best savings account for kids

Starting Young: 10 Best Savings Account for Kids in Singapore

Saving money is a beneficial practice that most people overlook. It gives you financial security and ensures you avoid the stress that comes with debts. Bringing your kid on board while they’re young is a great move.

It’ll not only make them responsible but also mold their character and help them become more independent. Besides, the more they have in their later years, the happier and more peaceful they’ll be.

You can set the ball rolling by opening a kids savings account for them. A kids savings account is beneficial, as we shall discover below.

Also: Help teach your kids about financial concepts by applying a supplementary credit card for them and 6 Best Short-term Endowment Plans in Singapore

Why Open a Savings Account for your Kids

There are many reasons, but here are some of the main ones:

  • It helps them learn the worth of money

Many parents and guardians give their children money whenever they need it. Although this isn’t entirely bad, it can make the young one feel entitled and fail to realize the effort it takes to make the cash.

You can instill a sense of realization by making them deposit some money into their kids savings accounts. They can then use it to buy something they need later.

  • It helps them become aware of the basics of money

Having your child watch you as you make transactions in your account isn’t enough. They need a hands-on approach to gain financial literacy. 

A kids savings account is more effective than a piggy bank. It enables them to learn the basics of money through transactions, withdrawals, calculations, etc.

  • They can learn to stay focused

A kids savings account can help your young one mind their personal finance. They’ll commit to saving their pocket money for a particular purpose.

  • It keeps the saving spirit alive 

Your child will get motivated to keep saving when they watch the money increase in their own savings account. They might even save more than what they deposited previously in their piggy bank.


Child Development Accounts (CDAs) vs. Kid Savings Accounts

CDAs are savings accounts for children in Singapore. Professionals introduced them to help offset a child’s early life costs. 

A Singaporean parent can open it at least two months before their child’s delivery date.

One notable benefit of a child development account (CDA) is the CDA First Step cash grant of S$3,000. The Singapore government offers it to little ones born after March 24, 2016.

The accounts are convenient. However, you may want to open a kids savings account for your child even if they have a CDA since:

  • A child development account (CDA) expires when your child turns 13. Any amount remaining in the account will be automatically shifted to the Post-Secondary Education Account (PSEA).
  • You can’t withdraw money from the CDA. You can only use the funds to cater to child-related costs at Baby Bonus Approved Facilities like special education schools, optical shops, child care centers, pharmacies, and kindergartens.

On the other hand, you can withdraw money from a kid’s savings account. You could start saving on their behalf away from an ordinary financial institution if they’re younger.

little kid thinking with piggy bank

10 Best Savings Accounts For Kids

Here are some of the best kids savings account in Singapore that you can rely on for an unmatched savings experience:

Bank Savings Account Name Interest Rate Key Benefits
POSB Smiley CDA Up to 2.00%
  • Exclusive merchant deals
  • Up to 2% p.a interest rate
  • An auto-bundled kids account for further growth
OCBC Child Development Account Up to 2.4%
  • Enjoy at least 50 percent discount at over 15 merchants
  • Earn up to 2.4% every year
UOB Junior Savers Account 0.05%
  • Awesome interest rates
  • Access anytime you want
  • You get a complementary UOB ATM card
  • Free insurance coverage up to 100% of your deposit balance
OCBC Mighty Savers Account Up to 0.30%
  • Priority queue service on Sunday at all Sunday banking branches
  • Up to 0.20% interest every year
  • Zero coin deposit fee and no minimum balance needed
CIMB Junior Savers Up to 0.40%
  • Apply online from the comfort of your space
  • Competitive interest rates with interest accumulated daily
  • No fees needed to maintain the account
Maybank Youngstarz Savings Account Up to 0.3125%
  • Mouth, foot, and hand disease outpatient insurance and hospitalization
  • Enjoy up to 3X interest with Maybank Family Plus
  • A Maybank Youngstarz Savings Account offers Global Personal Accident Insurance for you and your kid
  • Exclusive birthday privileges on your little one’s birthday month
Citibank Junior Savings Account Up to 1.00%
  • International ATM card for children and grownups aged 15 and over
  • Online banking for adults and kids aged 15 and above
  • Citiphone Banking and Automated Voice Response
  • Simple tracking of funds with a separate monthly statement
UOB Child Development Account Up to 2.00%
  • UOB Baby Bonus Card
  • You earn at least 2% p.a. Interest on your child’s account
  • Unlimited access
  • Dollar-to-dollar matching from the Administration
Standard Chartered e$aver Kids Account Up to 0.25%
  • You can withdraw funds anytime you wish
  • No minimum balance- you can maintain any amount you wish
  • You don’t have to deposit any amount initially to open an account
  • No monthly fees
HSBC Premium Lite Savings Account Up to 1.85%
  • Overseas education support
  • Wealth management solutions, support, and exclusive rewards from a committed Relationship Manager
  • Digital banking
  • Overseas education support
  • An array of sustainability-related investment products


