If you’re a Singaporean looking to open a savings account, you might consider POSB, one of the largest banks in the country. POSB offers a range of savings accounts, including those for children and adults. But what is the minimum age to open a POSB savings account in Singapore?
For children, POSB offers the ePOSBkids Account, which can be opened by parents or guardians on behalf of their child. The account is available for children aged 12 years old and below. For teenagers, the POSB eMySavings Account can be opened by those aged 16 years old and above. This account requires an existing DBS or POSB current or savings account and offers special interest rates for regular savings.
It’s important to note that different POSB savings accounts have different minimum age requirements. If you’re unsure which account is right for you, it’s best to check with POSB directly or speak to a financial advisor. Understanding the eligibility requirements and minimum age for different savings accounts can help you make an informed decision about which account is best for you or your child.
Key Takeaways
- POSB offers a range of savings accounts for children and adults in Singapore.
- The minimum age to open a POSB savings account varies depending on the account type, with some accounts available for children as young as 12 and others for teenagers aged 16 and above.
- Checking the eligibility requirements and minimum age for different savings accounts can help you choose the right account for you or your child.
Understanding POSB Savings Accounts
If you’re looking for a savings account in Singapore, POSB offers a range of options to suit your needs. Here’s what you need to know about POSB savings accounts.
Account Types
POSB offers several types of savings accounts, including:
- POSB My Account: A savings account for children aged 16 and below, with no minimum balance required.
- POSB Everyday Savings Account: A savings account with no minimum balance required, and the option to link it to a POSB Current Account for easy fund transfers.
- POSB eSavings Account: An online savings account with no minimum balance required, and the convenience of managing your account online.
- POSB Passbook Savings Account: A traditional savings account that comes with a passbook for easy tracking of your transactions.
- POSB Current/eCurrent Account: A checking account that comes with a debit card and the option to link it to a POSB Savings Account for easy fund transfers.
Interest Rates
POSB savings accounts offer competitive interest rates, with rates varying depending on the account type and balance. For example, the POSB eSavings Account currently offers an interest rate of up to 0.25% p.a. for balances above $50,000.
Features
POSB savings accounts come with a range of features to help you manage your finances, including:
- Internet banking: Access your account online, check your balance, transfer funds, and more.
- Mobile banking: Manage your account on the go with the POSB digibank app.
- ATM access: Withdraw cash, check your balance, and more at POSB ATMs across Singapore.
- GIRO: Set up automatic payments for bills and other expenses.
- SMS alerts: Get notified of transactions and other account activity via SMS.
Overall, POSB savings accounts offer a range of options to suit your needs, whether you’re looking for a traditional passbook account or a modern online account. With competitive interest rates and a range of features, POSB is a great choice for anyone looking for a reliable and convenient savings account in Singapore.
Eligibility and Minimum Age Requirements
If you’re looking to open a POSB savings account, it’s important to understand the eligibility criteria and minimum age requirements. Here’s what you need to know.
For Kids and Teens
POSB offers a range of savings accounts for kids and teens. The minimum age to open a POSB Kids Account is below 16 years, and there is no initial deposit or minimum balance required. Parents or legal guardians can open the account on behalf of their child, and the account can be managed jointly.
Other banks like UOB, Citibank, and Maybank also offer junior savings accounts for kids and teens. However, the minimum age requirement and eligibility criteria may vary.
Adults and Legal Guardians
To open a savings account with POSB as an adult, you must be 16 years or older. You will need to provide your identification documents and proof of address to complete the account opening process.
If you’re a legal guardian looking to open a savings account for a child, you can do so by opening a joint account with the child. This allows you to manage the account on behalf of the child until they reach the age of majority.
It’s important to note that different banks may have different minimum age requirements and eligibility criteria for their savings accounts. For example, Standard Chartered offers an e$aver Kids account with a minimum age requirement of 0 years, while other banks may require the child to be at least 7 years old.
Overall, POSB offers a range of savings accounts for both kids and adults, with varying minimum age requirements and eligibility criteria. Make sure to check the specific requirements for the account you’re interested in before opening it.
Initial Deposits and Balances
When it comes to opening a POSB savings account, you will need to make an initial deposit. The good news is that you won’t need to break the bank to get started. In fact, there is no minimum initial deposit required, which makes it an accessible option for anyone looking to start saving.
Minimum Balance
While there is no minimum initial deposit required, you will need to maintain a minimum balance in your account to avoid incurring any service charges. The minimum balance required for a DBS savings account opened before September 2011 is S$500, while the minimum balance for an account opened after that date is S$1,000. If you opt for the DBS Multiplier Account, you will need to maintain a minimum balance of S$3,000.
