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In Singapore, saving by adults and children will give near zero interest rate (hence zero motivation to save).
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What I gathered from these reviews (without the latest up-to-date reviews), OCBC is okay in terms of interest rate while DBS/POSB is the lowest.
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When we visited OCBC, we found out that the interest rate for children saving account is at 0.05% per annum (p.a.). That's equivalent earning 4 cent per month for a SGD 1000 deposit.
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There are other plans available, such as those associated with insurance/assurance scheme.
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Alternatively, there is also the arrangement that earns higher interest rate for saving accounts, e.g. zero-withdrawal criteria with minimal monthly deposit of SGD 1000. This arrangement will allow earning of 0.48 % p.a. or 0.88 % p.a. (for child who holds OCBC child development account).
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We opted for the basic saving account that earns the 0.05 % p.a. interest rate.
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Visiting the bank today made me realize that saving in the bank is not a wise decision for saving money for our children's future. I need to find prudent investment options in the near future.
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| OCBC saving plans. |
