A friend of mine, Ms. Rica has a daughter who is 15 years of age. She wants her child to open a bank account and have a debit card for security purposes for her daughter. They want their daughter to know the value of money while she is in a minor age. I want to know if she can be qualified to open one.
This is a straightforward bank account which makes saving simple. As it does not come with the multiple criteria to earn a higher interest, the rate is lower compared to local banks, but up to 1.8% p.a. and there is no fall below fee involved. I use CIMB FastSaver to deposit savings for my parents and overall customer service is great since not many people use this bank.
CIMB FastSaver Account / CIMB Bank Berhad Singapore Branch
I like that with the Citibank MaxiSave account the first check book upon account opening will be issued upon request, at no charge.Subsequent check books however are automatically replenished at S$15 each. Also the free check imaging printed on monthly statements for easy monitoring and tracking
Citibank MaxiSave Account / Citibank Singapore
This is a decent account for kid with ages 18 and below as there are no minimum deposit, fall below fee, monthly fee or lock-in period. However, as a parent you are required to pay $50 into the account by GIRO every month. The interest rates aren’t the best but they’re not that bad either as you recieve 0.1% interest on the first $50,000, 0.15% on amounts above $50,000 up to $200,000, and 0.25% on amounts above $200,000.
Standard Chartered e$aver Kids / Standard Chartered Bank Singapore
For fellow expats working in Singapore, this current promotion is great for those who need to remit USD overseas. This is where good planning is necessary. You don’t only benefit from exchanging money at your desired rate, but earn even more at the same time with the 2.5% p.a. interest. Plus, when you do transfer after the 4 months, you’ll get to enjoy same-day transfers at S$0 when doing so online with DBS Remit!
DBS Multi-Currency Account / DBS Bank
Standard Chartered is another name that has an expat banking programme to cater to expats’ needs allowing those on the programme to get their accounts set up prior to arriving in Singapore, and to remit money to overseas Standard Chartered account for free. The main drawback is the lack of Standard Chartered ATMs around, not easily accessable.
Standard Chartered FCY$aver / Standard Chartered Bank Singapore
Maybank I savvy account offers a higher interest rate per annum as compared to other banks offerings. I believe that it is worth it to use them as a savings account where money accumulated is able to get higher interest.
Maybank iSAVvy Savings Account / Maybank Singapore
No Name
Every parent always want their children to have an emergency money that they can easiliy access anytime they need it. One of those the easy accesses for them to send money to their children when away is through a debit card. But not every child can get an account or have a debit card from a bank they must be at least 16 years old to apply for a Debit Card.
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