Nowadays, there are many banks that provide Junior Saving Account for children who are less than 18 years old. My mother told me before; children are never too young to learn how to save their money, especially after getting AngPow during Chinese New Year.
As parents, you can start saving your children’s money with a high interest saving account. In fact, the Junior Saving Account’s interest is as high as Fixed Deposit account. That’s too great!
Most of the bank including Maybank, AmBank and RHB Bank is giving 2.95% – 3.25% interest rate for this type of saving account.
I’m preparing a table to compare Junior Saving Account by Affin Bank, Ambank, PBB, RHB, CIMB and Maybank.
|Bank||Up To 50000||50001-99999||100K-499999||500K-999999||1M And Above||Source|
|AffinBank Junior Saver Account||3.00%||2.40%||2.85%||3.00%||3.05%||Affin Bank Rates|
|Maybank Yippie Savings Account||2.90%||1.10%||1.10%||1.10%||1.10%||Maybank Rates|
|AmBank AmGenius Savings Account||3.20%||3.20%||1.20%||1.20%||1.20%||Ambank Rates|
|RHB Junior Savings Account||2.95%||2.95%||1.25%||1.25%||1.25%||RHB Bank Rates|
|CIMB Junior Savers Account||2.95%||0.95%||1.45%||1.45%||1.45%||CIMB Bank Rates|
|PBB Wise Savings Account||2.95%||0.56%||0.56%||0.56%||0.56%||PBB Bank Rates|
*Update: August 2019
After I have done this research, I found some great things to share with you. Most of the bank is paying interest as high as ordinary fixed deposit, so we should encourage our children to learn saving money as young as possible.
LiangLiang writes about Saving, Blogging, and Investment, enjoys cooking and discovering everything new. Oh yes, she is a pretty and smart girl too.