1. POSB Smiley CDA

Best for Children aged 0-12 years
Interest rate Up to 2.00%
  • Exciting perks and deals for the whole family with your Baby Bonus NETS Card
  • 2% p.a. interest rate for amounts S$50,000 and under
  • A copy of the child’s certificate of Singapore citizenship or birth certificate
  • An authentic authorization letter
  • Trustee’s passport or NRIC
URL to Product Page 


POSB Smiley CDA is one of the best kids savings accounts. It offers interest rates of 1.00% p.a. or more for the first S$10,000. The interest rates increase for the next S$40,000 and 0.05 percent for any amount higher than S$50,000.

The Government matches every dollar you put into the account. This is until your little one reaches certain age limits. Afterward, the account becomes inactive. But hey, the Administration will deposit S$3,000 into the account if your child is born from March 24, 2016, onwards!

2. OCBC Child Development Account

Best for Kids aged 0-12 years
Interest rate Up to 2.4%
  • You’ll earn up to 2.4% annually
  • 50% discount at more than 10 merchants
  • An original authorization letter
  • The trustee’s passport or NRIC number
  • A copy of the child’s birth certificate
URL to Product Page 


OCBC CDA is better than a normal savings account due to its special offer. You get a 1.2% interest rate annually for the first S$10,000. You also receive a 2.4% interest rate for any amount higher than S$10,000.

Like most other CDAs, the Government also provides dollar-for-dollar matching for this savings account for kids. It’ll earn interest and its benefits are super enticing.

3. UOB Junior Savers Account

Best for Kids aged 16 and below
Interest rate 0.05%
  • You can access your account 24/7
  • Free insurance coverage of up to 100% of your deposit balance
  • Stress-free internet banking and mobile banking
  • A minimum initial deposit of S$500
  • Applicant should be 15 years and below
  • Complete all details on the form correctly
  • Provide a residential address
  • Provide a National Registration Identity card as confirmation of identity
URL to Product Page 


A UOB Junior Savers Account takes a different approach to saving. The account owner should open it as a joint account with their parent/guardian. 

Upon opening the account, the child receives complimentary life insurance coverage and a UOB ATM card with PLUS and NET facilities. The account transforms into a regular savings account once the young one turns 17 and above. It has a heftier minimum initial deposit balance than most accounts for kids.

4. OCBC Mighty Savers Account

Best for Kids aged 16 and younger
Interest rate Up to 0.30%
  • Children enjoy MightySavers Fast Track at all ‘Sunday at OCBC’ branches
  • No coin deposit fees
  • Child’s birth certificate and parent’s NRIC for Singaporeans
  • The people involved should be Singaporeans, foreigners living in Singapore, or Singapore PRs
  • The child should be 16 years and below
URL to Product Page 


You can earn extra interest rates of 0.05% or more annually with the account. All you have to do is save S$50 monthly with zero withdrawals. Like our previous option, the owner needs to open this special savings account as a joint account with their parent/guardian.

5. CIMB Junior Savers

Best for Children aged 12 years and below
Interest rate Up to 0.40%
  • Convenient online application
  • A competitive interest rate
  • No fall below fees or even early account closure fee
  • Child’s birth certificate and passport for foreigners
  • Copy of NRIC/Passport for Malaysians and Singaporeans in Singaporeans
  • Proof of residential address
URL to Product Page 


The CIMB Junior Saver Account is one of the savings accounts in Singapore that provides interest rates of 0.20% or more annually for the first S$200,000. And 0.40 percent for the following S$800,000. It might not have fall-below fees, but there’s a minimum initial deposit of S$1,000.

