Are you a parent looking for a savings account for your child? OCBC Mighty Savers is a savings account designed for children in Singapore. This account includes exclusive benefits and perks, including fully-subsidised vaccinations for your child. This article will discuss the eligibility criteria for OCBC Mighty Savers and the top ways to get access now.
To be eligible for OCBC Mighty Savers, your child must be 16 years old or younger. You can open a joint account with your child if they are under 5.
No minimum deposit is required, and the minimum balance is only $1. You can easily manage your account with 55 branches, including 16 full-service branches open on Sundays from 11 am to 7 pm.
Opening your Mighty Savers account is easy. You can visit any OCBC branch with your child’s identification documents and your own identification documents. Alternatively, you can apply online. Once your account is open, you can start saving for your child’s future. Maximising your savings is easy with the exclusive benefits and perks that come with OCBC Mighty Savers.
Key Takeaways
Eligibility Criteria for OCBC Mighty Savers
Are you interested in opening an OCBC Mighty Savers account for your child? Here are the eligibility criteria you need to know before you get started.
Age Requirements
The OCBC Mighty Savers account is available for all children who are Singapore Citizens aged 2 months to 16 years old. If your child is below 12 years old, a parent or legal guardian must open the account on their behalf. For children aged 12 to 16 years old, they can open the account themselves with parental consent.
Account Types
There are two types of OCBC Mighty Savers accounts: the Mighty Savers Account and the Mighty Savers Joint Account. The Mighty Savers Account is a personal savings account that can only be opened by one child. The Mighty Savers Joint Account, on the other hand, can be opened by up to two children and requires a parent or legal guardian to be the joint account holder.
Parental Participation
If you are a parent or legal guardian opening an OCBC Mighty Savers account for your child, you will need to provide your own identification documents, such as your NRIC or passport, and your child’s birth certificate or passport. You will also need to sign the account opening form and agree to the terms and conditions of the account.
In conclusion, if you are a Singapore Citizen with a child between the ages of 2 months to 16 years old, you may be eligible to open an OCBC Mighty Savers account. There are two types of accounts available, the Mighty Savers Account and the Mighty Savers Joint Account, and parental participation is required for children under 12 years old.
Opening Your Mighty Savers Account
If you’re excited to open a Mighty Savers Account with OCBC, here are the steps to follow.
Required Documents
To open a Mighty Savers Account, you’ll need to bring the following documents to an OCBC branch:
- Your child’s birth certificate or passport
- Your own identification card or passport
- Your child’s Development Account (CDA) number, if applicable
Application Process
To apply for a Mighty Savers Account, you can visit any OCBC branch. Alternatively, you can also apply online through the OCBC website.
During the application process, you’ll need to provide your personal details, your child’s details, and your CDA number (if applicable). You’ll also need to choose the type of Mighty Savers Account you want to open – either the Mighty Savers Account or the Mighty Savers Dream Account.
Initial Deposit
To activate your Mighty Savers Account, you’ll need to make an initial deposit of at least $1. You can do this by cash or cheque at any OCBC branch.
Once your account is activated, you can start saving for your child’s future and earn interest on your balance. The interest rate for the Mighty Savers Account is currently 0.05% p.a. for the first $50,000, and 0.10% p.a. for balances above $50,000.
To make saving even easier, you can set up a GIRO arrangement to automatically transfer money into your child’s Mighty Savers Account every month.
With the Mighty Savers Account, you can give your child a head start in financial planning and a brighter future.
Maximising Your Savings
If you’re looking to maximise your savings with OCBC Mighty Savers, there are a few ways you can do it. Here are some tips to help you get started.
Interest Rates and Bonuses
One of the best ways to maximise your savings with OCBC Mighty Savers is to take advantage of the interest rates and bonuses. The account offers a base interest rate on your balance, as well as bonus interest if you meet certain criteria. For example, you can earn bonus interest by making regular deposits into your account, or by participating in the OCBC Mighty Savers financial education programme. Check out the terms and conditions to learn more about the interest rates and bonuses.
