Which is your preferred Kids Savings Account?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.
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Which is your preferred Kids Savings Account?

POSBkids
20
25%
MSAkids
0
No votes
OCBC Young Savers
41
51%
UOB Junior Savers
2
3%
StanChart e$aver Kids!
11
14%
Maybank Youngstarz
4
5%
Others
2
3%
 
Total votes: 80

chiaki
OrangeBelt
OrangeBelt
Posts: 53
Joined: Sun Oct 14,

Re: Which is your preferred Kids Savings Account?

Post by chiaki » Fri Jun 05, 2015 7:09 am

If the kid is still very young and they have no need for the $, I suggest buying some blue chip. Over next 10,20 years, you should be better off 99% of the time.

The only trouble is the I can't open a CDP account in their name as there is a min age right?

So need to buy under my account and I need to keep track and return them their interest, dividend etc. Very leychey.

turtlexpress
YellowBelt
YellowBelt
Posts: 10
Joined: Tue Jun 16,

Re: Which is your preferred Kids Savings Account?

Post by turtlexpress » Tue Jun 16, 2015 6:01 am

Else just buy them an insurance policy that will be in force even after the parent pass away.

No, I am not kidding. I also just happen to know about such a policy from my spouse.

The policy is in force until the parent birthday reach 99 years old even after the parent pass away.

This plan is good if you have spare cash and wanted to leave something for your kid.

envyna
YellowBelt
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Posts: 20
Joined: Mon Dec 27,

Re: Which is your preferred Kids Savings Account?

Post by envyna » Sun Jun 28, 2015 3:30 pm

Recently an agent suggested me to buy an endowment and beneficial is my kid so anything happens, she will have the money rather than one of those savings cos they tend to ask for premium of 10yrs but u can take it out at 15yrs.

mommy2two
GreenBelt
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Posts: 117
Joined: Fri Nov 26,

Re: Which is your preferred Kids Savings Account?

Post by mommy2two » Tue Oct 20, 2015 11:38 am

for my kids, i opened both Maybank Youngstarz and OCBC Mighty Savers for them; for different savings. Maybank is for me to contribute to their savings on monthly basis while Mighty Savers are more for their own 'income' from CNY or Birthday Ang Paos.

So far, i find that Maybank is good for me as once the kids' savings hit certain amount, i will move them to a consolidated account under iSavvy account (mine) which yields more interests (monthly and yearly).

alternatively, another better way to save/compound savings for them in the long run (not CPF SA for sure!) is to buy blue chip stock. there are risks involved for sure but for long term, the dividend is definitely much much more that the interests from savings of FD.

for my kids, each one will get a "stock" (not necessarily blue chip) during their 1st year; usually i will buy within 3-5 months after their birth as a starting gift for them. CPF is the best way to start if there's insufficient hard cash on hand.

just my sharing =)

Sirrisap
KiasuNewbie
KiasuNewbie
Posts: 7
Joined: Sun Jan 10,

Re: Which is your preferred Kids Savings Account?

Post by Sirrisap » Sun Jan 10, 2016 7:20 pm

hello. is the ocbc mighty savers a multi currency account (USD or Euros)?


daddy2007
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Re: Which is your preferred Kids Savings Account?

Post by daddy2007 » Mon Jan 11, 2016 8:36 am

mommy2two wrote: for my kids, each one will get a "stock" (not necessarily blue chip) during their 1st year; usually i will buy within 3-5 months after their birth as a starting gift for them. CPF is the best way to start if there's insufficient hard cash on hand.
Who is the owner for the "stock" then? Don't think can be the child.

If one uses CPF, the money still don't belong to the child right?

ShaSha99
YellowBelt
YellowBelt
Posts: 10
Joined: Wed Jan 13,

Re: Which is your preferred Kids Savings Account?

Post by ShaSha99 » Thu Jan 14, 2016 7:24 pm

Whoa i didnt know there were so many different kids savings accounts. I am using POSB for my DD... will explore the others now that I know of it.

Thanks for sharing !

moneysaving aunt
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Posts: 1
Joined: Mon Apr 15,

Re: Which is your preferred Kids Savings Account?

Post by moneysaving aunt » Mon Apr 15, 2019 5:00 pm

Hi, I would like to check if I am the aunt for my 7 year old nephew, am I able to open a joint kids account with them instead of the parent?

kimmy4
OrangeBelt
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Posts: 78
Joined: Thu Mar 08,
Total Likes:1

Re: Which is your preferred Kids Savings Account?

Post by kimmy4 » Mon Apr 29, 2019 12:35 pm

We have UOB Junior Savers Account.. You get 0.05% for the first $350,000, and the interest rate is increased to 0.1% for amounts above $350,000.

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