6. Maybank Youngstarz Savings Account

Best for Children aged 16 years and below
Interest rate Up to 0.3125%
  • Exclusive privileges during your child’s birthday month
  • Enjoy at least 3X interest with Maybank Family Plus
  • Hospitalization and Outpatient Insurance
  • Worldwide Personal Accident Insurance coverage for you and your young one
  • Daily hospitalization cash benefit
  • The child and parent should be at least 16 years old
  • The child’s birth certificate and parent’s NRIC for Singaporeans
  • A birth certificate for a foreigner child and passport for a foreigner parent
URL to Product Page 


The Youngstarz savings account for kids grants you interest rates of 0.1875% or more for the first S$3,000 in the account. The interest rates change to 0.3125% when you deposit the next S$27,000. A Maybank Youngstarz Account offers you the above privileges as long as your account has at least S$5,000.

happy cute little kid girl read book with parent

7. Citibank Junior Savings Account

Best for Kids aged 18 and below
Interest rate Up to 1.00%
  • Free access to online banking
  • Children above 15 years get a Citibank Junior Debit Card
  • Simple tracking of funds
  • The child/parent should be at least 18 years old
  • A copy of the child’s birth certificate and parent’s NRIC for Singapore residents
  • A copy of the child’s birth certificate and parent’s passport for foreigners
URL to Product Page 

Citibank Junior Savers Account, like UOB, offers life insurance. However, it’s not one of the best savings accounts in Singapore for nothing. It spices things up by providing a dual-insurance benefit covering the parent and child. You need to have an existing bank account with Citibank to open it. 

8. UOB Child Development Account

Best for Kids aged 12 years and below
Interest rate Up to 2.00%
  • It comes with a Baby Bonus card that you can use to make GIRO and NETS payments
  • Up to 2% p.a. Interest
  • CDA First Step Grant of S$3,000 upon opening
  • Register as early as 2 months before your child’s delivery date
  • Authorization letter from MSF (foreigners)
  • Child’s Passport, Birth Certificate, or Citizenship Certificate (foreigners)
  • Apply for the account through Baby Bonus Online
URL to Product Page 


Dollar-for-dollar matching from the Government earns you CDA benefits of at least S$6,000 for your first and second child. Your child can use the Baby Bonus Card that comes after opening this account to pay for child-related expenses at approved institutions. 

9. Standard Chartered e$aver Kids Account

Best for Children aged 18 years and below
Interest rate Up to 0.25%
  • Open an account with zero minimum initial deposit
  • No monthly service fee payable
  • No lock-in period
  • Trustee must be 21 years old and above
  • Trustee to sign Declaration of Trust
  • Child to be below 18 years old
  • Trustee should provide a copy of NRIC or passport
URL to Product Page 


This is one of the best savings accounts. It has impressive interest rates and allows you to have control over your child’s entire account balance. No minimum balance and minimum initial deposit are needed to open the account. 

This Standard Chartered e$aver kids account will compound your balances at an interest rate of 0.10% annually for the first S$50,000. And 0.15% for any amount above S$50,000.

10. HSBC Premium Lite Savings Account

Best for Kids aged 18 and below
Interest rate Up to 1.85%
  • Overseas education support
  • Smooth global banking
  • Premier for more- you can extend it to your partner and at least 3 kids between 18-30 years old
  • A recent proof of address
  • A copy of your (and your child’s) ID
  • A copy of your passport and your child’s birth certificate (foreigners)
URL to Product Page 


This child’s savings account is better than regular savings accounts. It has good interest rates and allows your child to save early and learn the importance of saving. It can be of help to you too. 

It helps you maximize your savings with the array of digital wealth solutions on its Wealth Dashboard that allows you to follow trends, transact, and invest seamlessly. You must have an existing HSBC Premier bank account to open it for your young one.

Final Word

A kid is never too young to begin saving. It’s up to you, the parent or guardian, to sow this seed in them. It might seem challenging initially, but they’ll adopt the habit and thank you later in life. Try the kids savings accounts above today and set your child on the right financial path.

Key Takeaways

  • Saving money helps your child learn the value of money
  • Saving helps them become independent and make wise financial decisions
  • It’s your responsibility as a parent/guardian to instill the saving habit into your child
  • Child savings accounts are better than regular bank accounts

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