Are you a parent looking for a savings account for your child in Singapore? Look no further than Mighty Savers OCBC.
This program has been helping children learn the importance of saving money for over nine years and is the number one preferred bank for savings accounts among surveyed Singaporean parents. In this article, we will compare the benefits of OCBC Mighty Savers to help you make an informed decision about signing up for your child.
When you sign up for OCBC Mighty Savers, your child will not only learn about financial literacy, but will also enjoy a range of benefits and privileges. These include competitive interest rates, priority queue service on Sundays at all Sunday Banking branches, and even a chance to win prizes through the Mighty Savers program. Additionally, if you already have an OCBC Child Development Account (CDA), you can enjoy even more benefits when you link it to your Mighty Savers account.
Key Takeaways
- OCBC Mighty Savers is a popular choice among Singaporean parents for their children’s savings accounts.
- The program offers competitive interest rates and a range of benefits and privileges, including priority queue service and prize opportunities.
- Linking an OCBC Mighty Savers account to a Child Development Account (CDA) can result in even more benefits for parents and children alike.
Overview of OCBC Mighty Savers
Are you looking for a savings account that is specifically designed for children? If so, look no further than OCBC Mighty Savers. This savings account is designed to help children learn about saving money and managing their finances from a young age.
With OCBC Mighty Savers, your child can start saving with as little as $1. There is no minimum deposit required, so your child can start saving even if they only have a small amount of money. The account also comes with a passbook, which allows your child to keep track of their savings and see how their money is growing over time.
One of the best things about OCBC Mighty Savers is that it offers a competitive interest rate. Your child can earn up to 0.3% interest on their savings, which is higher than the interest rates offered by many other savings accounts for children.
In addition to the competitive interest rate, OCBC Mighty Savers also offers a range of benefits and rewards. For example, your child can receive a free gift when they open their account, such as a wristband or stationary set. There are also regular promotions and contests that your child can participate in to win prizes and rewards.
Overall, OCBC Mighty Savers is a great choice for parents who want to teach their children about saving money and managing their finances. With competitive interest rates, a low minimum deposit, and a range of benefits and rewards, this savings account is a great way to help your child learn about the value of money and the importance of saving.
Signing Up for OCBC Mighty Savers
Are you excited to sign up your child for an OCBC Mighty Savers account? Here’s what you need to know.
Eligibility and Required Documents
To open a Mighty Savers account, your child must be 16 years old or younger. If your child is under 5 years old, you can open a joint account with them. You will need to bring your child’s birth certificate or passport as proof of identity.
If you are a foreigner, you will need to bring your work permit or employment pass as well. In addition, you will need to provide proof of your address, such as a utility bill or bank statement.
Opening a Mighty Savers Account
To open a Mighty Savers account, you can visit any OCBC branch in Singapore. You will need to bring the required documents listed above, as well as an initial deposit of S$1.
Once your child’s account is opened, they will receive a welcome pack that includes a Mighty Savers passbook and a Mighty Savers coin bank. Your child can start depositing money into their account and earn bonus interest of 0.05% per annum by saving as little as S$50 a month and not making any withdrawals.
If you already have an OCBC Child Development Account, you can easily convert it to a Mighty Savers account by visiting an OCBC branch or through internet banking.
Overall, signing up for an OCBC Mighty Savers account is a great way to teach your child about the importance of saving money. With its attractive interest rates and bonus rewards, your child can watch their savings grow while learning valuable financial skills.
Interest Rates and Benefits
As a parent, you want to ensure that your child’s savings account provides the best interest rates and benefits. With OCBC Mighty Savers, you can enjoy various benefits that can help grow your child’s savings.
Base and Bonus Interest
OCBC Mighty Savers offers a base interest rate of up to 0.3% per annum for children under 16 years old. Additionally, children with a Child Development Account (CDA) can earn an additional bonus interest of up to 0.20% per annum.
To qualify for the bonus interest, you need to deposit a minimum of S$50 each month and make no withdrawals. The bonus interest is applied to the entire account balance, giving you more savings in the long run.
Comparisons with Other Junior Savings Accounts
When compared to other junior savings accounts in Singapore, OCBC Mighty Savers offers competitive interest rates and benefits. For instance, some savings accounts offer a higher base interest rate, but they may come with certain conditions, such as maintaining a minimum balance or making regular deposits.
On the other hand, OCBC Mighty Savers offers a flexible savings plan that allows you to deposit any amount at any time without any restrictions. Moreover, with the bonus interest, you can earn more interest on your savings without worrying about any additional conditions.
