Introduction
If you’re a parent or guardian looking to teach your child about the importance of saving money, OCBC Young Savers Account Singapore is a great option to consider. This account is designed specifically for children aged 16 and under and offers a range of features and benefits that can help your child develop good financial habits from a young age.
Key Features and Benefits
The OCBC Young Savers Account Singapore comes with a range of features and benefits that make it an attractive option for parents and children alike. Some of the key features of this account include no minimum balance requirement, no monthly account fees, and competitive interest rates. Additionally, the account comes with a free debit card that can be used for ATM withdrawals and purchases, as well as a complimentary e-statement service that allows you to keep track of your child’s savings easily.
Eligibility and Opening an Account
To be eligible for an OCBC Young Savers Account Singapore, your child must be aged 16 or under and have a valid Singapore identification document. You can open an account for your child online, at any OCBC branch, or through the OCBC Mobile Banking app. To open an account, you will need to provide your child’s identification document, as well as your own identification document and proof of address.
Key Takeaways
- OCBC Young Savers Account Singapore is a great option for parents looking to teach their children about saving money.
- The account comes with a range of features and benefits, including no minimum balance requirement, no monthly account fees, and competitive interest rates.
- To open an account, your child must be aged 16 or under and have a valid Singapore identification document. You can apply online, at any OCBC branch, or through the OCBC Mobile Banking app.
Key Features and Benefits
If you’re looking for a savings account for your child, the OCBC Young Savers Account is a great option. Here are some of the key features and benefits that make this account stand out:
Attractive Interest Rates
With the OCBC Young Savers Account, you can earn interest on your child’s savings. The interest rate is competitive and can help your child’s savings grow over time. The current interest rate is 0.2% per annum, which is subject to change. The interest is calculated daily and credited monthly to your child’s account.
OCBC Mighty Savers Programme
The OCBC Mighty Savers Programme is a great way to encourage your child to save. This programme is designed for children aged 16 and below and offers a range of fun and educational activities to help your child learn about money and savings. As a member of the programme, your child will receive a welcome pack, birthday e-card, and access to exclusive events and promotions.
Bonus Interest Opportunities
The OCBC Young Savers Account also offers bonus interest opportunities. For example, if you open an account during the Lunar New Year period, you can earn bonus interest by depositing a minimum of $600 into the account. Additionally, if you hold an OCBC Child Development Account (CDA), you can earn bonus interest on top of the regular interest rate.
No Fall Below Fees
The OCBC Young Savers Account has no fall below fees, which means you don’t have to worry about maintaining a minimum balance. This is great for parents who want to encourage their child to save without the pressure of meeting a minimum balance requirement. However, do note that there is a $2 monthly account fee.
In summary, the OCBC Young Savers Account is a great savings account for children. With attractive interest rates, access to the OCBC Mighty Savers Programme, bonus interest opportunities, and no fall below fees, this account is a great way to help your child learn about money and savings.
Eligibility and Opening an Account
If you’re looking to open a savings account for your child, the OCBC Young Savers Account is a great option. Here’s what you need to know about the eligibility criteria, documents required, initial deposit, and minimum balance.
Eligibility Criteria
To be eligible for an OCBC Young Savers Account, your child must be a Singapore citizen or permanent resident aged 16 years or below. You can open a joint account with your child if they are below 5 years old.
Documents Required
To open an account, you will need to bring along your child’s birth certificate and your own identification documents such as your NRIC or passport. If you are a non-resident, you will also need to provide additional documents such as your work permit, employment pass, or student pass.
Initial Deposit and Minimum Balance
The initial deposit required to open an OCBC Young Savers Account is $1. There is no minimum balance required to maintain the account. However, if your child is eligible for the Child Development Account (CDA), you will need to make a minimum deposit of $1,000 to activate the CDA.
In conclusion, opening an OCBC Young Savers Account is a simple process. You just need to bring along the required documents and make an initial deposit of $1. With no minimum balance required, you can start saving for your child’s future without any pressure.
Managing the Account
As a parent, you want to ensure that your child’s savings account is easy to manage and convenient to access. OCBC Young Savers Account provides you with various options to manage your child’s account. Here are the details you need to know:
Online Banking and Mobile App
OCBC Young Savers Account allows you to manage your child’s account online through internet banking or the OCBC Mobile Banking App. With these options, you can access your child’s account details, check the account balance, track transactions, and transfer funds. The online banking and mobile app are user-friendly, making it easy for you to manage your child’s account from the comfort of your home.