Regular Deposits
Another way to maximise your savings with OCBC Mighty Savers is to make regular deposits into your account. This can be done through automatic transfers from your other accounts, or by manually transferring funds on a regular basis. By making regular deposits, you can earn bonus interest and build up your savings over time. It’s a great way to instill good savings habits in your children as well.
Financial Education for Children
Finally, OCBC Mighty Savers offers a financial education programme for children. The programme is designed to teach children about money management, budgeting, and saving. By participating in the programme, your child can earn bonus interest on their savings account, as well as other rewards. It’s a great way to help your child learn about money and develop good financial habits from a young age.
In conclusion, there are many ways to maximise your savings with OCBC Mighty Savers. By taking advantage of the interest rates and bonuses, making regular deposits, and participating in the financial education programme, you can build up your savings and teach your children good money management skills.
Exclusive Benefits and Perks
As an OCBC Mighty Savers account holder, you are entitled to a range of exclusive benefits and perks that are designed to help you save money and grow your child’s wealth. Here are some of the top benefits and perks that you can enjoy:
Free Insurance Coverage
One of the best benefits of having an OCBC Mighty Savers account is that you can enjoy free insurance coverage for your child. The account is insured up to S$75,000 by the Singapore Deposit Insurance Corporation (SDIC), which means that your child’s savings are protected in the event of bank failure. This gives you peace of mind knowing that your child’s savings are safe and secure.
Priority Services
As an OCBC Mighty Savers account holder, you can also enjoy priority services at any of the 55 OCBC branches in Singapore. This means that you and your child can skip the queue and get faster service when you need it. This is especially useful if you have a busy schedule and don’t have time to wait in line.
Special Promotions
OCBC regularly offers special promotions and discounts for Mighty Savers account holders. These promotions are designed to help you save money and grow your child’s wealth. For example, you can currently enjoy a promotion where you can receive a free gift when you deposit a minimum amount into your child’s Mighty Savers account. This is a great way to incentivize your child to save money and teach them the value of money management.
In summary, having an OCBC Mighty Savers account comes with a range of exclusive benefits and perks that can help you save money and grow your child’s wealth. From free insurance coverage to priority services and special promotions, there are many reasons why you should consider opening an OCBC Mighty Savers account for your child.
Managing Your Account
As a proud owner of an OCBC Mighty Savers account, you have several options to manage your account. Here are some of the top ways to manage your account:
Online Banking and Mobile Apps
With OCBC’s OneToken, you can easily and securely access your account online without needing to remember multiple passwords. You can also download the OCBC Mobile Banking app to manage your account on-the-go. With these options, you can check your account balance, view your transaction history, and even transfer funds between accounts.
Deposit and Withdrawal Options
To deposit money into your account, you can visit any OCBC branch or deposit ATM. You can also set up a standing instruction to automatically transfer funds into your account each month. To withdraw money, you can visit an OCBC branch or any ATM that accepts your Mighty Savers ATM card.
Account Management Fees
OCBC Mighty Savers has no fall-below fees, meaning you won’t be charged any fees for having a low account balance. However, there may be other fees associated with managing your account, such as withdrawal fees or foreign currency exchange fees. Be sure to check the OCBC website for the latest fee information.
Overall, managing your OCBC Mighty Savers account is easy and convenient. With online banking and mobile apps, deposit and withdrawal options, and no fall-below fees, you can stay on top of your finances and watch your savings grow. Plus, with the Deposit Insurance Scheme, you can rest assured that your savings are protected up to $75,000.
Comparing with Other Junior Savings Accounts
When it comes to choosing a savings account for your child, there are several options available in the market. Here’s a comparison of the OCBC Mighty Savers account with some other popular junior savings accounts in Singapore.