In conclusion, OCBC Mighty Savers is an excellent savings account for parents who want to help their children save for the future. With competitive interest rates and flexible benefits, you can be assured that your child’s savings are in good hands.
Additional Perks and Privileges
As an OCBC Mighty Savers account holder, you can enjoy a range of additional perks and privileges that are designed to make your banking experience more enjoyable and convenient. Here are some of the benefits that you can enjoy:
Priority Queue and Special Treats on Sundays
With your OCBC Mighty Savers account, you can enjoy priority queue service at selected OCBC branches. This means that you can skip the regular queue and get your banking done faster. In addition, on Sundays, you can enjoy special treats at selected branches when you visit the branch with your child. This is a great way to make your banking experience more enjoyable for both you and your child.
Free Insurance Coverage
As an OCBC Mighty Savers account holder, you are entitled to free insurance coverage for your child. This includes personal accident insurance coverage of up to S$50,000. This insurance coverage provides you with peace of mind, knowing that your child is protected in the event of an accident. In addition, you can also enjoy free insurance coverage for your child’s savings with the OCBC Mighty Savers account. This means that your child’s savings are protected up to S$75,000 by the Singapore Deposit Insurance Corporation (SDIC).
In conclusion, the OCBC Mighty Savers account is a great way to teach your child the value of saving money, while also enjoying a range of additional perks and privileges. With priority queue service, special treats on Sundays, and free insurance coverage, you can enjoy a more convenient and worry-free banking experience for you and your child.
Child Development Account (CDA) Benefits
If you’re looking to start saving for your child’s future, the OCBC Child Development Account (CDA) is a great option to consider. With a CDA account, you can enjoy a range of benefits that can help you maximise your savings.
OCBC CDA and Mighty Savers
The OCBC Mighty Savers is a savings account designed for children under the age of 16, and it comes with a range of benefits that can help you save more. If you’re an OCBC CDA account holder, you can enjoy an additional 0.20% per annum interest on your Mighty Savers account. This is on top of the 0.05% per annum bonus interest you can earn by saving at least S$50 a month and not making any withdrawals.
CDA Advantage Bonus Interest
One of the biggest advantages of having a CDA account is the bonus interest that you can earn. With the CDA Advantage Bonus Interest, you can earn up to 2% per annum interest on your CDA account balance. This bonus interest is on top of the base interest rate of 1% per annum that you can earn on your CDA account.
The CDA Advantage Bonus Interest is available to all CDA account holders, and it is paid quarterly. To qualify for the bonus interest, you need to ensure that you have a minimum monthly average balance of S$3,000 in your CDA account.
Having a CDA account can also help you save more for your child’s future. The Singapore government provides dollar-for-dollar matching for the first S$6,000 of savings in your child’s CDA account. This means that you can get up to S$12,000 in matching funds from the government if you save S$6,000 in your child’s CDA account.
In summary, the OCBC CDA and Mighty Savers account can help you maximise your savings for your child’s future. With bonus interest rates and dollar-for-dollar matching from the government, you can save more and earn more on your savings.
Financial Literacy for Children
As a parent, you know how important it is to teach your children about money habits and financial literacy. Fortunately, OCBC Mighty Savers offers a range of tools and resources to help you do just that.
Teaching Money Habits through OCBC Mighty Savers
OCBC Mighty Savers is a savings account designed specifically for children. It aims to help parents teach their children the importance of saving money and managing their finances responsibly. With OCBC Mighty Savers, your child can start learning about money management from an early age.
The account comes with a range of benefits, including a fully-subsidised vaccination for your child and an exclusive collectible. Additionally, after 12 years old, parents can channel funds into the Mighty Savers Account with over 0.20% p.a. interest rate, making it a great option for transitioning your child from a CDA to a proper savings account in their adolescence [1].
Interactive Tools for Kids
OCBC Mighty Savers also offers an innovative mobile game app, The Mighty Savers, which is designed to teach children about basic concepts of earning, saving, or investing in a fun and engaging way [1]. The app offers multiple educational games, each designed to put players into a realistic environment and to teach them about money management concepts.
With The Mighty Savers app, your child can learn about money habits while having fun. The app is available for free download on both the App Store and Google Play Store.
In conclusion, OCBC Mighty Savers is an excellent option for parents who want to teach their children about money habits and financial literacy. With its savings account and mobile game app, it provides a range of tools to help your child learn about money management in a fun and engaging way.
Parenting Benefits and Community
As a parent, you want to ensure that you are providing the best for your child, and that includes their financial future. With the OCBC Mighty Savers account, you not only get a great savings account for your child, but you also gain access to a community of parents who are also looking out for their children’s financial well-being.
