10 Best Children’s Savings Account in Singapore to Start Saving Early [2024]

Getting your child to start saving early is an important practice. Check out the 10 best children's savings account in Singapore to kickstart your child's financial journey!

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The earlier you start teaching your kids about good money habits, the better it will be for your kid when they get older. This is because money plays a central role in our life since the day we are both. We need money for what we eat, what we wear, and all the other activities day-in and day-out. Whatever you do and wherever you go, all involve money.

As such, financial literacy is an important lesson that everyone should learn yet not many place this on their must-learn list. By teaching your child money mindful practices and habits at an early age, you can help them to develop useful money values and mindsets that will be highly beneficial for them as they grow older. As such, we have rounded up for you the 10 best children’s savings account in Singapore to kickstart your child’s financial journey.

1. UOB Junior Savers Account

Type of informationDetails
Highlights to Note– Complimentary UOB ATM Card
– 24/7 access
– Hassle-free monthly funds transfers
– Attractive interest rates
– Your child must be 16 years old or below
AddressMultiple branches
Contact DetailsTel:
1800 222 2121

UOB Junior Savers Account is a unique savings account with complimentary life insurance coverage to give your child the best head start in life. To be eligible for this account, your child must be 16 years old or below and the account must be opened as a joint account with the parent / legal guardian.

Once you opened the savings account, your child will receive a complimentary UOB ATM Card with NETS and PLUS facilities. The UOB Junior Savers Account can be converted to a regular statement-based savings account when the child reaches 16 years old at any UOB Group branch.

Not only so, but there is also free insurance coverage of up to 100% of your deposit balance. You will also get 24/7 access to your savings account with hassle-free monthly funds transfers. With so many perks and benefits, UOB Junior Savers Account definitely deserves a place in the best children’s savings account in Singapore.

2. UOB Child Development Account

Type of informationDetails
Highlights to Note– Earn up to 2% p.a. interest on your child’s UOB Child Development Account (CDA)
– Dollar-for-dollar matching from the Government
– 24/7 access
– UOB Baby Bonus Card
AddressMultiple branches
Contact DetailsTel:
1800 222 2121

With UOB Child Development Account, you will be able to earn up to 2% p.a. interest. With dollar-for-dollar matching from the Government, you can gain total CDA benefits of up to S$6,000 for your 1st and 2nd child. If your child is born on or after 24 March 2016, he/she will receive an upfront CDA First Step grant of S$3,000 paid into the UOB CDA upon account opening.

In addition, you will receive a UOB Baby Bonus Card where your child can use the savings in the CDA to pay for permitted expenses incurred at Approved Institutions via NETS or GIRO. Last but not least, your child will have 24/7 access to your account via UOB Personal Internet Banking and a 24-hour phone banking service.

3. OCBC Mighty Savers Account

Type of informationDetails
Highlights to Note– Earn up to 0.20% interest a year
– No minimum balance required and no coin deposit fee
– Enjoy priority queue service on Sundays at all Sunday Banking branches
AddressMultiple branches
Contact DetailsTel:
+65 6363 3333

OCBC Mighty Savers Account helps you to earn a bonus interest of 0.05% a year, where all you need to do is to save as little as S$50 a month and no withdrawals. Also, OCBC Child Development Account (CDA) holders can earn an additional 0.10% interest a year. With a base interest of 0.05% per year, this would mean that you can earn up to 0.20% interest each year.

Children can also enjoy Mighty Savers® Fast Track at any “Sunday at OCBC” branch. They can make coin deposits for free at OCBC new ATMs at selected branches, 24/7. To be eligible for this, children need to be below 16 years old and with a parent or legal guardian to open a joint account.

4. Citibank Junior Savings Account

Type of informationDetails
Highlights to Note– Easy tracking of funds with a separate monthly statement
– Earn interest as your child grows his savings
– Parents/Child aged 15 and above can access the account conveniently through online banking
AddressMultiple branches
Contact DetailsTel:
+65 6225 5225

Citibank Junior Savings Account allows you to track your funds, knowing where the money is coming in and out as Citibank provide a separate monthly statement. Interest rates are at 0.05% p.a. for the first SG$30,000 and 1% for subsequent amounts above.

In addition, your child will also receive their first ATM card as well as access to online banking services from 15 years old onwards. This will teach them the values of money and how they can take charge of their own money. If your child is travelling overseas, your child can also receive an international ATM card if he/she is above 15 years old.

