It’s 2025, and while you’re busy setting resolutions (like finally eating more greens even when no one’s watching and tackling that chaotic mountain of toys taking over your living room), there’s another goal worth adding to the list. This year, why not help your kids build strong money habits? After all, financial literacy isn’t just for adults, and the earlier kids start learning about saving, the better.
If you’ve been meaning to teach them the value of money but don’t know where to begin, here’s a super easy first step: open a savings account for them. Yep, it’s that simple! And lucky for parents in Singapore, there are plenty of kid-friendly bank accounts designed to make saving money feel less like a chore and more like a fun, rewarding experience. Think cool perks, cute passbooks, and interest rates that actually work in their favour—what’s not to love?
But with so many options out there, how do you pick the best one? Don’t worry, we’ve done the heavy lifting for you! We’ve rounded up and ranked the best bank accounts for kids in Singapore, starting with the most popular choices.
Best Bank Accounts for Kids in Singapore to Build Financial Literacy
POSB My Account: All-in-One Savings for Any Age
Busy parents, this one’s for you! Managing multiple bank accounts can be a hassle, but POSB’s My Account is designed to simplify things. It’s perfect for kids of all ages and earns daily interest every month. The best part? It’s customizable to suit your needs, making it a super convenient choice.
POSB Smart Buddy: A High-Tech Piggy Bank
Got a kid starting primary school? POSB Smart Buddy is a game-changer! Dubbed the world’s first in-school savings account, it allows kids to tap and pay at over 160 schools and selected merchants using their Smart Buddy Watch. You can track their spending, allocate allowances, and even check their fitness levels via a mobile app. Who knew banking could be this cool?
POSB Smiley Child Development Account (CDA): The Baby Bonus Perk
New parents, congratulations! If your little one is eligible for the Baby Bonus Scheme, the POSB Smiley CDA is a great option. The Singapore government matches your savings dollar-for-dollar (up to $15,000), and your child earns up to 2% interest annually. Plus, exclusive deals for parents make this a win-win for the whole family.
UOB Junior Savers Account: Savings with Insurance Perks
Looking for a bank account with extra benefits? The UOB Junior Savers Account offers complimentary life insurance coverage up to 100% of your deposit balance. It transitions into a regular savings account when your child turns 15, and comes with a UOB ATM card. However, keep in mind that it requires a minimum deposit of $500.
UOB Child Development Account (CDA): More Savings, More Benefits
Like POSB, UOB also offers a CDA with a 2% p.a. interest rate and dollar-for-dollar government matching. You can use these savings for approved expenses, making it a fantastic way to invest in your child’s future. Best of all, there’s no initial deposit and no maintenance fees.
OCBC Mighty Savers Account: Simple and Rewarding
This account lets kids earn up to 0.30% interest per year and even allows free coin deposits. No initial deposit or minimum balance required—perfect for little savers just getting started.
OCBC Child Development Account (CDA): Extra Discounts for Parents
Besides the standard dollar-for-dollar government matching, OCBC’s CDA gives parents up to 50% discounts at over 15 merchants. That’s a great deal when you’re shopping for baby essentials or planning their first birthday party.
If you’re already banking with Standard Chartered, their e$aver Kids account is a solid choice. No initial deposit, no minimum balance, and no monthly fees—just pure savings. Call the bank to check out their latest interest rates.
This account is great for kids under 18, allowing parents to easily track their savings. Once your child turns 15, they’ll receive an international ATM card and access to Citibank’s online banking services. Interest rates change regularly, so check with the bank for the latest figures.
This is a great option for kids under 12, offering high-interest rates. However, a $1,000 minimum balance is required, and withdrawals can only be made at CIMB branches. On the plus side, you get e-statements and no fall-below fees.
Besides the usual savings benefits, Maybank’s Youngstarz account includes complimentary insurance covering personal accidents and even Hand, Foot, and Mouth Disease (HFMD). Birthday perks and discounts also add a fun element for kids.
