Exploring the 7 Best Kids’ Savings Accounts in Singapore

Teaching children about financial literacy and instilling the value of saving money from an early age is essential for their future financial well-being. Singapore, a hub of financial opportunities, presents a diverse array of choices for kids’ savings accounts. Every bank showcases distinctive traits and advantages, crafted to cultivate a healthy saving mindset among children. This article aims to identify and evaluate the best kids’ savings accounts offered by various banks in Singapore. 

1. UOB Junior Savers Account

Discover the UOB Junior Savers Account, an ideal gateway for parents to initiate their kids into the realm of saving and banking. Tailored exclusively for children aged 16 and below, this account boasts an array of enticing attributes, making it an irresistible option for young savers.

This account operates jointly with parents, necessitating a minimum initial deposit of S$500. As your child blossoms beyond 16, this account effortlessly transforms into a conventional savings account, ready to nurture their financial prosperity throughout adulthood.

  • Minimum Initial Deposit: None
  • Minimum Average Daily Balance: S$500
  • Fall Below Fee: $2
Account BalanceInterest Rates (p.a.)
First S$15,0000.05%
Next S$85,0000.05%
Next S$250,0000.05%
Above S$350,0000.10%

2. Standard Chartered e$aver Kids Account

Offering a captivating choice for budding savers in Singapore, the Standard Chartered e$aver Kids Account stands tall. Tailored specifically for individuals aged 18 and below, this account presents a user-friendly and easily accessible avenue for nurturing their savings.

For parents seeking flexibility and absolute authority over their children’s finances, the e$aver Kids Account emerges as the optimal solution. With the added convenience of online banking, youngsters can effortlessly monitor their account balances and transactions. This digital platform fosters familiarity with banking technology, fostering the growth of financial independence.

  • Minimum Initial Deposit: None
  • Minimum Monthly Contribution: S$5 via GIRO 
  • Fall Below Fee: None
Account BalanceInterest Rates (p.a.)
First S$50,0000.050% 
Next S$150,0000.050% 
Above S$200,0000.050% 

3. POSB My Account

Introducing the renowned POSB My Account, tailor-made for youngsters, brought to you by the esteemed DBS Bank subsidiary. Geared toward children aged 12 and below, this account lays a strong groundwork for financial wisdom.

With an enticing array of features, POSB My Account captivates young savers. Boasting a competitive interest rate empowers children to nurture their savings effectively. Moreover, when the time comes, a seamless transition awaits as your child transforms their My Account into a Multiplier Account, reaping interest rewards of up to 3.8% p.a.

  • Minimum Initial Deposit: None
  • Minimum Amount to Earn Interest: S$10,000
  • Fall Below Fee: None
Account BalanceInterest Rates (p.a.)
First S$10,0000.050% p.a.
Next S$90,0000.050% p.a.
Next S$250,0000.050% p.a.
Next S$650,0000.050% p.a.

4. OCBC Mighty Savers Account

Empowering the young with essential financial skills and nurturing the habit of saving, OCBC Bank’s Mighty Savers Account stands out as a formidable contender. Designed exclusively for children aged 16 and below, this account boasts an enticing range of features and benefits. 

Witness the magic of savings as the OCBC Mighty Savers Account allures with an appealing interest rate, allowing your child’s wealth to flourish at up to 0.30% p.a. Embrace the invaluable lesson of compound interest as their savings blossom, nurturing a lifelong understanding of financial growth.

  • Minimum Initial Deposit: None
  • Minimum Amount to Earn Interest: S$50 and no withdrawals in the current month.
  • Fall Below Fee: None
DetailsInterest Rates (p.a.)
Base Interest0.05%
Bonus interest: Deposit at least $50 and do not make any withdrawals within the month0.05%
CDA Advantage Bonus Interest: OCBC CDA holders0.20%

5. Maybank Youngstarz Account

The Maybank Youngstarz Account is a comprehensive savings account designed for children aged 16 and below. This exceptional account encompasses a wide array of features meticulously crafted to foster financial literacy and instill the virtue of saving.

With an enticing interest rate of 0.1875% p.a. on the initial S$3,000, the Youngstarz Account unlocks the potential for children to earn interest on their savings. Encouraging consistent saving, it unveils the power of compound interest and its lucrative rewards. Moreover, this account boasts the convenience of online banking, granting children easy access to their funds and the ability to monitor their savings effortlessly.

  • Minimum Initial Deposit: S$10
  • Minimum Amount to Earn Interest: S$3,000
  • Fall Below Fee: None
Account BalanceInterest Rates (p.a.)
First S$3,0000.1875%
Next S$47,0000.3125% 
Remaining balance above S$50,0000.3750% 

6. Citibank Junior Savings Account

Citibank’s Junior Savings Account is designed for children who want to jumpstart their financial journey. Upon opening a Citibank Junior Savings Account, they will receive their first ATM card and have access to online banking from under 18 years old.

Experience the power of growth with the Citibank Junior Savings Account, offering a competitive interest rate that nurtures children’s savings. Seamlessly manage accounts with the convenience of online banking, while a trusty passbook charts the course of savings and transactions, empowering children with effective financial tracking.

  • Minimum Initial Deposit: None
  • Fall Below Fee: None 
Account BalanceInterest Rates (p.a.)
First S$30,0000.05%
Above S$30,0000.10%

7. CIMB Junior Savers Account

CIMB Bank offers the CIMB Junior Savers Account, specifically tailored to children 12 years and below. This exclusive offering sets the stage for financial literacy and fosters the cultivation of prudent saving habits.

With an enticing interest rate of 0.20% per annum, the CIMB Junior Savers Account amplifies the growth potential of children’s savings. Unlocking this opportunity requires a minimum balance of S$1,000. Moreover, the account embraces the ease of online banking, empowering children to effortlessly monitor their transactions and account activity.

  • Minimum Initial Deposit: S$1,000
  • Minimum Balance to Earn Interest: S$1,000
  • Fall Below Fee: None
Account BalanceInterest Rates (p.a.)
First S$200,0000.20% 
Next S$800,0000.40% 
Above S$1,000,0000.20%

A Comparative Look at Bank Accounts for Your Child’s Needs

With so many choices, it can be hard to choose the best account for your child. Here is a comparison table to help you choose based on your child’s needs and your own priorities:

Bank AccountInterest RateAge LimitMinimum Initial DepositFall Below Fee
UOB Junior Savers AccountUp to 0.05%16 years oldNone$2
Standard Chartered e$aver Kids AccountUp to 0.05%18 years oldNoneNone
POSB My AccountUp to 0.05%NoneNoneNone
OCBC Mighty Savers AccountUp to 0.30%16 years oldNoneNone
Maybank Youngstarz AccountUp to 0.375%16 years oldS$10None
Citibank Junior Savings AccountUp to 0.10%18 years oldNoneNone 
CIMB Junior Savers Account0.20%12 years oldS$1,000None


Picking the finest kids’ savings account in Singapore holds tremendous significance when it comes to nurturing your child’s financial know-how and fostering prudent saving customs. By thoroughly examining the attributes and advantages of various accounts, you can make an astute choice that harmonizes with your child’s requirements and your parental preferences.

Yet, bear in mind that the chosen account merely serves as a tool. It’s equally vital to actively impart financial wisdom to your child through open dialogues on money matters, budgeting, and aspirations. Through a blend of the right account, continuous education, and hands-on experiences, you can lay the groundwork for your child’s financial triumph and equip them with the ability to make shrewd fiscal choices throughout their journey. Initiate early, lead by example, and witness your child’s sturdy financial foundation take shape.

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