Opening a bank account for your child is a meaningful first step in teaching them lifelong money habits. It becomes a hands-on learning tool that introduces essential concepts like saving for goals, budgeting, interest, deposits, withdrawals, and responsible spending, helping kids build financial confidence early on. 

Whether you’re considering a simple savings account or one with a debit card and app access, the right setup can make all the difference. 

Ready to help your child start their financial journey? Let’s dive into what you need to know.

In Singapore, children can have a bank account from as early as birth, but those under 16 will typically need a joint savings account with an adult, usually a parent or legal guardian aged over 18. Some banks may allow other adult family members to be joint account holders, depending on their policies. Full account ownership is usually granted at age 16 or 18, depending on the bank. 

Most major banks offer child-friendly options, such as POSB My Account and UOB Junior Savers Account. Other choices include Standard Chartered e$aver Kids and Citibank Junior Savings for children below 18 years of age, and Maybank Youngstarz Account for children under 16 years old, making it easy to start saving young.

Choosing the right savings account for children in Singapore involves considering several key factors to ensure it encourages good financial habits and offers practical benefits. Below are some of such factors:

» Check out the best savings accounts for kids in Singapore

Competitive interest rates

A good children's savings account should offer competitive interest rates to encourage saving. 

For instance, the OCBC Mighty Savers® Account offers a total interest of up to 0.3% per annum, which includes a bonus interest of 0.05% for monthly deposits of at least S$50 without withdrawals within the month, and an additional 0.20% if you are an OCBC Child Development Account (CDA) holder.

Low fees and minimum balance requirements

When choosing a savings account for kids, low fees and minimal balance requirements are key considerations. Accounts with no initial deposit and no fall-below fees make it easier for children to start saving early without pressure. 

In Singapore, POSB's "My Account" for kids is a great example. It has no minimum balance requirement and even waives coin deposit fees. This makes it especially accessible and child-friendly, encouraging young savers to build good financial habits from the start.

Easy online access and flexibility

Accounts should provide convenient online and mobile banking access for parents, enabling them to monitor transactions and manage their child's savings easily. 

For example, POSB’s integration with Smart Buddy and the PayLah! app allows parents to track spending, set savings goals, and make transfers effortlessly, while children can learn to manage their finances in a guided, age-appropriate environment.

Perks and features

Additional benefits like welcome gifts, insurance coverage, and financial education tools enhance the savings experience. UOB's Junior Savers Account, for example, provides free insurance coverage up to 100% of the deposit balance. Similarly, POSB offers a S$1 gift deposit when you open an account for your child.

Opening a savings account for your baby or child in Singapore is simple and quite similar to opening an account for adults. Here's a simple step-by-step guide:

Step 1: Choose a Bank and Account Type

Start by comparing the features and eligibility criteria of various banks. For example, CIMB's Junior Saver Account offers a flat 2.19% p.a. interest rate on the first S$5,000, with no lock-in period. On the other hand, POSB offers interest on your account every month, depending on the balance, with no initial deposit or minimum balance required. Consider these rates and other features to select the account that best suits your child's financial needs.

Step 2: Prepare the Required Documents

To open a bank account for your child, you'll typically need the following documents:

• For Singaporeans: Parent's NRIC and child's birth certificate

• For foreigners: Parent's passport, a valid pass (e.g. Employment Pass (EP), S-Pass, Student Pass, Dependent Pass (DP) or Long Term Visit Pass (LTVP) and child's birth certificate and passport

• Proof of address: Phone bill, half-yearly CPF statement or any bank statement

Step 3: Apply via Branch or Online

You can visit the bank’s branch or apply online to set up a savings account for your child. Some banks, like OCBC, will need you to visit their branch with the required documents to open a Mighty Savers® Account. Many banks, like POSB and CIMB, allow you to submit an online application.

Step 4: Fund the Account (if applicable)

Check for any minimum deposit requirements for your chosen bank. For example, CIMB's Junior Saver Account requires an initial deposit of S$1,000. However, POSB does not require any initial deposit to open an account for your child. You can also set up standing instructions or GIRO for regular savings.

Introducing your child to digital banking tools like debit cards or banking apps can be beneficial once they are ready to make regular purchases and begin practising budgeting. But whether your children should operate their own bank accounts digitally, and from what age, often depends on parental decisions and the specific account terms.

This allows them to manage their finances, make digital payments, and learn money management skills under supervision. For instance, DBS offers the PayLah! digital wallet, enabling teens to track spending and set limits. These tools provide a practical way for children to develop financial responsibility in a controlled environment.

Teaching kids about money from an early age lays a strong foundation for lifelong financial responsibility. By starting with a simple savings account, parents can introduce basic concepts like saving, goal-setting, and delayed gratification in a practical and age-appropriate way. 

As children grow older and become more financially aware, parents can gradually introduce additional tools such as debit cards, budgeting apps, or even junior investment accounts. It’s also important to review the account and its features regularly to ensure it continues to meet the child’s needs and learning stage. With consistent guidance, financial literacy becomes a natural part of growing up.

» Want to learn more? Read about high-interest savings accounts