Forum
Last updated: 

Am i qualified to have a bank account?

My son is 12 years of age, he has been saving his money since he was 9 years old. Now he is planning to open an account to our local bank. We taught him that if he saves money, he can use his money for later situations, at the same time his money is growing little by little. We are no curious if he is qualified to open for his own.

Search other products or providers:

User comments

  • user image

    No Name

    It is a good idea to open an account for a young person, but there is a law that requires the kid to be above 18 years of age to open a deposit and savings account on their own. 15-18 year olds, you can open a savings account – your parents or guardians can also open an account on your behalf for security purposes.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

Banking

Which among my properties would b sold to the bankrupt estate and could I use it to pay off my target contributions?

Banking

Which of my assets can be part of my bankruptcy estate?

Banking

Can the bank pay my insolvent?

Banking

Am I eligible to file for a bankruptcy?

Banking

Would it be possible for someone else in the business owner's family to file for bankruptcy on behalf of the owner?

Banking

I cannot pay these expenses anyomore

Related Reviews

Banking

Awesome features and top-notch security measures

I like how you can transfer your cash out and it’s liquid and at the same time you can use it for overseas payments. Love the feature of the one- time destroyable card number to protect your wallets from fraudsters. Very simple and straightforward user interface. Topping up the account was easy using credit card and there were plenty of security tools that allows you to turn on & off real time to keep your account safe. Real time viewing of exchange rate in app is definitely a function that I love so that I can do the conversion real time to know how much I will be spending in local currency.

Revolut / Revolut

Banking

Top up your Alipay account and use it both in China and Singapore

Technically, you can open an Alipay account in Singapore, but you need a Chinese mobile number and credit card in order to transfer funds to your Alipay mobile wallet. If you’re a Singaporean who lives in China, you’ll be able to top up your Alipay account and use it both in China and Singapore. The following merchants in Singapore accept payment using Alipay; ComfortDelGro, Prime Taxis, Universal Studios, Resorts World Sentosa, Singapore Zoo, Metro and Robinsons. Now you can ask your friends to transfer money via HitPay to you instead of getting them to part with physical money.

AliPay / Alipay Singapore E-Commerce

Banking

No refunding from wallet if there is an error in the process of toping up an amount

This platform provides zero flexibility of refunding from wallet if there is an error in the process of toping up the amount. Been told by Customer service that the only way is to terminate the account and the refund will be credited after 2 weeks. The UI as well have to be clear at the home screen on which default payment mode are we on as I've been told that the payment mode might switch every time after updating the app

NETSPay / Electronic Transfers Singapore

Banking

I cant tell if it is the App or my phone malfunctioning

This app has been lagging badly for these past one week or thereabout. It got stuck a couple of times last week, while this week, it is just says "busy" while entering the app or after I click to transact. Not sure if it is my upgrade to Android 10 or something else. I wonder if it is my phone that is the problem

Mighty Pay / United Overseas Bank

Banking

Convinence using the App to search for great deals nearby

FavePay is the new kid on the block somewhat, yet they’ve been growing aggressively. Fave Pay is now available not only in Singapore but also in Johor Bahru, Kuala Lumpur, Penang, Jakarta, Bali and other Malaysian and Indonesian locations.The main thing that sets FavePay apart from the rest is that they offer generous deals and cash back at many of the merchants on their list and you can even use the app to search for deals nearby. Rather than shopping and retail, Fave Pay is focused on dining and experiences, and their merchant selection reflects that

FavePay / Fave Group

Banking

CardUp charges you a transaction fee for each payment made.

Every transaction you complete using CardUp will incur a 2.6% transaction fee. This can actually add up over time, especially if you’re relying heavily on CardUp. That being said, if your card offers cash rebates or frequent flyer miles, you may easily be able to offset the transaction fee. CardUp works by being a middleman in your transactions. Instead of directly transferring funds from your account to a vendor, you pay CardUp via credit card. CardUp will then transfer the funds to your designated vendor. CardUp charges you a transaction fee for each payment made.

CardUp / CardUp