Best Kids Savings Accounts & Child Development Accounts (CDA) in Singapore (2025)

Don't know where to park your child's collected angbao money every year? Fret not, we’ve compiled the best savings accounts in Singapore that’ll give your kids a headstart on their finances.

As the saying goes, good saving habits start young. Translate that to today’s context, and that means making a well-timed deposit into your and/or your child’s bank account.

One way to encourage the little ones to start growing their savings is to bank in their ang bao money instead of spending it unnecessarily.

If this is your first foray into financial parenting, let us quell any jitters you may be feeling. Eastspring Investments’s recent study showed that over half of the 10,000 parents surveyed doubt if they’ve been successful role models for their kids when it comes to money management. But you’re definitely on the right track by opening and subsequently depositing their ang bao collection into a kids savings account — especially options like the POSB Kids Account, OCBC Kids Account and UOB Kids Account among many others available — allowing you to choose the best savings accounts for kids based on what suits your child's needs the best.

Not only does it help to build up funds securely with the help of attractive interest rates — a perk no piggy bank can offer — it also teaches them invaluable saving habits, the very foundation one needs to develop a good grip on their finances.

Moreover, when your child comes of age, you can easily hand the reins over to them as they start navigating the realm of online banking, learn to make their own deposits and handle transactions with a debit or credit card. 

In time, they’ll be able to bump up their interest rate when they convert to a high-yield savings account once they reach the age requirement.

POSB MyAccount

• Min. initial deposit: None

• Interest rate: 0.05% p.a

• Coin deposit fee: N.A.

• Service fee: N.A.

• Fall-below fee: S$2 account fee (Charged after 16 years old)

• Age requirement: N.A

Product details 

• $1 gift deposit

• Convert to DBS Multiplier Account and earn up to 3.8% p.a.

• No initial deposit

• No min. balance required

• Link parent's account to child's savings using POSB Smart Buddy app*

• Exchange and save up to 13 different currencies

• Earn instant cashback on DBS Visa Debit Card in the future

• Free POPULAR 1-year student membership

SingSaver’s take

The wide range of perks offered by POSB MyAccount beats the other contenders on this list — ranging from multi-currency capabilities, smart device and app integrations to monitor spending, complimentary POPULAR membership for a year, and even future cashback earnings upon acquiring a debit card.

OCBC MightySavers Account

• Min. initial deposit: None

• Interest rate: 0.05% p.a (Additional 0.5% for depositing S$50 per month and not making any withdrawals)

• Coin deposit fee: N.A.

• Service fee: N.A.

• Fall-below fee: N.A.

• Age requirement: Under 16 years old

Product details 

• Priority queue service on Sundays at any 'Sunday at OCBC' branch

• No initial deposit

• No min. balance required

SingSaver’s take

The OCBC MightySaver Account is a great choice if you prefer queues (compared to DBS/POSB). You can also enjoy decent 0.20% interest rate and minimal account maintenance needed with zero pesky fees. To enjoy a higher interest rate, all you need to do is avoid making any withdrawals within the month and open an OCBC Child Development Account (CDA) — easy peasy!

UOB Junior Savers Account

• Min. initial deposit: S$500

• Interest rate: 0.05% p.a (Applicable on first S$350,000, 0.10% p.a on amounts beyond S$350,000)

• Min. average daily balance: S$500

• Premature account closure fee (within 6 months): S$30

• Coin deposit fee: N.A.

• Service fee: N.A.

• Fall-below fee: S$2 if balance is below S$500

• Age requirement: Under 16 years old

Product details 

• Monthly transfers to Junior Savers account from an existing UOB account

• Convert to regular UOB account at 16 years old

• Receive UOB Direct Visa Debit/ATM card and earn extra rebates and discounts

• Fuss-free mobile banking and internet banking

• Free insurance coverage of up to 100%*

SingSaver’s take

If you are considering opening a UOB Junior Savers Account for your child, you will be pleased to know that you can receive up to 0.10% interest rate (min. $500 deposit) and guaranteed insurance coverage, scaled according to your deposit balance. Take note that an average daily balance of S$3,000 every month is mandatory to qualify for free insurance coverage. Must be maintained for over 6 months or since account opening, whichever comes first.

In addition, the ability to set monthly fund transfers from a UOB account to your child’s Junior Savers Account makes supplementing your child's pocket money convenient.

CIMB Junior Saver Account

• Min. initial deposit: S$1,000

• Interest rate: 2.19% p.a (Applicable on first S$25,000, 2.7% p.a on next S$25,000, and 0.8% on amounts beyond S$50,000)

• Premature account closure fee (within 6 months): S$50

• Service fee: N.A.

• Fall-below fee: N.A.

• Age requirement: Under 12 years old

Product details 

• Attractive base 0.20% p.a. interest rate

• Can register for account online

• Minimal account maintenance needed

SingSaver’s take

If you are looking for a kids saving account with a high base interest rate, the CIMB Junior Saver Account may just be the one. It offers a base rate of 0.20% p.a. (min. S$1,000 deposit), which is among the highest base rates among kids savings accounts.

Although there are no fall-below fees and account maintenance fees, S$50 will be applied for premature account closure within 6 months of initial opening.

Maybank Youngstarz Account

• Min. initial deposit: S$1,000

• Interest rate: 0.1875% p.a (Applicable on first S$5,000, 0.30% p.a on balances between S$5,000 and S$50,000, and 0.38% on amounts beyond S$50,000)

• Premature account closure fee (within 6 months): S$50

• Service fee: N.A.