Average Daily Balance
In addition to the minimum balance requirement, you will also need to maintain an average daily balance (ADB) in your account. The ADB is calculated by taking the sum of the end-of-day balances in your account for a month and dividing it by the number of calendar days in that month. The ADB requirement for a DBS savings account opened before September 2011 is S$500, while the ADB requirement for an account opened after that date is S$1,000. If you opt for the DBS Multiplier Account, the ADB requirement is S$3,000.
It’s important to note that if your account falls below the minimum balance or ADB requirement, you will be charged a service fee. The service fee for a DBS savings account is S$2 per month, while the service fee for a DBS Multiplier Account is S$5 per month.
By understanding the minimum balance and ADB requirements for your POSB savings account, you can avoid service charges and keep your savings on track. With no minimum initial deposit required, it’s easy to get started and start building your savings today.
Account Fees and Charges
When it comes to banking, understanding the fees and charges associated with your account is essential. POSB savings account is no exception. Here’s a breakdown of the fees and charges you can expect to pay with a POSB savings account.
Service Charge
POSB savings account has a service charge that applies when your average daily balance falls below a certain amount. The minimum average daily balance (MADB) required to avoid the service charge varies depending on the type of account you have. For example, the MADB for the POSB eSavings account is S$500. If your MADB falls below this amount, you’ll be charged a service fee of S$2 per month.
Account Fee
In addition to the service charge, POSB savings account also has an account fee. This fee is charged on a monthly basis and is S$2 per month. However, if you use eStatement, you won’t have to pay the account fee. This is a great way to save money and avoid unnecessary fees.
It’s important to note that the account fee is waived if you’re 16 years old and below. This is a great incentive for young savers who are just starting to learn about banking and saving money. Additionally, there are no service charges associated with POSB savings account.
In conclusion, POSB savings account is a great option for those looking to save money and avoid unnecessary fees. With a low service charge and the ability to waive the account fee with eStatement, it’s a great way to save money and grow your savings.
Additional Benefits and Features
POSB savings account offers a range of additional benefits and features that make it an attractive option for Singaporeans of all ages.
Insurance
One of the benefits of having a POSB savings account is that you can get insurance coverage. With the POSB Supplementary Retirement Scheme (SRS), you can enjoy tax benefits while saving for your retirement. You can also get insurance coverage for your assets with the POSB Home Insurance policy.
Cashback and Rewards
POSB savings account holders can enjoy cashback and rewards through various programmes. The POSB Everyday Card offers cashback on daily essentials, while the POSB PAssion Debit Card gives you access to exclusive discounts and promotions at participating merchants.
Investment Opportunities
POSB savings account holders can also take advantage of investment opportunities through the POSB Invest-Saver programme. This programme allows you to invest in Exchange Traded Funds (ETFs) and Unit Trusts with as little as $100 per month.
Overall, the POSB savings account offers a range of benefits and features that make it an attractive option for Singaporeans looking to save and invest. With insurance coverage, cashback and rewards programmes, and investment opportunities, you can make the most of your savings and achieve your financial goals.
Frequently Asked Questions
What’s the youngest age at which one can open a savings account in Singapore?
In Singapore, the minimum age requirement to open a savings account is 16 years old. However, there are certain banks that offer savings accounts for children below 16 years old, with the requirement of a joint account with an adult aged over 18 or 21.
How can I set up a savings account for my child in Singapore?
To set up a savings account for your child in Singapore, you will need to visit a bank branch with your child and provide the necessary documents. These documents include your child’s birth certificate, your identification documents, and proof of residence.
Are teenagers eligible to receive a debit card with their savings account in Singapore?
Yes, teenagers are eligible to receive a debit card with their savings account in Singapore. However, the issuance of a debit card is subject to the bank’s policies and requirements.
What’s the required minimum balance to maintain in a POSB youth savings account?
The required minimum balance to maintain in a POSB youth savings account is S$500. If the balance falls below S$500, a service charge of S$2.00 per month will be imposed.
Can a savings account be opened online for minors with POSB?
Yes, a savings account can be opened online for minors with POSB. However, the account must be opened by the child’s parent or legal guardian, and the necessary documents must be submitted online.
What are the interest rates for a child’s savings account with POSB?
The interest rates for a child’s savings account with POSB vary depending on the type of account. For instance, the POSB eSavings Account offers an interest rate of up to 0.05% per annum, while the POSB SAYE Account offers an interest rate of up to 2% per annum.