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 Youth / Children Mutual Savings Account

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TSgkl83
post Apr 24 2011, 10:34 PM, updated 10y ago

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i planned to apply a saving account for my new born baby...
is there any banks can apply such saving account for new born baby? any type of "saving plan" available?

as i can recall my parents apply an saving account for me from public bank when i still a kid... wondering what is the minimum T&C now to apply a saving account for my kid...
merchant9
post Apr 24 2011, 11:20 PM

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I was told that all we need is the baby birth cert to open a savings account for them. I am planning for this too but yet to do it, no time to take annual leaves since all the annual leave taken for vaccination days in hospital and taking care of him when he's unwell.
cc980024
post Apr 25 2011, 09:16 AM

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Very simple, most of the bank got kids account which they allow to start since newborn. Bring your child birthcert (I even bring the pink IC) and your own IC. Coz this account is trust account where you are the trustee. Usually the minimum amount require to open account is very low. Can't remember how much.

Tips: Try to look for those bank with promo where they will give out some coinbank or something. Coz not all bank give out coin banks 1.
phythia79
post Apr 25 2011, 09:24 AM

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Yes..it's very easy..i opened Maybank acct for my son...though they didn't have any promo at that time..darn!
TSgkl83
post Apr 25 2011, 12:09 PM

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what sort of promotion? higher interests rate?
DarkNite
post Apr 25 2011, 12:58 PM

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QUOTE(gkl83 @ Apr 24 2011, 10:34 PM)
i planned to apply a saving account for my new born baby...
*
What makes you want to apply a saving account for ur new born baby?
Wat are the financial benefits? hmm.gif
cc980024
post Apr 25 2011, 01:29 PM

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QUOTE(gkl83 @ Apr 25 2011, 12:09 PM)
what sort of promotion? higher interests rate?
*
Basically, junior account does give higher interest rate than usual savings account.
Some times bank will have certain promo where they will give additional cash for continuous bank in an amount within certain period of times... and some give out goodies.

My boy 1st junior account, I simply open a junior account for the sake of keeping his angpao $ without much survey.. so I put it into RHB junior.. where they said come with insurance.. but I doubted it because there have no agreement sign related to insurance.
Then another year, there was a time CIMB have promo toystory for junior account. I open another account and get the toy story coin bank. The promo.. mainly is the gift.. for fun only lar....


Darknite,
Open a savings account for newborn mainly to save $ for him/her. I think nowadays every babies have angpao $ and I think most of the parents now won't want to spend their newborn angpao $, right? smile.gif

Another plus point is that junior account interest rate is somehow higher than normal savings account. I have got some friends putting in their own savings into their kids account for better rate. Especially for those who doesn't want to lock the savings in FD... or those who don't have any other better channel to keep their money.
TSgkl83
post Apr 25 2011, 01:52 PM

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QUOTE(DarkNite @ Apr 25 2011, 12:58 PM)
What makes you want to apply a saving account for ur new born baby?
Wat are the financial benefits? hmm.gif
*

it can prevent abusive spending and reduced the possibility affecting baby...
example: serious decease found on baby, at least have extra reserved funds transfer as medical fees...

also, my ang pau money provided by my parent-in-law for last few year, i still keep in somewhere else in my house for emergency uses... tongue.gif

This post has been edited by gkl83: Apr 25 2011, 01:53 PM
ijnek
post Apr 25 2011, 02:15 PM

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i hv savin accounts for both my kids.
keep their ang pow money in...will b useful for them in future
azam_halim
post Apr 25 2011, 05:08 PM

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Some of the available product for our kids. My son is on tabung haji (higher interest rate). planning to open yippie (for extra insurance)and sspn (for ptptn loan when he grow up later)...btw public bank's tempting also..

