Savings Accounts

3 Best Kids Savings Accounts to Grow Your Child’s Ang Bao Money in 2018


Joanne Poh



So your kids have never worked a day in their life, which is totally normal since hey, they’re in primary school and child labour is illegal in Singapore. But it’s still a good idea to open a kids’ savings account for your kid, because Chinese New Year is over, and you’ll need somewhere to stash all your child’s ang bao money.

Luckily, there are some savings accounts for children in Singapore with a lower minimum age and low minimum deposit requirements, since understandably your child isn’t exactly a millionaire (yet).

Here are the three best kids’ savings accounts with interest rates that will help your child’s ang bao money grow at a faster rate than the standard 0.05%.

Account name

CIMB Junior Saver

Maybank Youngstarz

Standard Chartered e$aver Kids

Interest rate


-0.1865% on first $3,000

– 0.3125% on the next $47,000

– 0.3750% on $50,000 and above

– With the chance to double or triple these base interest rates

– 0.1% on first $50,000.

– 0.15% on $50,000 to $200,000.

– 0.25% on $20,000 and above.

Conditions to satisfy in order to receive interest

Maintain a daily balance of at least $1,000

A. Maintain a balance of at least $2,000 on your own Maybank iSAVvy account

B. Transfer at least $200 a month to your child’s Youngstarz account in a month

C. Spend at least $800 on your Maybank Family and Friends Credit Card during the month

* Satisfy A, B and C to triple base interest rate.

* Satisfy A and B to double base interest rate.


Minimum initial deposit



None, but you must pay $50 each month into the account by GIRO.

Fall below fee




Early closure fee





12 and below

16 and below

18 and below

Other perks?

– Free personal accident and hand foot and mouth disease insurance.

– Kid-related discounts and privileges.


CIMB Junior Saver

This account’s interest rate, at 0.8%, is not only the highest interest rate offered by any kids’ account in Singapore, but also very respectable even compared to adult high interest rate accounts. And it’s applicable to your kid’s entire account balance.

The minimum initial deposit is $1,000, and you must maintain at least $1,000 daily in the account to earn interest for that day. However, as there is no fall below fee, you can withdraw most of the money in the account at any time without worrying about being charged.

As far as kids’ savings accounts go, this account is almost perfect. The main drawback is that the minimum initial deposit is high compared to the other accounts on the list. Still, you can always withdraw the initial deposit if you need it that badly.

Kids aged 12 and below are eligible to open this account. So hurry before your child is too old.


Maybank Youngstarz

This savings account gives you a base interest rate of 0.1865% on your child’s first $3,000, 0.3125% on the next $47,000, and 0.375% on $50,000 and above.

But there is the potential to earn up to 3 times the base interest rate, if you manage to satisfy the following conditions:

  • Maintain a balance of at least $2,000 on your own Maybank iSAVvy account
  • Transfer at least $200 a month to your child’s Youngstarz account in a month
  • Spend at least $800 on your Maybank Family and Friends Credit Card during the month

It you manage to do all of the above EXCEPT the third point, you’ll earn 2 times the base interest rate for your child.

At the highest tier, your child will be earning a maximum of 0.9% on the first $30,000 balance if you manage to triple the base interest rate.

The account also comes with some lifestyle perks such as free personal accident and hand, foot and mouth disease insurance (provided you maintain a deposit of at least $5,000) which, if you were going to buy them anyway, might cost more than the interest your kid’s money would earn.

They’ve also got frequent promotions designed to attract kids. For instance, when opening a Youngstarz Savings Account, your kid gets a free teddy bear at the Build-A-Bear workshop. And when you deposit at least $38,000 into your kid’s account, he gets free tickets to KidZania. Every year, your kid also gets a series of privileges when his birthday rolls around, like discounts on kid-friendly activities and birthday party services.

Another advantage of this account is that there is no fall below fee, and the initial deposit is a mere $10, meaning you can open one even if you’re broke or your relatives are very stingy with their ang bao money.

The account is open to kids aged 16 years and below.


Standard Chartered e$aver Kids

While the 0.1% interest rate offered by this account doesn’t seem that impressive compared to the others on the list, it is still twice the rate being offered by local banks.

This 0.1% is paid on any amounts under $50,000. From $50,000 to $200,000, the interest rate rises to 0.15%, and any amounts over $200,000 will be paid 0.25%. Although, if your kid has $200,000 in cash, you probably shouldn’t be leaving it in a savings account.

The account’s main virtue is its flexibility. There is no minimum deposit and no minimum balance requirement. There are also no monthly or fall below fees, so you’re free to withdraw money as you please. And if you decide to close the account early (ie. within 6 months), you can do so for free (the CIMB and Maybank ones charge $50 and $30 respectively).

You do, however, need to agree to send a minimum of $50 to the account every month by GIRO. If your kids are receiving an allowance of at least $50 a month, that shouldn’t be much of a problem.

The maximum age is also relatively high at 18, so even if your child missed the boat for the CIMB or Maybank accounts, he might still be eligible for the Stanchart one.

Have you opened a savings account for your kids? Share your reviews in the comments!

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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.