If you’re a parent looking for a savings account for your child, you may want to consider the UOB Junior Savers Account in Singapore. This account is designed to help your child learn about financial literacy and money management while earning interest on their savings.
Opening a UOB Junior Savers Account is easy and can be done online or in-person at a UOB branch. To open an account, you’ll need to provide identification documents for both you and your child. Once the account is open, you can start making deposits and setting up automatic transfers from your UOB account to your child’s Junior Savers Account.
The UOB Junior Savers Account offers several benefits and features, including interest rates of up to 0.10% per annum, guaranteed insurance coverage, and the ability to monitor and manage the account online. Additionally, parents who have a UOB Lady’s Savings Account can earn 1% cash rewards on their monthly top-ups into their child’s Junior Savers Account.
Key Takeaways
- The UOB Junior Savers Account is a savings account designed for children to learn about financial literacy and money management while earning interest on their savings.
- You can easily open an account online or in-person at a UOB branch by providing identification documents for both you and your child.
- Benefits and features of the UOB Junior Savers Account include interest rates of up to 0.10% per annum, guaranteed insurance coverage, and the ability to monitor and manage the account online.
Opening a UOB Junior Savers Account
If you’re looking for a savings account for your child, the UOB Junior Savers Account might be the right choice for you. Here’s what you need to know about opening an account.
Eligibility and Documentation
To open a UOB Junior Savers Account, you need to be a Singaporean or Permanent Resident parent of a child aged 16 or below. You’ll also need to bring along the following documents when you visit a UOB branch to open the account:
- Your child’s birth certificate
- Your NRIC or passport
- Your child’s passport (if applicable)
Initial Deposit and Minimum Balance
The minimum initial deposit for a UOB Junior Savers Account is $500, and the minimum balance to maintain the account is also $500. However, if you’re an existing UOB customer, you can open the account with a minimum initial deposit of $100.
One great thing about the UOB Junior Savers Account is that it comes with free insurance coverage for your child. The amount of coverage is based on a percentage of the account’s average daily balance, so the more you save, the more coverage your child will have.
You can also choose to open a joint account with your child, which can be a great way to teach them about saving and managing money. As a joint account holder, you’ll have access to the account and can make transactions on behalf of your child.
Overall, the UOB Junior Savers Account is a great option for parents who want to start saving for their child’s future. With a low minimum initial deposit and free insurance coverage, it’s a great way to give your child a head start on their financial journey.
Benefits and Features
If you are looking for a savings account for your child, the UOB Junior Savers Account is definitely worth considering. Here are some of the benefits and features that make it a great option:
Attractive Interest Rates
One of the most attractive features of the UOB Junior Savers Account is the interest rate. With an interest rate of up to 0.5% p.a., your child’s savings will grow faster. The interest is calculated daily and credited monthly, so your child can watch their savings grow.
Free Insurance Coverage
Another great feature of the UOB Junior Savers Account is the free insurance coverage. When you open a UOB Lady’s Savings Account and link it to your child’s Junior Savers Account, your child will receive free female cancer coverage of up to S$200,000. This coverage includes breast, cervix uteri, uterus, fallopian tube, vagina/vulva, and ovary cancers.
Exclusive Birthday Privileges
The UOB Junior Savers Account also comes with exclusive birthday privileges. On your child’s birthday month, they will receive a S$20 gift voucher from Toys”R”Us. Additionally, they will receive a complimentary photo shoot session with O’Joy Photography. These privileges are a great way to make your child’s birthday extra special.
Overall, the UOB Junior Savers Account is a great savings account option for your child. With attractive interest rates, free insurance coverage, and exclusive birthday privileges, your child can watch their savings grow while enjoying some extra perks.
Managing the Account
As a parent, you want to ensure that your child’s savings are secure and easily accessible. With UOB Junior Savers Account Singapore, managing your child’s savings has never been easier. Here are some ways to manage your account:
Online Banking and UOB TMRW
UOB Junior Savers Account Singapore offers online banking services that allow you to access your account anytime, anywhere. You can check your deposit balance, view transaction history, and transfer funds between accounts. Additionally, UOB TMRW is a digital banking platform that offers a suite of financial management tools to help you manage your child’s savings. With UOB TMRW, you can set savings goals, track expenses, and receive personalised financial advice.