5. CIMB Junior Saver Account

Type of informationDetails
Highlights to Note– For children aged 12 years and below
– Competitive rates
– No fall-below fees
– Online application  
AddressMultiple branches
Contact DetailsTel:
+65 6333 7777

CIMB Junior Saver Account is designed for children aged 12 years and below, to let your child enjoy competitive rates for his/her saving accounts from a young age. Your child will also get to enjoy other perks such as discounts, privileges and invitations to events.

Interest rates are at 0.20% p.a. for the first $200,000, and ).40% p.a. for the next $800,000. There are no fall-below fees as CIMB believes that a savings account should earn and not cost you money. As such, you will not have to pay any fees to maintain this account. Application can be done online in the comfort of your home and get your child’s new account number immediately upon successful application.

6. Maybank2u Youngstarz Account

Type of informationDetails
Highlights to Note– Attractive base interest and enjoy up to 3X interest with Maybank Family Plus
– Exclusive privileges during your child’s birthday month
– Children below 16 years old
AddressMultiple branches
Contact DetailsTel:
1800-629 2265

At Maybank2u Youngstarz Account, all you need is $10 to kickstart your child’s financial journey. Your child will enjoy attractive interest rates of 0.1875% p.a. for the first S$3,000, 0.3125% p.a. on the next S47,000 and 0.3750% p.a. for anything above S$50,000.

Not only so, but both you and your child can also enjoy Worldwide Personal Accident Insurance coverage under this savings account, giving you a peace of mind wherever you go. Maybank is holding a promotion that is exclusive for new customers only – Open a new account for your child to start your savings challenge today and receive up to S$30 POPULAR Bookstore vouchers!

7. Standard Chartered e$aver Kids

Type of informationDetails
Highlights to Note– Online trust savings account 
– No minimum deposit
– No minimum balance
– No Lock-In Period
– No Monthly Fees
AddressMultiple branches
Contact Detailshttps://www.sc.com/sg/help/contact-us/ 

Next on the list of the best children’s savings account in Singapore is Standard Chartered e$aver Kids. e$aver Kids is an online trust savings account that allows parents to maintain complete control of their children’s savings. You can open an account for your child with no minimum initial deposit and no minimum balance.

In addition, there are no lock-in periods as well which means you will have the flexibility to withdraw funds anytime you want. There is no need to pay any monthly fees, which means that your child can build up his/her savings faster, accumulating his/her wealth at a young age.

8. POSB Smiley CDA

Type of informationDetails
Highlights to Note– Enjoy up to 2% p.a. interest rate 
– Get exclusive merchant deals
– Grow with an auto-bundled kids account
AddressMultiple branches
Contact DetailsTel:
1800 339 6666

With the POSB Smiley Child Development Account (CDA), you can enjoy up to 2% p.a. interest rate for amounts S$50k and below. CDA is a special savings account for your newborn, with dollar-for-dollar matching from the government.

With this account, you can gain access to exciting deals and perks for the whole family with your POSB Baby Bonus NETS Card at various merchants. Also, your child’s CDA will be bundled with your Reserved Account(s), being My Account (Personal and/or Joint-Alternate), which we will mention later as well.

9. HSBC Premier Lite Savings Account

Type of informationDetails
Highlights to Note– Needs an existing HSBC Premier account 
– 24-hour phone banking services 
– Global support
AddressMultiple branches
Contact Detailshttps://www.hsbc.com.sg/contact/ 

HSBC Premier Lite Savings account provides a savings account for your child to save early and educate them on the importance of financial literacy and financial stability. To open an HSBC Premier Lite Savings account, parents need to first have an existing HSBC Premier account.

This account promotes Exclusive HSBC Premier Interest Rates, where you can earn interest rates of up to 1.85% p.a. Also, HSBC provides 24/7 phone banking services and global support so that you and your child can get help any time, anywhere.

10. POSB My Account

Type of informationDetails
Highlights to Note– Available to customers of all ages
– Earn daily interest
– Activate banking services anytime, anywhere
AddressMultiple branches
Contact DetailsTel:
1800 339 6666

POSB My Account is the first deposit account that you can customise to meet your kids’ growing needs. You can link My Account with your child’s Smart Buddy, and instantly transfer allowance to your kids. You can also manage your child’s finances or let your child develop healthy saving habits via My Account.

To prepare your child for the future, you will have the option to convert your My Account to a Multiplier Account to earn higher interest of up to 3.8% p.a. In addition, you are in luck if you are a fan of name customisation. You can set your own special nickname for the account that belongs to both of you. This can be done via digibank and you can see your chosen nickname displayed on your account’s statement.


Do you have any reviews and comments to share regarding our choices for the best children’s savings account in Singapore?

While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the listed children’s savings account in Singapore.

We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best children’s savings account in Singapore.

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