Deposits and Withdrawals
To open an OCBC Young Savers Account, you need to deposit a minimum of $1. There is no minimum balance required to maintain the account. You can deposit funds into your child’s account through various options, including cash deposits, cheque deposits, and online transfers. Withdrawals can be made at any OCBC branch or through the ATM network. However, withdrawals are limited to $3,000 per day.
Monthly Statements and Tracking
OCBC Young Savers Account provides monthly statements that detail all transactions made during the month. These statements are available online, and you can also request a hard copy at any branch. The statements are essential in tracking your child’s savings progress and ensuring that all transactions are accurate.
In summary, OCBC Young Savers Account provides you with various options to manage your child’s account, including online banking, mobile app, and monthly statements. Deposits and withdrawals are easy to make, and the account requires no minimum balance to maintain. With these features, you can easily track your child’s savings progress and ensure that their savings goals are achieved.
Additional Perks and Services
OCBC Young Savers Account comes with a range of additional perks and services that make it a great choice for parents looking to help their children grow their wealth. Here are some of the benefits that you can enjoy with this savings account:
Priority Queue Services
As an OCBC Young Savers Account holder, you will be entitled to priority queue services at all OCBC branches. This means that you won’t have to wait in long queues when you visit the bank, which can save you time and hassle. Whether you need to speak to a financial planner or make a deposit, you can enjoy fast and efficient service with this account.
Educational Programmes
OCBC offers a range of educational programmes that are designed to help children learn about money management and financial planning. As an OCBC Young Savers Account holder, your child will have access to these programmes, which can help them develop good financial habits from a young age. These programmes cover topics such as budgeting, saving, investing, and more.
Free Insurance Coverage
OCBC Young Savers Account also comes with free insurance coverage. This means that your child will be protected in the event of an accident or illness. The insurance coverage is provided by Great Eastern and covers accidental death and disability, as well as hospitalisation and medical expenses. This can give you peace of mind knowing that your child is protected, no matter what happens.
Overall, OCBC Young Savers Account is a great choice for parents who want to help their children grow their wealth and develop good financial habits. With a range of additional perks and services, including priority queue services, educational programmes, and free insurance coverage, this account offers great value for money.
Safety and Security
When it comes to opening a bank account for your child, safety and security are of utmost importance. With OCBC Young Savers Account Singapore, you can rest assured that your child’s money is protected by the Deposit Insurance Scheme. This scheme insures each depositor up to $75,000 in the event of the bank’s failure.
In addition to deposit insurance, OCBC Young Savers Account Singapore also offers a secure online banking platform. You can access your child’s account from anywhere and manage their funds with ease. The platform is protected by advanced security measures, including two-factor authentication and encryption.
When opening a CDA account for your child, it is important to note that the account is not insured by the Deposit Insurance Scheme. However, you can still trust OCBC’s reputation for safety and security in managing your child’s funds.
Overall, OCBC Young Savers Account Singapore provides a secure and reliable option for managing your child’s money. With deposit insurance and advanced security measures, you can have peace of mind knowing that your child’s funds are in good hands.
Frequently Asked Questions
What are the requirements to open a Young Savers Account?
To open a Young Savers Account with OCBC Singapore, the child must be a Singapore Citizen or Permanent Resident aged 16 years or below. The account can be opened jointly with a parent or guardian.
How does the interest rate for the Young Savers Account compare to other savings accounts?
The Young Savers Account offers a competitive interest rate compared to other savings accounts in Singapore. The interest rate is tiered, with higher rates for higher balances.
What is the minimum deposit needed to maintain a Young Savers Account?
There is no minimum deposit required to open a Young Savers Account. However, a minimum balance of $1 must be maintained to avoid account closure.
How can funds be withdrawn from a Young Savers Account?
Funds can be withdrawn from a Young Savers Account through ATM withdrawals or over-the-counter transactions at any OCBC branch. For ATM withdrawals, children aged 7 and below must be accompanied by a parent or guardian.
At what age can children manage their own ATM card in Singapore?
Children in Singapore can manage their own ATM card from the age of 12. However, parents or guardians must still provide consent for the child to apply for an ATM card.
What are the distinctions between the Young Savers and Mighty Savers accounts?
The Young Savers Account is designed for children aged 16 and below, while the Mighty Savers Account is targeted at children aged 12 and below. The Mighty Savers Account offers additional perks such as priority queueing and exclusive gifts.