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With both parents often at work nowadays, it’s increasingly common for tween or teenagers to settle their own lunch after school, whether it’s buying their favourite food from the neighbourhood malls or having a meal with friends before going home.

As more establishments—such as fast food joints and bubble tea shops—shift to cashless-only payments via self-ordering kiosks or QR code menus, children who rely solely on cash may find it challenging to make purchases at these venues.

Fifteen-year-old Shayna Tay's father allows her to use one of his cashless payment methods for her own purchases when he's not present, but only for legitimate purposes and with his prior approval each time.

Other parents may be more hesitant to do likewise due to concerns over security and accountability.

Your child’s own bank account with digital payment options

According to a Mastercard report though, 58% of Gen Alpha kids in the Asia-Pacific (APAC) region are already holding digital wallets and 48% are holding credit cards. And their parents are realising that their Gen Alpha kids are becoming more financially savvy. 

Recognising an evolving landscape where digital transactions are on the rise, the OCBC MyOwn Account will enable children seven to 15 years old to make cashless payments safely and independently.

Parents can now open an OCBC MyOwn Account for your child via your OCBC app. Your child’s OCBC MyOwn Account will be registered in their own name and comes with their personal debit card and PayNow functionality so they can be prepared for the inevitable future of digital payments.

Whether it’s about saving or spending, OCBC MyOwn Account grows with your child. If cash is still the preferred mode of payment, especially for the younger ones, you can use the account to build healthy saving habits. If you're ready to introduce cashless payments, OCBC MyOwn Account can introduce your child to real-world digital spending situations—safely and gradually—with you staying in the loop through instant transaction alerts.

You can let your child choose from a wide variety of debit card designs, including those featuring popular Marvel, Disney or Star Wars characters. Limited-edition designs are also available.

After you install an OCBC app on your child’s mobile device, they will be able to access their own bank account with their unique login credentials. And from the parent’s dashboard on your own OCBC app, you’ll be able to receive real-time transaction alerts when your child makes a purchase or withdraw money, set transaction limits, schedule transfers of pocket money, activate the OCBC Money Lock to prevent scams and manage other features to help keep tabs on your child’s money moves. This mirrored dashboard marks a first for digital banking apps in Singapore.

A modern-day tool to teach them financial literacy

Ms Tan Huiting believes that giving her 11-year-old youngest son a daily cash allowance is a practical way to teach him financial responsibility and nurture a habit of savings. “I usually give my son $3 to $5 cash a day as pocket money. If he overspends during recess, he’ll realise that he won’t have enough left to splurge on stationery from the school bookshop or potato chips from the nearby convenience store after school the same day,” shares Ms Tan.

“And if he sets his sight on a new toy, we encourage him to save up his daily pocket money to purchase it himself. It’s a way to teach him accountability for his spending, So far, the most expensive items paid for out of his own pocket include a Roblox gift card that cost $30.”  

With the OCBC MyOwn Account, parents like Ms Tan can take teaching their children financial literacy up a notch. 

Giving children their own savings account, rather than having a joint account with their parent’s name on it, empowers them with a sense of ownership. With personal login credentials, they can independently check their balance anytime, reinforcing responsibility and financial awareness from an early age. 

And instead of saving coins and dollar notes in a jar, your child can deposit money, for example their Chinese New Year red packet money, into their OCBC MyOwn Account via ATMs. Or you can help to make digital banking transfers while showing your child how their account’s balance grows to encourage a more prudent mindset.

Save the hassle of giving out cash allowances. You’ll have the option to set when and how much allowance to transfer directly into your child’s MyOwn Account. At the same time, you can also set a limit on how much your child can withdraw from the ATM at any one time.

Safety features for peace of mind

Your child’s account can be further safeguarded with the OCBC Money Lock feature, which enables a portion of funds in the account to be securely locked, preventing them from unauthorised digital access. 

Other security measures available via the OCBC app include the ability to lock and unlock your child’s debit card, a “kill switch" to freeze their account, debit card and ATM access, and digital banking, if you suspect their account has been compromised.

Learn money savvy tips the fun way

To give Gen Alpha a headstart in becoming financially savvy, OCBC’s Little Money Masters series teaches money matters through comics featuring favourite Disney characters. Topics covered include budgeting, tracking of expenses, using the OCBC app, debit card usage, online safety and scam protection.

FIND OUT MORE OR SIGN UP NOW FOR THE OCBC MYOWN ACCOUNT

Disclaimers:

Terms and conditions governing the OCBC MyOwn Account apply. For full terms and conditions, please visit go.ocbc.com/MyOwnAcc

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$100,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.