CIMB - Junior Savers Account
Junior Savers Account is a savings account for children, which offers unique rewards and privileges for both children and parents!
-Welcome gift (With an initial deposit of RM300, you will receive a limited edition coin bank and a specially designed CIMB Junior recognition card)
-Quarterly merchandise redemption
-Earn higher interest rates than a normal Savings Account.
-Attractive bonus interest/profit
-CIMB Junior Microsite
-Rewards, discounts and privileges

Maybank - Yippie Savings Account
A savings account for children aged below 18 years, offering high interest rates up to 2.75% p.a.
Minimum deposit: RM1
Benefits:
* Free coin box when you open a Yippie account with a RM250 deposit
* Cash rewards for Yippie Club members who excel in their PMR, SPM, STPM and Tertiary level exams
* Free Personal Accident Insurance coverage of up to RM70,000 for you and your child
* The chance to win fantastic prizes in various contests (if any)
Note :
To enjoy these benefits, you need to maintain RM1000 in your account at all times. The higher interest rate paid is subject to only one withdrawal per month. Interest is credited twice (2) a year on 30 June and 31 December respectively. To enjoy this benefit, you will have to maintain the account for at least 6 months a year, from 1 January to 30 June and from 1 July to 31 December. If the account is not maintained for the 6-month duration mentioned, the normal Kawanku Savings interest will apply.

RHB - Junior Savings Account
As a parent, you know it's never too early for your child to learn to save. And what better way to teach them than with a fun, easy way – saving the RHB Junior way.
With a RHB Junior Savings account, all your child needs is RM1 to begin on a very rewarding journey!
-Enjoy High Interest Rates
-Your Child is Protected (With a minimal balance of RM500, your child will enjoy a FREE Personal Accident Insurance Coverage)
-Minimum Amount = RM1 to open this account.

Public Bank - Bright Star Savings Account
Introduce your little ones to PB Bright Star savings account today to nurture them to save for the future. PB Bright Star encourages savings by making it fun! PB Bright Star savings account is open to all children below 18 years old. Not only is it easy to get started, a yearly Star Achiever Programme will be organised for the children to nurture the habit to excel academically among school-going children.
* Ease of opening an account with an initial deposit of just RM50.
* Let your money work for you where interest is compounded daily and credited monthly.
* Interest is payable on all balances. The more you save, the more you earn.
Star Achiever Programme
* To nurture academic excellence.
* Cash Awards for children who excel in their UPSR, PMR and SPM/SPMV examinations
Free Automatic Monthly Fund Transfer
* Make regular savings for your child hassle-free.
Bankard and Debit Card
* Convenient monitoring of your child's spending.
* Enjoy the convenience of ATM services at our wide network of branches.

Bank Muamalat - BeeSTAR-i
•Enjoy smart saving with smart profit sharing
•FREE goodies upon opening of BeeSTAR-i Savings Account within a specified deposit a mount range (while stocks last).
•A depositor is entitled for 1-year FREE coverage of Takaful PA and Khairat upon opening of account.
•Convenience of e-Muamalat Cash Deposit Machine / Cheque Deposit Machine at the Bank's major branch network and easy access to ATM services nationwide.
•MEPS inter - bank ATM withdrawals - FREE 5 (five) withdrawals per month for account balance RM 5,000 and above which is maintained throughout the entire month

UOB - FunSavers Account
Give your child a better headstart with our FunSavers Account. You can earn interest as high as a 1-month Fixed Deposit Rate.
Benefits:
* A passbook-based savings account for your child.
* Interest is calculated on daily basis and credited to the account twice a year.
* An account that will grow with your child. When your child reaches age 18, the account will be automatically converted to another savings account or the account of your choice.
* No limit to the number of deposit transactions. However, only one withdrawal transaction per month is allowed from the account.

This post has been edited by azam_halim: Apr 25 2011, 05:11 PM
dirtinacan
post Apr 30 2011, 12:25 PM

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i opened a tabung haji account for my kid.. stored 1k for him (actually, most of it from families and friends that gave money to him; i just topup only to 1k)-later if got duit raya will direct put into the tabung haji

now do monthly deduction of rm10 to him (sikit2 lama2 jadi bukit mar)

could not save much as i'm the only one working..total 300 saved monthly through deduction..150 to my tabung haji, 140 to my wife's; 10 to my kid..


kei18kun
post May 1 2011, 11:30 AM

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few months back have Hong Leong bank 5% interest minimum 1k deposit, need to keep for 3 years minimum. Now closed already

if not mistaken, Eon Bank give slightly higher rate than fixed deposit. not confirmed ya.

