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Jan 18, 2009

POSB kids Savings Card

POSB kids Savings Card

What is the POSB kids Savings Card?
The POSB kids Savings Card is a saving programme for kids that uses sticker cards to teach and encourage children a great way to learn how to save money. It is linked to the child’s savings account.

How does it look like?
The POSBkids Savings Card is shown here. There is a smiley squirrel dancing in a park as it begins its journey of saving.

How does the POSBkids Savings Card work?
Each child will get a nut sticker for every S$30 saved in the child's POSBkids Account. When your child collects the 5th and 10th sticker, he or she will receive a limited edition prize at any POSB branch. To get the 5th sticker, your child needs to save $150. For the 10th sticker, the total sum saved would be $300.

In addition, there will be a special prize when you make a one-time deposit of S$1,000 in your child's POSBkids Account.

This POSBkids Savings Card Programme is available to those below 12 years old, holding a POSBkids Account or POSB Savings Account.

Amounts deposited into the child’s POSBkids Account cannot be withdrawn to pay for the next sticker. If you withdraw within 3 months from the date of deposit, the value of any prize issued may be debited.

The interest rate that you earn for this Savings Card is equal to the usual deposit interest rates for the POSB Savings account or the POSBkids Account. Current deposit interest rate for these accounts is 0.25% per annum.

If you grew up with POSB while in school like us, and if you wish your kids to learn good habits of saving through a fun and rewarding way, the POSB kids Savings Card may be the one for you.

Keep reading Singapore Savings Account Rates where we bring you ‘interest-ing’ news about savings account rates in Singapore.

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