Picking Your Child’s Savings Account
Saving for your child is important, and eventually, I’m also going to teach Baby J the importance of saving for the future. Picking the right bank for your child’s savings account among the huge variety of banks here in Singapore may be tricky for most. There are also many considerations for many parents, like:
- What is the Interest Rate?
- Are there convenient branches for the bank?
- Are there perks and promotions?
- Is it a local bank?
When we were picking a savings bank for Baby J, our criteria was very simple; we only wanted the best interest rate. The interest rates of banks in Singapore are rather miserable, so that meant quite a lot to us. We don’t really need to withdraw money from the account as well, so the proximity to any branch is not applicable to us, though that may be important to some people. We also wanted to maintain an account that is fuss-free; free of hassle, no additional terms and conditions. After I summarise all the available choices for kid’s savings account in Singapore, I will reveal our final pick at the end. Continue Reading…