Great job azam_halim for the detailed info. TQ smile.gif
sammesul81
post May 1 2011, 02:39 PM

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QUOTE(dirtinacan @ Apr 30 2011, 12:25 PM)
i opened a tabung haji account for my kid.. stored 1k for him (actually, most of it from families and friends that gave money to him; i just topup only to 1k)-later if got duit raya will direct put into the tabung haji

now do monthly deduction of rm10 to him (sikit2 lama2 jadi bukit mar)

could not save much as i'm the only one working..total 300 saved monthly through deduction..150 to my tabung haji, 140 to my wife's; 10 to my kid..
*
Tabung Haji got kid's account? i thought just for adults only. How about Takaful Malaysia, do u think its a nice planned?
Now i got 2 kids, so i must start from now better from not doing anything
kei18kun
post May 1 2011, 08:40 PM

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true, if u don't save, the money will go to waste or elsewhere anyway
TSgkl83
post May 11 2011, 05:49 PM

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just managed to open a maybank yippie-i for my boy and linked to my m2u, got a soft case pencil box and limited edition of tiger doll with coin box... smile.gif

but yippie-i required at least Rm2k deposit... otherwise only can apply for normal yippie if below RM2k deposit...
nicKit
post May 11 2011, 09:46 PM

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gkl83, i still dun understand wat's the diff between yippee n yippee-i... can u explain if u understand... my boy currently have yippee... i think...
TSgkl83
post May 11 2011, 11:00 PM

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QUOTE(nicKit @ May 11 2011, 09:46 PM)
gkl83, i still dun understand wat's the diff between yippee n yippee-i... can u explain if u understand... my boy currently have yippee... i think...
*

actually i have no idea... our intention is to deposit Rm1500...
the maybank staff say that better deposit RM2000 as we can get "special" coin box look alike tiger doll...
if below Rm2000, we only can get normal plastic tiger coin box...

later i ask my wife what is the main differences between yippie and yippie-i,
she said yippie-i have insurance coverage but yippie dont have insurance...

but as i checked from m2u website, yippie does cover insurance also...
but yippie-i based on the principle of Mudharabah (profit sharing) and Higher dividend as account balance grows...

Yippie
http://www.maybank2u.com.my/mbb_info/m2u/p...al/ACC-Accounts
Yippie-i
http://www.maybank2u.com.my/mbb_info/m2u/p...al/ACC-Accounts

This post has been edited by gkl83: May 11 2011, 11:01 PM
nicKit
post May 12 2011, 10:06 AM

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gkl83, when we asked over the counter, the lady said it's the same... i oso rclxub.gif but we dun get the coin box... was hoping to get a coin box so can teach him how to save money tongue.gif mayb will get a transparent one laugh.gif
TSgkl83
post May 12 2011, 11:30 AM

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QUOTE(nicKit @ May 12 2011, 10:06 AM)
gkl83, when we asked over the counter, the lady said it's the same... i oso rclxub.gif but we dun get the coin box... was hoping to get a coin box so can teach him how to save money tongue.gif mayb will get a transparent one laugh.gif
*

i also dont expect for coin box if below RM1.5k... hence i dont think my baby know how to save money now... but the staff said have so-called "limited edition" tiger doll + coin box as gift if deposited RM2k, then my intention use pass the doll to my baby instead for his fun and play with it... laugh.gif end up deposited another RM500... tongue.gif

anyway, my boy yippie-i linked to my m2u account, i can monitor yippie-i status time by time via my m2u... smile.gif
nicKit
post May 12 2011, 11:44 AM

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gkl83, u requested to be linked to ur account or auto? coz mine is separate... his account is stand alone...

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