I heard that open savings account for kid has very high interest rates like FD?

Which bank give best kid saving account? Previous I have CIMB account plan for my baby but is normal saving account. I plan transfer all money to child saving account if it is better.

im opening ASD, but it's hard to buy due to limited shares...

Asd is not saving account

i am going to open maybank yippee account for my son.

Just to share what I have compiled so far from my online research

Affin-
http://www.affinbank.com.my/General/Rates/...f-Rates_BI.aspx
Up to 3.28% depends on total deposit


Maybank
http://www.maybank2u.com.my/mbb_info/m2u/p...al/ACC-Accounts
3.17% for deposit up to RM50k


Alliance
http://www.alliancebank.com.my/AllianceBud...terestrates-tab
Up to 2.40% depends on total deposit


AmBank
http://www.ambank.com.my/eng/deposits/#saving-account
interest rate equivalent to a 1-month FD rate for balance less than RM50K.


CIMB
http://www.cimbbank.com.my/en/personal/pro...rs-account.html
Up to 1.45% depends on total deposit


HongLeong
https://www.hlb.com.my/main/info-centre/per.../interest-rates
2.95% for deposit up to RM50k


OCBC
https://www.ocbc.com.my/personal-banking/ac...ccount_lightbox
2.90% for deposit up to RM50k


Public WISE Savings Account
https://www.pbebank.com/Personal-Banking/Ra...rest-Rates.aspx
3.15% for deposit up to RM50k


UOB
https://uniservices1.uob.com.my/jsp/finance/fin_sav.jsp?
3.05% for deposit up to RM50k


So it seems to me MBB/PBB is the better one if you have less than RM50k to deposit..or go to Affin if you have >RM1mil
Of course there is also other consideration like personal preference, bonus interest, cash rewards from exams, insurance and gifts etc...

This post has been edited by dEviLs: Feb 17 2016, 09:55 AM

Did u check rhb? Seems quite good. Which 1 u choose?

http://www.rhbgroup.com/products-and-servi...s/future-savers

bonus interest up to 4% provided you deposit every month..a feature which i dont like
but it's all your choice

I don't see what's the big deal with savings account for kids. So Gimmicky
You get better returns just putting in FD.

I also open maybank yippee for my child. previously just put in normal FD.
But last month I'm facing some problem with the FD and lodge a report to the customer service. Their branch manager help me clarify the problem and then introduced me to put in FD using GIA option. According to her GIA get at least 4% without any lock in period. You might wanna check this out.

So fd gia or kid account better?

Have you guys heard of savings plan for children with insurance company?

I usually fd through online banking o ly 3.15%. your 4% need through counter?

this savings for what purpose ? education fund ke ?

No purpose. Saja have some spare money for emergency. Also since the interest higher might as well right than normal saving Acc

Biggest scam of all time...
Never buy anything from insurance company. Anything that made money over time are investment based, therefore shouldnt be considered a savings.

I did it from kid acc to fd gia. everything is through m2u.

Even banks use your money/savings to furthur invest right

I would suggest not to separate your saving and your child saving. I think is easier for you to monitor if you treat it as a Family saving instead. You can put it in stocks, FD, unit trust, commodities, etc. and use it when there's an emergency. Insurance can be a saving as well, since they have a saving plan for it knowing medical fees are crazily expensive.

A big difference when they went bust. Bank deposits are guaranteed by PIDM. Insurance got guarantee???

take a look at this video about Favour 8
https://youtu.be/gLSl4k4ztS4