Baby Savings AccountsWhat is a Baby Savings Accounts?
It is a savings account that you can open for your child from the time of birth. You can withdraw and deposit cash into this Baby Savings Account.
The unique feature of such a Baby Savings Account is that it usually comes with an insurance cover for the child and yourself, up to a certain age. The amount of insurance cover depends on the bank and the amount of deposit to place in the Baby Savings Account.
Once your baby reaches adulthood or earlier, you can convert the Baby Savings Account into a standard savings account in his or her own name.
Where can you find a Baby Savings Account in Singapore?
All the local banks and some foreign banks and financial institutions.
Are the Baby Savings Account interest rates high?
It depends. Most banks offer about the same rates as ordinary savings accounts. The attractive component lies in the insurance cover and some sign-on free gifts to entice parents.
How do I find out more about Baby Savings Accounts?
You can check the various bank websites. Singapore Savings Account Rates will highlight such Baby Savings Accounts in the near future.