Financial Tracking Tools
Managing your child’s savings can be challenging, especially if you have multiple accounts to keep track of. UOB Junior Savers Account Singapore offers a range of financial tracking tools to help you manage your child’s savings effectively. With these tools, you can monitor your child’s spending habits, set savings goals, and track your progress towards those goals. Additionally, you can receive alerts when your child’s account balance falls below a certain threshold, ensuring that you always have enough funds to cover expenses.
In conclusion, UOB Junior Savers Account Singapore offers a range of tools and services to help you manage your child’s savings effectively. With online banking and UOB TMRW, you can access your account anytime, anywhere, while financial tracking tools help you monitor your child’s spending habits and savings goals.
Costs and Fees
Fall-Below Fees
As a young saver, you would want to keep your money safe and secure while earning interest on your savings. However, it is important to note that the UOB Junior Savers Account comes with a fall-below fee. This fee is charged when your account balance falls below the required minimum balance.
The minimum balance required to maintain your UOB Junior Savers Account is S$500. If your account balance falls below this amount, a fall-below fee of S$2 per month will be charged. Therefore, it is important to ensure that you maintain a minimum balance of S$500 to avoid incurring any fall-below fees.
Account Service Charges
In addition to the fall-below fee, there are also account service charges that you should be aware of. Account service charges are fees that are charged for the maintenance of your account and for the services provided by the bank.
The UOB Junior Savers Account does not charge any account service charges for account holders. This means that you can enjoy the benefits of a savings account without having to worry about any additional charges.
It is important to note that while there are no account service charges, there may be other expenses that you may incur when using the account. For example, if you withdraw money from an ATM that is not owned by UOB, you may incur additional charges.
Overall, the UOB Junior Savers Account is a great option for young savers who want to start saving and earning interest on their savings. By maintaining a minimum balance of S$500, you can avoid fall-below fees and enjoy the benefits of a savings account without having to worry about additional account service charges.
Growing Your Child’s Savings
As a parent, helping your child develop good saving habits from a young age can help them build a solid foundation for their financial future. One of the best ways to do this is by opening a Junior Savers Account with UOB Singapore.
Good Saving Habits
Teaching your child to save a portion of their pocket money or other income is a great way to instil good saving habits. Encouraging them to set aside a small amount each week can go a long way towards building their wealth over time.
One way to make saving fun for your child is by giving them a piggy bank to store their savings in. Watching their savings grow over time can be a great motivator for them to continue saving.
Financial Milestones
As your child grows older, they will reach various financial milestones that can be used as opportunities to teach them about saving and investing. For example, when they start receiving a regular allowance or pocket money, you can help them set a savings goal and work towards it.
Opening a Junior Savers Account with UOB Singapore can also help your child reach their financial milestones. With competitive interest rates and no fall-below fees, this account is a great way to help your child grow their savings.
In conclusion, helping your child develop good saving habits from a young age can set them up for a successful financial future. By opening a Junior Savers Account with UOB Singapore, you can give your child a head start on their journey towards wealth and financial independence.
Frequently Asked Questions
What are the eligibility criteria for opening a UOB Junior Savers Account?
To open a UOB Junior Savers Account in Singapore, the child must be below 16 years old, and the parent or legal guardian must be a Singaporean or Permanent Resident aged between 21 and 59 years old. The account can be opened jointly by the parent and child.
How can I open a Junior Savers Account with UOB in Singapore?
You can apply for a UOB Junior Savers Account online or at any UOB branch in Singapore. You will need to provide your identification documents and the child’s birth certificate or passport.
What is the current interest rate offered for the UOB Junior Savers Account?
The current interest rate for the UOB Junior Savers Account is 0.05% p.a. However, UOB may offer promotional interest rates from time to time.
Are there any minimum balance requirements for maintaining a UOB Junior Savers Account?
There is no minimum balance requirement for a UOB Junior Savers Account. However, the account will be closed if the balance falls to zero.
Can withdrawals be made from the UOB Junior Savers Account, and if so, how?
Yes, withdrawals can be made from the UOB Junior Savers Account. You can make withdrawals at any UOB ATM or branch in Singapore. Alternatively, you can also make withdrawals using UOB Personal Internet Banking or the UOB Mighty app.
At what age can children start using the UOB Junior Savers Account?
Children can start using the UOB Junior Savers Account once the account is opened. However, withdrawals can only be made by the parent or legal guardian until the child reaches the age of 16. After that, the child can make withdrawals on their own.