Savings Account For Sister Tang

When Amilie turned 2 last week, I decided it's time to open a savings account for her. Well. few weeks before her birthday, I did a bit of "research" of the savings accounts for kids by different banks.
Considered 3 banks:- POSB, UOB & OCBC & finally settle on POSBkids.

-No minimum deposit required (There is also a $1 gift deposit when I opened the account)
-No minimum balance required until she reached 21( No fee would be deducted if I didn't maintain at a certain amount)
-Age 12 years old and below
-No ATM card issued (No access for her)
-Passbook given for transactions (though I prefer to have it as statement-based)
-Withdrawal can only be done in the bank (Amilie wouldn't be able to withdraw unnecessarily Hehe)
-No ATM card issued for this account

UOB - Junior Savers Account:-
-Statement based savings account (My preferred records)
-UOB ATM card with NETS and PLUS facilities
-Age 16 years old and below
-Automatically convert to a normal savings account when she reach 21
-Initial deposit of $500 required
-A balance of $500 required

OCBC - Young Savers:-
-No minimum balance required
-Automatic convert to normal savings account when she reach 15
-Age 5 to 14 years old
-Initial deposit of $100 required
-Passbook given for updating of transactions

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One comment on “Savings Account For Sister Tang”

  1. we opted UOB for Ethyl. I wanted to change tho' cos the Q is super long at our nearest branch and the cash deposit machine is always out of order...jeez

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