UOB Junior Savers
The UOB Junior Savers account offers a base interest rate of 0.05% p.a. with a maximum interest rate of 0.10% p.a. for balances above $500. The account requires a minimum initial deposit of $500 and a fall-below fee of $2 per month is charged if the average daily balance falls below $500. The account comes with a complimentary personal accident insurance coverage of up to $50,000.
POSBkids Account
The POSBkids Account is a joint account between the parent and child, with the parent as the account holder. The account offers a base interest rate of 0.05% p.a. with a maximum interest rate of 0.15% p.a. for balances above $20,000.
It requires a minimum initial deposit of $1 and has no fall-below fee. The account comes with a complimentary POSBkids debit card and personal accident insurance coverage of up to $50,000.
Maybank Youngstarz
The Maybank Youngstarz account offers a base interest rate of 0.1875% p.a. with a maximum interest rate of 0.25% p.a. for balances above $5,000. The account requires a minimum initial deposit of $10 and has no fall-below fee. The account comes with a complimentary Maybank Youngstarz debit card and personal accident insurance coverage of up to $50,000.
Comparison Table
| Account | Base Interest Rate | Maximum Interest Rate | Minimum Initial Deposit | Fall-below Fee | Complimentary Debit Card | Personal Accident Insurance |
|---|---|---|---|---|---|---|
| OCBC Mighty Savers | Up to 0.30% p.a. | None | None | None | Yes | Up to $50,000 |
| UOB Junior Savers | 0.05% p.a. | 0.10% p.a. | $500 | $2 per month | No | Up to $50,000 |
| POSBkids Account | 0.05% p.a. | 0.15% p.a. | $1 | None | Yes | Up to $50,000 |
| Maybank Youngstarz | 0.1875% p.a. | 0.25% p.a. | $10 | None | Yes | Up to $50,000 |
As you can see, the OCBC Mighty Savers account offers a higher base interest rate compared to the other accounts, with no minimum initial deposit or fall-below fee. The account also comes with a complimentary debit card and personal accident insurance coverage of up to $50,000. However, it’s always a good idea to compare the features and benefits of different accounts before making a decision that suits your child’s needs and your financial goals.
Frequently Asked Questions
What are the steps to open a Mighty Savers account for my child online with OCBC?
Opening a Mighty Savers account for your child with OCBC is easy and can be done online. Here are the steps:
- Visit the OCBC Mighty Savers page on the OCBC website.
- Click on the “Apply Now” button.
- Fill in the required information such as your child’s name, date of birth, and your personal details as the joint account holder.
- Submit the application and wait for approval.
Can you tell me the benefits of choosing Mighty Savers over the Young Savers account for my child’s savings?
Mighty Savers offers a higher interest rate compared to the Young Savers account. Additionally, Mighty Savers account holders enjoy exclusive privileges such as discounts on selected OCBC products and services, as well as special promotions and giveaways.
How can I deposit coins into my child’s OCBC Mighty Savers account?
You can deposit coins into your child’s Mighty Savers account through the following methods:
- Visit any OCBC branch and deposit the coins at the coin deposit machines.
- Use the OCBC Pay Anyone app to transfer the coin amount to your child’s Mighty Savers account.
Is there a way to use PayNow with my child’s Mighty Savers account for convenient transfers?
Yes, you can use PayNow to transfer funds to your child’s Mighty Savers account. Simply link your child’s account to your PayNow profile and you can make transfers easily with just your mobile number or NRIC/FIN.
What are the top child savings accounts in Singapore, and how does OCBC’s Mighty Savers compare?
There are several child savings accounts available in Singapore, but OCBC Mighty Savers stands out with its high interest rates and exclusive privileges. Some other popular child savings accounts include POSB Smiley Child Development Account and Maybank Youngstarz.
How do I go about reactivating a dormant OCBC Mighty Savers account?
If your child’s Mighty Savers account has become dormant, you can reactivate it by visiting any OCBC branch and providing the necessary identification documents. Alternatively, you can contact OCBC customer service for assistance.
