As our toddler grows up, we have been considering opening a savings account for her, so we can start saving her angbaos and birthday gifts whenever she receives them. In Singapore, most people of our generation tend to have a POSB savings account as their first bank account.

Who could forget the squirrel mascot? Cause we definitely still remember it!

It got us thinking whether we should also open a POSB savings account for our toddler or explore savings accounts from other banks.

In this article, we will be looking at the different savings accounts offered by banks in Singapore.

POSB My Account

Features

• Comes with interest of 0.05%
• No minimum balance to maintain
• Free gift of $1 by POSB to savings account
• No coin deposit fees when using coin deposit machine
• Interest is calculated daily and credited at the end of calendar month
• Option to enroll for PayNow for easy fund crediting
• Option to link with SMART BUDDY, for easy monitoring of spending and transfer of pocket money
• Option to use PayLah! for spending and transferring of pocket money
• Eligible to apply for DBS/POSB ATM card once child is 12 years old
• Eligible to apply for DBS Visa Debit Card and more digibank services once child is 16 years old

POSB definitely has a well-thought-out plan to keep their young customers with the bank. Whether you have a baby or toddler that is starting their first bank account, or school-going children trying to find a bank account to link to their smart watches, you can use POSB My Account.

POSB My Account is a basic savings account for young kids with an interest of 0.05%. We appreciate that they offer the option to deposit money using coins with no additional fees. For context, POSB coin deposit fees are S$1.80 per 100 pieces or part thereof. So it is really great for us as parents to deposit old coins without any additional charges.

For school-going children that are using a smart watch for their spending using SMART BUDDY or PayLah!, parents can link it to POSB My Account and top up this account for their spending. This makes it easier for parents to transfer pocket money and track the things the kids have been spending on.

Once the kids turn 12 years old and 16 years old, there is even the option to apply for DBS/POSB ATM Card and DBS Visa Debit Card respectively so there are smooth transitions to wider financial options as the kids grow up. This process makes it very seamless for parents without going through the trouble of visiting the bank branches at different age stages.

Note that POSB My Savings is for kids below 16 years old, and the option to receive paper statement and fee of $2 is waived if you are 16 years old and below.

OCBC Mighty Savers®

Features

• Comes with a base interest of 0.05%
• Monthly deposit of $50 and no withdrawals each month will qualify for an additional 0.05% bonus interest
• Additional 0.2% bonus interest if you have a CDA account with OCBC and satisfy the above deposit criteria
• No initial deposit required
• No minimum balance
• No coin deposit fees when using selected coin deposit machines
• Interest for base interest is calculated daily and interest for bonus interest is calculated based on account’s average daily balance and credited at the start of the month
• Option to enroll for PayNow or FAST for easy monthly fund crediting

OCBC Mighty Savers Account has a bonus structure similar to their flagship account OCBC 360, whereby you would need to fulfil certain criteria in order to get a bonus interest. In this case for OCBC Mighty Savers Account, you would need to make a deposit of minimum $50 every month to qualify to get additional 0.05% bonus interest. You would also get an additional bonus 0.2% if you are using OCBC for your child’s CDA account.

Similarly to POSB My Account, you can also get the deposit charges waived off if you are depositing coins into OCBC Mighty Savers Account using selected OCBC ATMs. For context, OCBC charges S$2.00 for every 100 coins deposited or part thereof.

Note that OCBC Mighty Savers Account is for kids below 16 years old, and you will receive monthly statements via electronic methods only.

UOB Junior Savers Account

Features

• Comes with a base interest of 0.05% for first S$350k balance and 0.1% for amount beyond S$350k
• Deposits in account is insured up to 100% depending on the amount
• Eligible to convert account to regular statements-based savings once child is 15 years old
• Eligible to apply for ATM card once child is 15 years old
• Initial deposit of $500 needed
• Average balance of $500 needed else a S$2 fall-below fee is charged
• Interest is calculated daily and credited at the end of calendar month

UOB Junior Savers Account operates more like a savings savings account that is really great for parents who want to be more disciplined with their savings for their children. This means that UOB does not allow for any withdrawal via phone banking or Internet banking, and withdrawals can only be made via visiting a bank branch.