• Fall-below fee: N.A.

• Age requirement: Under 12 years old

Product details 

• Earn up to 3X interest rate with Maybank Family Plus

• Birthday month privileges

• Hospitalisation and outpatient insurance for Hand, Foot & Mouth Disease *

• Eligibility for Personal Accident (PA) Insurance (with min. balance of S$5,000)

SingSaver’s take

Maybank Young Starz Account is an attractive option as it offers one of the highest interest rates (0.3750% p.a.) on the lowest bank account balance (> S$50,000), and your kid will be privy to exclusive birthday privileges. 

Complimentary insurance coverage for Hand, Foot and Mouth Disease Hospitalisation and outpatient care along with worldwide PA insurance coverage are definite incentives as long as the account balance is maintained at least S$5,000.

Standard Chartered e$saver Kids Account

• Min. initial deposit: None

• Interest rate: 0.05% p.a (Applicable on first S$50,000, 0.10% p.a on next S$150,000, and 0.15% on amounts beyond S$200,000)

• Min. monthly contribution: S$50

• Premature account closure fee: N.A.

• Service fee: N.A.

• Fall-below fee: N.A.

• Age requirement: Under 18 years old

Product details 

• No initial deposit

• No min. balance required

• No lock-in periods; flexible withdrawals

• Fuss-free account maintenance

SingSaver’s take

If you are looking for a simple, no-frills savings account for your choice, Standard Chartered’s e$aver Account is the way to go. With the understanding that every child's spending habits differ, the e$aver Kid's Account's management is kept extremely fuss-free.

Its biggest advantages are the absence of pesky account fees, no min. account balance and high liquidity.

Citibank Junior Savings Account

• Min. initial deposit: None

• Interest rate: 0.05% p.a (Applicable for balances below S$30,000, 0.10% p.a for balances above S$30,000)

• Service fee: N.A.

• Fall-below fee: S$15 (Applicable if Total Relationship Balance (TRB) of parent's and child's accounts is below S$15,000)

• Age requirement: Under 18 years old

Product details 

• Obtain an international Citi ATM card upon 15 years old

• Both online and phone banking available

SingSaver’s take

The Citibank Junior Savings Account has a relatively low balance criteria of S$30,000 and above in order to get 0.10% p.a. interest rate. Account management is also kept to a minimum and your child stands to receive a complimentary ATM card upon turning 15 years old.

The Child Development Account (CDA) is a special savings account under the Baby Bonus Scheme. The aim of the scheme is to provide financial assurance and support to help parents in offset some of the expenses associated with early childhood. This includes education and healthcare costs at approved institutions.

Below is a list of what’s covered:

• Childcare centres, kindergartens

• Special Needs Schools

• Insurance providers

• Providers of Early Intervention Programmes, Assistive Technological Devices

• Medical institutions like hospitals and clinics

• Optical shops and pharmacies

• MediShield or Medisave-approved Private Integrated Plans

Parents can open CDAs at POSB/DBS, OCBC or UOB banks.

Here's what every newborn can receive as part of CDA benefits:

• Cash gift: The awarded amount depends on the Singaporean child's order of birth, and will be disbursed in five instalments over 18 months.

• First Step Grant: Applicable to all Singaporean children born on or after 24 March 2016. This grant is automatically credited after opening a CDA account, and no initial deposit is required.

• Maximum government co-matching: Also known as dollar-for-dollar matching of CDA savings by the government, up to the maximum co-matching amount. For instance, if you deposit S$3,000 into your child’s CDA, the government will match your deposit of S$3,000.

These savings can be tapped on for the aforementioned services before 31 December of your child's 12th birth year.

You can choose to open your child’s CDA with any of the following banks: DBS/POSB, UOB or OCBC. 

Below is a summary of the CDAs offered by these banks:

After all is said and done, there's a lot to digest and internalise for yourself. However, at this juncture, you must be wondering: what exactly is the difference between a normal child savings account and a CDA?

You can only withdraw from a CDA for approved purposes

As it's clear by now, CDA is used primarily for your baby's needs until he/she reaches the age of 12.

Moreover, CDA funds are only approved for a selected number of education and healthcare-related institutions and retailers by the government. Hence, you cannot withdraw money as and when you please without validation or approval.

Conversely, savings account definitely offer better liquidity and can be used for other miscellaneous funds that the CDA cannot cover.

Younger age limit for CDAs

Many kids savings accounts come with an age limit between 16 to 18, giving your child a longer runway to continue saving and even earn extra funds on the side (e.g. part-time or contract jobs) when they come of age.

In the case of CDAs however, the upper age limit is 12, where your child will hardly be legal to start working. The period of savings is no doubt shorter and your kid may not have fully fathomed or inculcated good saving habits yet due to their pre-adolescence.

To facilitate the perfect transition from kid savings account to a formal savings account, we have a detailed guide on the best savings accounts in Singapore.

CDAs offer greater monetary benefits

There’s no competition: CDAs offer greater incentives to grow your family because of the major bonuses and grants given per child. However, don't let this translate into unplanned pregnancy just for the extra perks.

A child is a precious life that requires consideration and planning before introducing them into the world.

>>MORE: How to tell you’re financially ready to have kids

If you’re still having any doubts about your ability to educate your kids about money, you’re far from alone in feeling this way.

The Eastspring Investments study found that nearly half (43%) of the parents surveyed are keen on improving their own financial literacy to become better role models for their children. 

To get started, why not open a first savings account for your child?

Compare best savings accounts