TheAsianParent Community Partnership
OCBC has partnered with TheAsianParent, a leading parenting website in Singapore, to provide parents with valuable resources and support. Through this partnership, you can access articles and guides on various parenting concerns, including financial planning for your child’s future.
Parental Guides and Resources
In addition to TheAsianParent partnership, OCBC also offers a range of parental guides and resources to help you make informed decisions about your child’s financial future. These resources cover topics such as saving for your child’s education, understanding the Child Development Account (CDA), and more.
By joining the OCBC Mighty Savers community, you can also connect with other parents who are also saving for their child’s future. This community provides a platform for parents to share tips and advice on how to best manage their child’s savings account and plan for their financial future.
Overall, the OCBC Mighty Savers account not only provides a great savings option for your child, but it also offers a range of parenting benefits and community support to help you navigate the financial aspects of parenting.
Terms and Conditions
As with any financial product, it’s important to read the fine print before opening an OCBC Mighty Savers account. Understanding the terms and conditions will help you make informed decisions and avoid any surprises down the line.
Understanding the Fine Print
The terms and conditions governing OCBC Mighty Savers® programme can be found on OCBC’s website. These terms outline the eligibility criteria, interest rates, and other important details about the account. It’s important to note that the account is only available to children aged 16 and below.
Additionally, the terms and conditions specify that the account must be opened in the child’s name, and that the parent or legal guardian must be present during the account opening process.
Withdrawals and Deposits
When it comes to withdrawals and deposits, the terms and conditions state that withdrawals can only be made by the parent or legal guardian, and that a minimum balance must be maintained in the account at all times. The minimum balance varies depending on the type of account, so be sure to check the terms and conditions for the specific account you’re interested in.
Deposits can be made via GIRO or over the counter at any OCBC branch. It’s important to note that the deposit insurance scheme provided by the Singapore Deposit Insurance Corporation (SDIC) applies to the aggregate amount of deposits held by each depositor in each deposit insurance scheme member. For more information on the SDIC and the deposit insurance scheme, refer to the terms and conditions governing OCBC Mighty Savers® programme.
In summary, the terms and conditions governing OCBC Mighty Savers® programme are designed to protect both the bank and the account holder. By understanding the fine print, you can make informed decisions about opening and managing an OCBC Mighty Savers account, and enjoy the benefits of this popular savings account.
Frequently Asked Questions
What delightful perks can one expect when using the OCBC Mighty Savers ATM card?
With the OCBC Mighty Savers ATM card, you can enjoy exciting perks such as free withdrawals from any OCBC ATM in Singapore, and even overseas. You can also access your account balance and transaction history at any time, and enjoy contactless payments with Visa payWave.
Could you elucidate on the process of closing an OCBC Mighty Savers Account?
Closing an OCBC Mighty Savers account is a simple process that can be done online or in person at any OCBC branch. You will need to clear any outstanding balances and return the ATM card before the account can be closed.
What’s the minimum balance required to maintain an OCBC Mighty Savers account, and are there any splendid benefits for doing so?
There is no minimum balance required to maintain an OCBC Mighty Savers account. However, maintaining a minimum average daily balance of SGD 3,000 will earn you bonus interest of 0.2% per annum on top of the base interest rate. Additionally, you can enjoy other exciting benefits such as cash rewards, discounts on selected products, and free insurance coverage.
In the grand comparison of OCBC young Savers and Mighty Savers, which emerges as the superior choice for the budding saver?
While both accounts have their unique benefits, the OCBC Mighty Savers account is designed for children aged 16 and below, and offers exciting perks such as free withdrawals from any OCBC ATM, contactless payments with Visa payWave, and free insurance coverage. On the other hand, the OCBC Young Savers account is designed for youths aged 17 to 29, and offers benefits such as higher interest rates and cash rewards. Ultimately, the choice between the two accounts will depend on your specific needs and preferences.
Could you share the exhilarating details of the bonus interest one might accrue with OCBC Mighty Savers?
By maintaining a minimum average daily balance of SGD 3,000 in your OCBC Mighty Savers account, you can earn bonus interest of 0.2% per annum on top of the base interest rate. This means that you can earn up to 0.5% per annum on your savings, making it an excellent choice for the budding saver.
What are the splendid gifts one can anticipate upon joining the OCBC Mighty Savers programme?
When you join the OCBC Mighty Savers programme, you can look forward to exciting gifts such as limited edition plush toys, stationery sets, and even vouchers for popular attractions such as Universal Studios Singapore. Additionally, you can enjoy discounts on selected products and services and even earn cash rewards for referring your friends and family to the programme.
