Children savings accounts or kid’s saving account, are one of the best ways for your child to learn and develop saving habits that would help them as they grow up.
Take Note: To find the best children’s savings account (in our opinion), we take into account the deposit amount, interest rate, and the bank conditions that are imposed to open these children savings account. The following is what we have found are the best children’s savings account in Malaysia.
The children savings account with the Highest Interest rate.
RHB Easy Junior Savings Account.
For savings up to RM100,000. RHB Easy Junior Savings Account offers an interest rate of a whopping 3.15% per annum, and an added monthly growth bonus interest up to 0.4% per annum in addition to a 0.1% per annum interest rate will be given for monthly non-withdrawal.
Interest Rate: From 1.25% to 3.55 % per annum.
Minimum Deposit: RM50
Pros: Highest Interest Rate for kid’s saving accounts with deposit below RM100,000 in Malaysia.
Cons: Account holders can only withdraw over the counter.
For more information head on to your nearest RHB branch.
The children savings account with the highest interest rate for large savings.
Affin Bank Junior Savings Account.
For children’s savings account for savings up to RM50,000. Affin Bank offers an interest rate of 3% per annum, and Affin Bank also gives the highest interest rate for deposit above RM100,000 which is 2.65% per annum.
Interest Rate: From 2.25% to 3.08% per annum.
Minimum Deposit: RM1
Pros: Highest Interest Rate for kid’s savings account with deposit above RM100,000 in Malaysia.
Cons: The Affin Bank Junior Savings Account will expire once your child reaches the age of 18 that’s when Account holders must transfer the funds to a regular savings account.
For more information head on to your nearest Affin bank branch.
The children savings accounts for the young academic achievers.
Maybank Yippie Savings Account
Maybank’s Yippie savings account offers Academic cash rewards up to RM500 for its account holders with excellent grades, but the condition is that the account holder has to have at least RM1000 in their account to be eligible.
Plus their interest rate is 2.97% per annum for savings up to RM 100,000 which is quite considerable.
Interest Rate: From 1.30% to 2.97%
Minimum Deposit: RM1
Pros: Relatively high-interest rate and cash awards.
Cons: Account holders must have at least RM1000 in their accounts to be able to participate.
For more information head on to your nearest Maybank branch or Maybank‘s official site.
So which children’s savings account is the best?
|RHB Easy Junior Savings Account||Interest Rate: From 1.25% to 3.55 % per annum||Minimum Deposit: RM50|
|Affin Bank Junior Savings Account||Interest Rate: From 2.25% to 3.08% per annum||Minimum Deposit: RM1|
|Maybank Yippie Savings Account||Interest Rate: From 1.30% to 2.97% per annum||Minimum Deposit: RM1|
In our opinion if we were to be only able to choose one, we would choose the Maybank Yippie Savings account, for the following reasons:
1. It has a considerable amount of interest rate which is 2.97%.
2. It has academic cash rewards until your child graduates from University.
Overall, the Maybank Yippie savings account is well rounded and its cash reward amount is quite significant.
Alternatively, if you’re saving a sum more than RM100,000 for your children, the best children savings account would be Affin Bank which offers the highest amount of interest rate.
Keep in mind that you are not limited to just opening 1 children’s saving account so you could open a different children savings bank account from different banks for different purposes to fully utilise the different perks offered by different banks. For example, you could have one children’s savings account for your child’s education and the other for their living expenses.
Which children’s savings account do you use for your kids?
*First Published: 16 Oct 2017, Last Updated: 11 April 2017
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