In addition, an initial deposit of $500 is required and you need to maintain an average balance of $500 monthly or you will be charged a fall-below fee of $2. The upside is, what you saved in this account is eligible for life insurance coverage of up to 100% of the deposit balance. But, the catch is, the minimum balance you need to maintain is at least $3000 average daily for the past 6 months prior to your claim.

Note that UOB Junior Savers Account is for kids below 16 years old, and you will receive monthly statements via electronic methods only.

Standard Chartered e$aver Kids

Features

• No minimum deposit required
• No minimum balance to maintain
• No requirement to maintain account – can close account anytime without early account closure fees
• Withdrawals to the account can be made anytime

While Standard Chartered offers a savings account for kids called e$aver Kids, there is little information on the exact interest rates your kids will be earning if they choose to go with Standard Chartered. On a positive note, it is a very low-maintenance account with no minimum deposit, no minimum balance, and no requirement to maintain a minimum duration. You can also make withdrawals to the account anytime which make it a really fuss-free account to maintain.

Maybank Youngstarz

Features

• Comes with a base interest of 0.05% for first $10k
• Next $40k comes with interest of 0.8%
• Deposit amount above $50k comes with interest of 1.0%
• Potential to earn up to 3x interest rates with Maybank Family Plus
• $10 deposit required
• Minimum $10 balance to maintain
• Account will be converted to SaveUp account when child turns 17 years old
• Comes with Hand, Foot & Mouth Disease Hospitalisation and Outpatient Insurance
• Comes with free Personal Accident Insurance coverage for parent and child
• No requirement to maintain account – can close account anytime without early account closure fees
• Withdrawals to account must be made at the bank branch

Maybank Youngstarz has one of the highest interest rates amongst savings accounts for kids and toddlers. For deposits in Maybank Youngstarz above $50k, your child will earn 1.0% which is a very good rates\ given that most banks are offering 0.05% in interest.

If you are using their Maybank Family Plus account, this also qualifies for up to three times the interest rates, but you would need to fulfill a certain set of criteria in order to enjoy the higher interest rates. The cherry on top of this Maybank Youngstarz savings account is that it comes with Hand, Foot & Mouth Disease Hospitalisation and Outpatient Insurance and free Personal Accident Insurance coverage.

Although it may be a double-edged sword, Maybank makes it difficult to do withdrawals on this account, and you would need to go to a bank branch in order to do so. This would encourage parents to be more disciplined in saving for their kids.

CIMB Junior Saver Account

Features

• Comes with a base interest of 2.19% for first $25k
• Next $25k comes with interest of 2.7%
• Deposit amount above $50k comes with lower interest of 0.8%
• $1000 deposit required
• No minimum balance to maintain
• Early account closure fee of $50 will be imposed if account is closed within 6 months
• Withdrawals to account must be made at the bank branch
• Interest is accrued daily and credited monthly at the end of the month

Another high-interest savings account for children and toddlers, you can earn an effective interest rate of 2.445% on the first $50k in the CIMB Junior Saver Account. This is probably one of the highest interest rates offered on a kids’ savings account in Singapore.

CIMB Junior Saver Account is pretty much a no-frills savings account with no benefits such as insurance or free coin deposits. You can treat it as a savings account with minimum upkeep. To maximise the interest rate, you can maintain a deposit of $50k and you can get the maximum effective interest rate of 2.445%. This translates to $1222.50 in interest earned in a year, assuming there is no change in the interest rate.

CIMB also makes it hard to withdraw money from this account, where withdrawals must be made physically at the branch instead of via online banking or via card. This will put you off making withdrawals as you now need to make additional effort to travel to a branch to do so.

ICBC Elite Kids Account 

Features

• Comes with a base interest of 0.1%
• Additional bonus interest of 0.1% interest given if account balance has an increment of $500 over the previous month
• $500 deposit required
• No minimum balance to maintain

If you are an ICBC bank customer, you may look at the ICBC Elite Kids Account. It is a very basic children’s savings account with a base interest of 0.1%. If you fulfill their criteria of increasing the account balance by $500 compared to the previous month, you will enjoy an additional 0.1%, making the rate 0.2%. There is a $500 deposit required to open the account, but thereafter, there is no minimum balance to maintain.

Last Updated: 25 Jun 2025