Introducing your child to banking at an early age is one of the best ways to teach them about money management. In both Malaysia and Singapore, banks offer savings accounts tailored for children—providing a safe place to grow their money while learning valuable financial habits.
Here’s a step-by-step guide for parents looking to open a bank account for their child, along with important considerations and tips to make the most of it.
Why Open a Bank Account for Your Child?
- Financial Education
It teaches kids how to save, track spending, and understand interest from a young age. - Developing Responsibility
Children who manage their own money—however small—learn responsibility and decision-making skills. - Secure Savings
Funds are safely stored and can be used for long-term goals like education or hobbies. - Early Financial Footprint
Having a bank account early on helps ease the transition to more advanced financial products as they grow older.
Types of Child Bank Accounts
Malaysia:
- Maybank Yippie Savings Account – Designed for children under 18 with attractive interest rates and insurance benefits.
- CIMB Junior Saver Account – Allows parental monitoring and offers rewards for good savings habits.
- Public Bank PB Bright Star Savings Account – Offers competitive interest and financial protection.
Singapore:
- POSB My Account – A flexible option for children with no minimum balance requirement.
- OCBC Mighty Savers® Account – Encourages monthly savings and offers bonuses for consistent deposits.
- UOB Junior Savers Account – Comes with insurance perks and attractive interest when linked to parents’ accounts.
Step-by-Step: How to Open a Bank Account for a Child
- Choose the Right Bank and Account Type
Compare features like interest rates, fees, and parental controls. Consider whether you want a joint account or custodial account. - Prepare the Required Documents
You’ll typically need:- Parent’s NRIC or Passport
- Child’s Birth Certificate or NRIC (for older children)
- Proof of Address
- School documents (optional, for some promotions)
- Visit the Bank (or Apply Online)
Most banks require you to visit a branch for verification, especially for children under 12. Some banks offer partial online applications. - Make an Initial Deposit
Each bank has a different minimum deposit amount—some start as low as RM1 or SGD1. - Activate and Set Up Online Access (if applicable)
Depending on your child’s age, you may also set up limited online banking or mobile app access with parental oversight.
Tips for Parents: Making the Most of Your Child’s Bank Account
- Set Savings Goals
Help your child set short-term and long-term goals like buying a toy, saving for a trip, or future education. - Teach by Example
Show your child how you track expenses or deposit money—it helps build real-life context. - Make Deposits a Habit
Whether it’s a weekly allowance or birthday gift money, regular deposits help build consistency. - Review Statements Together
Go over account activity monthly to reinforce learning about spending and saving. - Upgrade When Needed
As your child grows, consider transitioning to a teen account with a debit card to build further independence.
Opening a bank account for your child in Malaysia or Singapore is more than just a financial step—it’s an investment in their future mindset. The earlier they learn how to manage money, the more confident and capable they’ll be in adulthood.
By choosing the right bank and staying involved, you can turn simple savings into powerful life lessons.
