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.

Which is your preferred Kids Savings Account?

POSBkids
20
26%
MSAkids
0
No votes
OCBC Young Savers
38
49%
UOB Junior Savers
2
3%
StanChart e$aver Kids!
11
14%
Maybank Youngstarz
4
5%
Others
2
3%
 
Total votes : 77

Which is your preferred Kids Savings Account?

Postby BigDevil » Wed Aug 11, 2010 4:19 pm

I have summarised the various offerings in the table below.

Image

Some points to note:

1. POSB's MSA (MySavings Account) comes in adult and children versions, but I don't see any difference between the 2 since both offer same interest rate, no fall-below fee, no minimum balance to maintain. I included MSAkids (because of "KIDS") in the table above even though it doesn't seem to offer any extra perks as compared to MSA. I guess maybe with the word "kids" in the account name, you are less likely to make a withdrawal from it since you are saving for your children's furture?

2. Both MSAkids and StanChart e$aver Kids! require GIRO/standing instructions to make monthly deposit into the account.

3. MSAkids' interest rate depends on the amount of your monthly deposit, unlike other accounts which are tiered according to the account balance.

4. Only POSBkids and OCBC Young Savers offer a reward program to encourage savings.

So which one do you prefer? What do you look for in a kids savings accounts....high interest rate? Promote savings?

BigDevil
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Postby UncleLim » Wed Aug 11, 2010 4:39 pm

I am ashamed to say that I have not applied for bank accounts for my children. Every year, I collect their ang pow money and keep them for my own use. I am sure my crime will come back to haunt me when they grow up !

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Postby Sun_2010 » Wed Aug 11, 2010 5:01 pm

ahh! system limitations can choose one only.

Well the kids have OCDC young savers , they handle it . The stamps etc is very attractive to DS. ( he is saving to buy a Ferrari :stupid: )

DD older but not money smart - if she needs money she knows what to do -Ask Dad :x

And i have one with MSAkids for each too, but that they are not aware of.

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Postby tree nymph » Wed Aug 11, 2010 5:09 pm

BigD,

Thanks for the detailed summary!

for convenience sake, I actually got the OCBC one since it is also linked to the govt's MCYS account... no POSB account...

I bought a whole life insurance policy for each of the kid, premiums to be paid until they are 20yo. this is our gift to them. full stop.

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Postby BigDevil » Wed Aug 11, 2010 5:19 pm

Sun_2010 wrote:And i have one with MSAkids for each too, but that they are not aware of.

Didn't you need to bring them along to open the account?

I have one for DD too, and I brought her along to open the joint account with me.

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Postby Guest » Wed Aug 11, 2010 5:23 pm

UncleLim wrote:I am ashamed to say that I have not applied for bank accounts for my children. Every year, I collect their ang pow money and keep them for my own use. I am sure my crime will come back to haunt me when they grow up !


Uncle...better late than never!! :wink:
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Postby MMM » Wed Aug 11, 2010 5:24 pm

I feel that OCBC is gg to be the next POSB with the promotion they are doing in school.

The kids have mighty savers account.

I like it for :
* Banking hours
* Rewards

But it would be good to have the following too :
* No limitation on coin deposits. Though we do exchange their coins with notes but I feel that the bank should be open to such deposits for kids.
* More interesting gifts that are age related??? Some of their gifts are quite kiddie and it doesn't appeal once the kids are older.
* No limits on the no. of times/ amount you can get in a month? Think it's max twice a month??? or $40?

We gave up on the card tracking after awhile. Just told them.... seeing their bank account grow is more rewarding than the gifts the bank offer.

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Postby BigDevil » Wed Aug 11, 2010 5:25 pm

You're welcome tree nymph...just interested to find out what other parents are doing with their kids' savings.

Hmmm....maybe I should have included an option for "Others"??

Mod....pls help!!

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Postby tankee » Wed Aug 11, 2010 5:29 pm

BigDevil wrote:You're welcome tree nymph...just interested to find out what other parents are doing with their kids' savings.

Hmmm....maybe I should have included an option for "Others"??

Mod....pls help!!


Done :wink:

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Postby BigDevil » Wed Aug 11, 2010 5:34 pm

MMM wrote:* More interesting gifts that are age related??? Some of their gifts are quite kiddie and it doesn't appeal once the kids are older.

How old were your kids when they lose interest? Maybe I should start my kids before they reach that age....

* No limits on the no. of times/ amount you can get in a month? Think it's max twice a month??? or $40?

There's actually a limit? Hmmm...didn't notice that in their website. Must be those tiny prints at the bottom of the page...

We gave up on the card tracking after awhile. Just told them.... seeing their bank account grow is more rewarding than the gifts the bank offer.

Guess that will work better with older kids who understand numbers...
Also, not all accounts listed come with a passbook.

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