance.
Overall, the OCBC CDA is an excellent choice for parents who want to save for their child’s future. With its attractive interest rates, dollar-for-dollar matching scheme, and a wide range of benefits, you can be sure that your child’s future is in good hands.
Additional Perks and Promotions
As an OCBC Child Development Account (CDA) holder, you can enjoy a range of additional perks and promotions that can help you save more for your child’s future.
OCBC Baby Bonus Card
With your OCBC CDA, you automatically receive a Baby Bonus Card that entitles you to exclusive privileges and discounts at a range of approved partners. This includes discounts on baby products, toys, and educational materials. Plus, you can earn LinkPoints on your card, which can be redeemed for rewards.
Mighty Savers Collectibles
If you have a Mighty Savers ® Account or a CDA, you can also participate in the Mighty Savers Collectibles programme. This programme allows you to collect limited edition collectibles, such as plush toys and stationery, when you save a certain amount of money in your account. These collectibles are themed around popular characters such as Pikachu and Hello Kitty, making them a fun and exciting way to encourage your child to save.
In addition to these perks, OCBC frequently runs promotions that can help you save even more. For example, during the Lunar New Year period, you may be able to earn higher interest rates on your savings or receive cashback when you make purchases with your Baby Bonus Card.
Overall, the additional perks and promotions that come with an OCBC CDA or Mighty Savers ® Account can help you maximise your savings and provide your child with a brighter future. So why not sign up today and start enjoying all the benefits that OCBC has to offer?
Safety and Security Measures
When it comes to your child’s savings, safety and security are of utmost importance. OCBC understands this and has implemented various measures to ensure that your child’s account is protected.
Firstly, your child’s account is insured under the Deposit Insurance Scheme up to $75,000. This means that in the unlikely event of OCBC’s insolvency, your child’s savings are protected.
In addition, OCBC has put in place various security measures to prevent any unauthorized access to your child’s account. For example, you can set up OneToken, which is an extra layer of protection for high-risk transactions. You can also freeze your child’s account or card temporarily using the OCBC Kill Switch if you suspect any fraudulent activity.
To further protect your child’s account, it is important that you adopt safe habits. Never reveal your Access Code, PIN, card details or One-Time Password (OTP) to anyone, and regularly monitor your child’s account for any unusual activity.
In the unfortunate event of any loss, damage or harm to your child’s account, OCBC has a comprehensive insurance policy in place to cover such incidents. You can rest assured that your child’s savings are in good hands with OCBC.
Overall, OCBC takes safety and security seriously and has implemented various measures to ensure that your child’s account is protected. By adopting safe habits and being vigilant, you can further safeguard your child’s savings.
Frequently Asked Questions
How can I open a child account with OCBC in Singapore?
Opening a child account with OCBC in Singapore is easy and straightforward. You can visit any OCBC branch with your child’s identification documents, such as their birth certificate and passport. You will also need to provide your identification documents as the parent or legal guardian. Once the account is opened, you can start depositing money into it for your child’s future savings.
What are the interest rates for OCBC child accounts in Singapore?
OCBC offers competitive interest rates for child accounts in Singapore. As of February 2024, the interest rate for the Mighty Savers Account is 0.50% per annum for the first S$50,000 deposited. For deposits above S$50,000, the interest rate is 0.05% per annum. The interest is calculated daily and credited monthly, providing a great way to grow your child’s savings.
What is the minimum balance required for a child’s account with OCBC?
There is no minimum balance required for a child’s account with OCBC. You can open an account with as little as S$1, and there are no monthly fees or charges. This makes it easy for parents to start saving for their child’s future without worrying about high account balance requirements.
Are there any withdrawal limits for OCBC child accounts in Singapore?
Yes, there are withdrawal limits for OCBC child accounts in Singapore. For the Mighty Savers Account, the daily ATM cash withdrawal limit is S$300, and the daily point-of-sale limit is S$1,000. This helps to prevent unauthorised withdrawals and ensures that your child’s savings remain safe and secure.
How does the OCBC Mighty Savers programme benefit my child?
The OCBC Mighty Savers programme is designed to help children learn about money and develop good saving habits. Your child will receive a welcome pack with a passbook, a Mighty Savers membership card, and a free gift. They can also participate in fun activities and educational workshops to learn more about saving and managing money.
At what age can my child have an OCBC account in Singapore?
Your child can have an OCBC account in Singapore from birth. The Mighty Savers Account is available for children aged 16 years and below. As a parent or legal guardian, you can open an account on behalf of your child and start saving for their future.