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

For those who looking into putting kids $ into kids account. There is an extra point to consider -- the convenience.

I used to have CIMB Junior acct & RHB Junior (not sure the right name). As I have a habit to bank in once a yr, CNY angpao into RHB and Birthday $ into CIMB.. so is around 11-12mth cycle for once.
RHB so far no problem, as they take "bank-in" as an active transaction. Whereas CIMB suddenly make my account dormant and claim that only take out $ is consider active.. bank-in even within 12-mth still end up dormant. So in the end, I cancelled CIMB and open at MBB.

Not sure bout interest rate, but pretty obvious can see tat RHB $ growing quite fast, as I bank-in roughly same amt to both bank every yr.

Besides that, the objectives of having kids account is to keep/save $. So I was truly annoyed with CIMB told me that even for kids acct, we are expected to take $ out to keep it active. But tat was many yrs ago, not sure if they have change the policy.

This post has been edited by cc980024: Feb 22 2016, 02:36 PM

Ya I also have the problem with uob on the dormant issue. Every yr also kena shit man.

So rhb no problem so far? I think I will open rhb for kids

I am using WISE from PBB for child saving, a little more additional interest if no withdrawal is made.

I opened a RHB junior saving account for my daughter, so far so good.

Here is the interest rate @ 3.17% p.a
http://www.rhbgroup.com/products-and-servi...s-Account-rates

Ya, RHB so far so good and the interest rate quite competitive too. Their front desk assured me that as long as there is bank-in within 12months, the acct won't end up dormant. And is easier to manage that way.

Can Internet bank in right? No need always go counter. Then have Internet banking facilities or not for the account?

junior saving a/c will give u passbook. no IB account

I can view the account thru my e-banking account but never try any transaction. Anyway, if you want to transfer $ into the kids account online, it should be ok. But kids account is design to encourage savings instead of withdrawal, hence don't think they make it as flexi as normal savings account for you to do the usual internet banking facilities.

i invest for gold for my kids .. got the money from angpow translate to gold ..

few banks offering gold paper .. uob.maybank and pbb..

Gold not prospect not good. Price haven't change much in few yrs.

Hey guys I want ask if u open 1 is rhb junior or rhb easy? Is it same?

whats the procedure to open junior account ?

1. parents IC
2. kids IC & born cert

do the physical kids have to be present ?

Kid no need present.

Try not to invest in commodities.

How?

Commodities are like gold and silver, for a much more stable and profitable investment, invest in equities.

So i should go gold?

No, you should be balance by investing in equities and commodities.

Equity means I need to buy wat?

Investment from insurance companies, at least 3 year waiting period to see growth

Oh insurance not for investment bro

There is pure investment plan from insurance company that targets global equities.

whats the limit the account can open ?

say

mother + son - mbb,rhb,cimb,ocbc,

father + son - mbb,rhb,cimb,ocbc,

rm50k each account

possible ?

50K can

In my opinion, there is no "Best Saving Account".

Every plans or accounts out there have their pros and cons. Ultimately, you will need to know what is your final goal or objective of savings.

Some say Plan A is the best, but that is for long term. So if your objective is short term, Plan A will be a nightmare.

Some say Plan B is the best, but that is for short term. So if your objective is long term, you lose all opportunities of a greater gain.

In conclusion, know what is your need/objective first before looking for a "Best saving account".

Hi, no it is not. Easy has better rates and non-withdrawal bonus. I made a mistake opening RHB Jr at 1st, but later switched to Easy

Hi MyVi. I opened the easy account but seems I only get a piece of paper stating my account number. Do u have a passbook or online account? Cos if dub have anything how to check balance right

Hi sorry for the late reply. Ya, same here. Only paper with acc. no. To check balance either need to have Adult RHB acc or through ATM if im not mistaken. RHB does however send sms every month end on the balance.

Guys, mind sharing.
What is FD, GIA and Dormant?
Thanks

Public Bank use to have one of the best for children.

What bout sspn ?

Theres also tax relief of rm6k too...

Dun like my money tie up by gommen. Cant be trusted until there's a change

why bother with a childs savings account? just throw in the money in any KLSE bluechip, they are all 6-8% yield.

Such as which company?

I just try withdraw from easy account quite leceh la. Need write purpose of withdrawal and your job and position. Somemore the teller tell me transfer to bank need charge rm2.10. U got face same prob with withdrawal?

I haven't try to make any withdrawal yet but from what you have gone through, it's indeed very troublesome if need to write the job and position plus need to pay RM2.10 to transfer to bank. Anyone has tried withdrawal before with RHB Easy?
Back to topic, few months back when I did my research, I found out that RHB Easy has the best junior savings account after taken into consideration the base rate, non withdrawal and monthly growth bonus.
Any idea how to monitor the account better apart from receiving letter from the bank quarterly?

Yes they got Best rate but hassle if save like 100k then want take out? So far I tried 1 time is ok la but only take 500. They also got send me sms once a month to update me on my balance.

This post has been edited by ic no 851025071234: Jul 2 2016, 01:39 PM

Wah new rules???

Make withdrawal need pay rm2.10??? For wat charge?

Last time i withdraw and dump all in promo hl fd4.5 % but no charge.

So far no withdrawal done. But maybe the point of the account is not to withdraw as and when required, so they put in place a "leceh" method kot.. That is why they giving non-withdrawal bonus too.

Ya I know but just to test water. Imagine u save until have 200k then want take out time they have all the silly rules make u can't take out own money.

Can you link your junior easy account with your adult saving account through RHB Now Online and perform withdrawal through online banking?😉 I have do that for other banks and it works! Please let me know does this works for your.

This post has been edited by leo_kiatez: Aug 20 2017, 09:48 AM