- KUALA LUMPUR
Top Junior Savings Accounts For Kids In Kuala Lumpur
Getting Kids Started On A Savings Habit
For first-time parents, opening a savings account for your tiny tots is a smart financial move to make on the very first year your child is born. Here’s where you can pump in all that red packets earned from baby’s full moon party, birthday money, and just about any extra ringgit and cents that you can spare to get your little one a head start on their financial journey. Not only does the junior savings account typically earn a higher interest compared to your regular savings account, but it will also help establish good savings habits, teach your kids responsible money management, and let them watch their savings grow over time. Little Steps brings you the top junior savings accounts available in Malaysia so you can get your kids started on the habit of saving for a rainy day.
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MAYBANK: Yippie Savings Account *Top Junior Savings Accounts In Malaysia
Cash Bonus For High Achievers & Free PA InsuranceWith just RM$1, you can open a Yippie Savings Account for your child at Maybank, and enjoy a one-month Fixed Deposit rate, subject to one withdrawal per month for six consecutive months. Savers with this account will enjoy bonuses such as cash rewards for excellent grades for their SPM, STPM, and degrees, and receive free Personal Accident coverage of up to RM$100,000 for you and your child when you deposit a minimum of RM$1,000. The current interest rate (at publication time) is 2.45% per annum for deposits of up to RM$50,000.
Maybank Yippiee Savings Account, www.maybank2u.com.my/maybank2u/malaysia/en/personal/accounts/savings/yippie_savings_account.page
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PUBLIC BANK: WISE Savings Account *Top Junior Savings Accounts In Malaysia
Additional Cash Rewards For SPM Top AchieversFor children below 18 years, get them started on Public Bank's WISE Savings Account with just RM$1, and for kids 12 years and above, they can start to manage their own money independently as the bank will issue a debit card to the account holder. For the first RM50,000 deposited into the account, one can enjoy an interest rate of 2.35% per annum (at publication time). Interest is compounded daily and credited monthly on the 15th of each month. High achievers who excel in the SPM examination will also receive a cash reward.
Public Bank WISE Savings Account, https://www.pbebank.com/Personal-Banking/Banking/Deposit/Saving-accounts/WISE-Savings-Account.aspx
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CIMB BANK: Junior Savers Account *Top Junior Savings Accounts In Malaysia
Frills Free Savings Account For KidsSuitable for kids aged 12 years and below, the CIMB Junior Savers Account is a frills-free account if you prefer an account that does all the work without any hassle. For deposits of up to RM$50,000, enjoy an interest rate of 2.35% per annum (at publication time). Only one over-the-counter withdrawal is allowed per month with no set limit, and no debit card is issued with this account.
CIMB Junior Savers Account, www.cimb.com.my/en/personal/day-to-day-banking/accounts/savings-account/junior-savers-account.html
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ALLIANCE BANK: Buddy Account *Top Junior Savings Accounts In Malaysia
Attractive Bonus On Total Interest EarnedAlliance's Buddy Account will require a minimum of RM$50 to open the account for the kiddo to enjoy an interest rate of 2.5% per annum (at publication time). As an added incentive to save on a monthly basis here, you can earn a 10% bonus on total interest earned for the year if no withdrawals are made for a continuous period of 12 months, and a minimum deposit of RM$100 is placed each month for 12 consecutive months. What's more, withdrawals can be done at no charge.
Alliance Buddy Account, www.alliancebank.com.my/banking/personal/savings-accounts/alliance-buddy.aspx
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RHB BANK: Junior Savings Account *Top Junior Savings Accounts In Malaysia
Free PA InsuranceAt RHB, you can open a Junior Savings Account with just RM$1 to get started, and earn an interest of 2.4% per annum (at publication time) for deposits of up to RM$50,000. Account holders will receive free Personal Accident Insurance with up to RM$50,000 coverage subject to the minimum account balance of RM$500. An RHB debit card will also be issued to the account holder aged 12 years and above at a fee of RM$12.
RHB Junior Savings Account, www.rhbgroup.com/personal/personal-saving/junior-savings-account/index.html
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BANK SIMPANAN NASIONAL (BSN): Smart Junior Account *Top Junior Savings Accounts In Malaysia
Competitive Interest RatesThe BSN Smart Junior Account is open to students aged 7 to 20 years who are Malaysian citizens, and BSN Giro account holders. For account balances of up to RM$50,000, depositors will enjoy a profit rate of 2.5% per annum (at publication time). To enjoy the BSN Smart Junior interest rates, members must ensure that they maintain a minimum balance of RM160 in their account at all times. Do note however that only one withdrawal per month is allowed to receive the effective interest rate.
Bank Simpanan Nasional (BSN) Smart Junior Account, www.bsn.com.my/PersonalBanking/Deposits/bsn-smart-junior?lang=en&csrt=7989139818325221493
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AFFIN BANK: Affin Junior Saver *Top Junior Savings Accounts In Malaysia
Managing Money At A Young AgeOpen to Malaysians and permanent residents, your child can get into the habit of saving by opening an account at Affin Bank with just RM$1. Save here and earn an interest rate of 2.3% per annum for amounts below RM$250,000 (at publication time). For added assurance, deposits here are protected by PIDM, with amounts of up to RM$250,000 for each depositor.
Affin Bank, www.affinalways.com/en/affin-junior-saver
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HONG LEONG BANK: 3-In-1 Junior Account *Top Junior Savings Accounts In Malaysia
Keeping Track With The Pocket Connect AppHong Leong Bank's 3-in-1 Junior Account comprises three accounts, namely the Junior Savings Account, Junior Fixed Deposit, and Junior Debit Card (linked to the re-loadable account). With an interest rate of 2.05% per annum (at publication time) for deposits of up to RM$50,000, open an account for your child with just RM$1, and enjoy the convenience of an HLB Junior Debit Card issued to your child so they can manage their own spending independently. With the reloadable debit card, parents can easily monitor their child's spending. The Pocket Connect App will also allow the child to keep track of their allowance and offer them the freedom of going cashless.
Hong Leong Bank, www.hlb.com.my/en/personal-banking/deposits/savings-account/3-in-1-junior-account.html
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BANK OF CHINA: Panda Junior Dual Currency Savings Account *Top Junior Savings Accounts In Malaysia
Ideal For Non-Resident MinorsFor residents and non-resident minors or those on a student visa in Malaysia, Bank of China's Panda Junior Dual Currency Savings Account with dual currency savings features, i.e. in Malaysian Ringgit and Renminbi can be a convenient option. The account requires an initial deposit of RM$20, and the current interest rate is at 2.65% per annum (at publication time) for savings up to RM$150,000. Students who achieve excellent grades in PT3, SPM, and UEC will enjoy a cash reward subject to terms and conditions.
Bank of China, www.bankofchina.com.my/en-my/segment/personal-banking/deposit-accounts/panda-junior-dual-currency-savings-account.html
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OCBC: Young Savers Account *Top Junior Savings Accounts In Malaysia
Cultivating An Early Savings HabitThe OCBC Young Savers Account is open to Malaysian citizens, permanent residents, and non-residents. With an initial deposit of RM$500, you can open an account for your child at OCBC if he or she is aged 17 years and below. The current interest rate is at 2.3% per annum for the first RM$50,000 deposited. If no withdrawals are made for 12 calendar months, account holders can enjoy an additional 5% on top of interest earned for the year.
OCBC Young Savers Account, www.ocbc.com.my/personal-banking/accounts/young-savers-account.html?utm_source=ocbc_accounts&utm_medium=text_links&utm_campaign=ocbc_accounts_YoungSavers
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