OCBC: Best School Savings Account?

OCBC: Best School Savings Account?

Depositors with school children who attend primary education may want to consider opening an OCBC School Savings Account together with the School Protection Plan for their school-going children. Actually, parents with non-school-going children below nine years old are also eligible for this savings account.

The OCBC School Savings Account is an interest bearing savings account that comes with monthly statements showing all transactions details.

It is a trust account held in name of Parent(s) and Guardian(s). The child is the beneficiary but not the savings account holder.

OCBC School Savings Account pays one of the best interest rates for a kids savings account. Currently, the best interest rate stands at 0.48% p.a.

You can earn one of the highest rates for children savings account interest rate with a minimum initial deposit of S$100. Please note there are minor charges that apply under terms and conditions of using the OCBC School Savings Account.

There is no monthly account fall below balance fees for OCBC School Savings Account. To be eligible, individuals must be aged 21 to 50 years old. The beneficiary (child) should be aged 1 month to 9 years old for this OCBC School Savings Account.

Documents required for the OCBC School Savings Account are:· NRIC / Passport of the account holder (s) (parent(s))· Birth Certificate of the child (beneficiary of account)· A copy of the School Protection Plan insurance proposal form

For those keen to encourage their children to save regularly and earn even higher interest rates, turn to the OCBC Mighty Savers Programme.

For more details on OCBC School Savings Account visit OCBC website.

Thank you for reading Singapore Savings Account Rates, where we aim to bring you the latest and best bank / financial institution savings account rates in Singapore.

POSBKids: Free Gift and Kids Discounts

POSBKids: Free Gift and Kids Discounts

For depositors in Singapore old enough to have kids, POSB was the main School Savings Account that depositors grew up with as school kids. Now that you have your own kids, most would naturally gravitate towards POSBKids when it comes to opening a savings account for their kids.

Yet in today’s mercenary times, some of you may ask of POSBkids Savings Account, “beyond nostalgia, what other goodies are there?”

Well, here are some of their goodies, gleamed from POSBKids website:

• $1 free gift.
• Specially designed passbook.
• No minimum deposit required.
• No minimum balance requirement.
• No fall-below fee, until your child turns 21-years-old.
• Daily competitive interest.
• Exclusive free gift of a POPULAR Bookstore discount card if your child is between 7 and 12 years old when he / she opens the POSBKids account.
  

You can open 2 account types for the POSBKids savings account.

POSBKids Trust Account:
For kids below 5 years old.

POSBKids Personal Account:
For kids 5 and 12 years old.
The account will be in your child's name.

The interest rate that is paid on POSBKids account? Undetermined. (No rate given for this POSBKids account on their site)

Thank you for reading Singapore Savings Account Rates.