If you’re banking with ICBC, this account is tailored for kids under 16. It offers a bonus 0.10% interest rate when there’s a minimum $500 increase in the average daily balance. Not the highest interest, but a decent option if you’re already an ICBC customer.
The Big Question: Why Should Kids Have a Bank Account?
It’s 2025, and financial literacy is no longer just a nice-to-have skill—it’s a necessity. While kids are busy swiping on tablets and mastering their ABCs, parents have a golden opportunity to set them up for a financially savvy future. Enter bank accounts for kids in Singapore.
You might be thinking, “But my child doesn’t have an income yet!” True, but instilling the habit of saving and understanding how money works early on can set them on the path to financial independence.
And let’s be real—handing out physical pocket money is so 2005.
Financial Literacy Starts Young
Source: Shutterstock
Teaching kids about money through a bank account is like giving them a financial playground. They learn how deposits work, understand the importance of savings, and even grasp the concept of interest. Plus, with digital banking on the rise, kids can now track their money via mobile apps, making it an interactive learning experience.
Other Perks of a Kids’ Bank Account:
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Encourages a habit of saving
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Gives kids a sense of responsibility
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Provides security for their money
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Helps parents manage allowances digitally
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Prepares them for future financial independence
What to Look for in the Best Bank Accounts for Kids in Singapore
Not all bank accounts are created equal, and when it comes to choosing one for your child, there are a few key factors to consider. Here’s what to check before making a decision:
1. Interest Rates
A kids’ savings account with a good interest rate means their money grows even while it’s sitting in the bank. Some banks offer tiered interest, so the more they save, the more they earn. For example, the POSB Smiley Child Development Account offers up to 2% per annum—great motivation for your little saver!
2. Minimum Deposit & Balance Requirements
Not all accounts are free from balance restrictions. Some require an initial deposit, while others have a minimum balance requirement. For example, UOB’s Junior Savers Account requires an initial deposit of $500, which might not be ideal for everyone.
3. Accessibility & Digital Banking Features
In today’s digital world, having access to mobile banking is a must. Some banks, like POSB with its Smart Buddy program, allow kids to use a smartwatch to make transactions. Look for accounts that provide mobile tracking so you and your child can check balances and transactions with ease.
4. Parental Controls & Monitoring
One of the biggest perks of a kids’ bank account is the ability for parents to monitor transactions. Some banks allow parents to set spending limits, allocate allowances, and even receive transaction alerts. This keeps you in the loop while giving your child some financial independence.
5. Extra Perks & Rewards
Who doesn’t love freebies? Some banks throw in perks like free insurance coverage, birthday privileges, or even merchant discounts. For example, Maybank’s Youngstarz Savings Account offers complimentary insurance coverage for personal accidents and hand, foot, and mouth disease.
6. Government Matching for CDAs
If you have a newborn, opening a Child Development Account (CDA) is a no-brainer. The Singapore government matches every dollar you deposit (up to $15,000, depending on your number of children). Banks like POSB, UOB, and OCBC offer CDA accounts with competitive perks.
7. Ease of Withdrawals & Transfers
While saving is the goal, your child should also understand how withdrawals and transfers work. Some banks, like Standard Chartered’s e$aver Kids account, have no lock-in period, meaning funds can be withdrawn anytime without penalties.
Which Kids’ Savings Account is Best for Your Family?
Opening a bank account for your child isn’t just about stashing away money—it’s about setting up lifelong financial habits. Whether you’re looking for the best interest rates, government-matching benefits, or digital banking features, there’s an option for everyone.
At the end of the day, the best bank account for kids in Singapore depends on your family’s needs. If you want a high-tech savings tool, POSB Smart Buddy is an exciting option. Need a CDA? POSB, UOB, and OCBC all offer solid choices with government-matching benefits. Prefer something with insurance perks? UOB Junior Savers or Maybank Youngstarz might be your best bet.
Whatever you choose, the most important thing is to get your little ones started on their savings journey early. The sooner they learn to manage money, the better prepared they’ll be for the future.
What are you waiting for? Take the next step and choose the best bank account for kids in Singapore today. Because a financially savvy kid today means a financially independent adult tomorrow!
