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Best Savings Accounts for Kids in Singapore (2026)
Teaching your child about money starts with a bank account in their own name. But with so many options out there, how do you choose the right one that also balances hands-on learning with parental oversight?
Fret not! Singapore’s banks have designed accounts specifically for children, with features that make saving simple and fun:
- No minimum balance fees: Most kids’ accounts have zero fall-below fees, so your child’s savings aren’t eaten up by charges.
- Higher base interest rates: Kids’ accounts typically offer better rates than standard adult accounts (0.05% p.a.), so their savings grow faster.
- Parental controls: Many accounts let you monitor transactions, set limits, and approve spending—giving your child independence within safe boundaries.
- Educational perks: From gamified apps to coin deposit machines, these accounts make saving fun and encourage the formation of a lifelong positive habit.
- Free insurance coverage: Some accounts come with complimentary hospitalisation and personal accident insurance for both parent and child.
Top Recommendations
These accounts are chosen because they align with what parents and kids actually need: no hidden fees, age-appropriate features, and real value beyond just interest rates.
- CIMB Junior Saver: Best for families wanting the highest no‑conditions rate, up to 1.58% p.a. No lock‑in period, no fall‑below fees.
- OCBC Child Development Account: Best for Baby Bonus- eligible families, with tiered (and easily the highest) interest up to 2.40% p.a., plus dollar‑for‑dollar government matching. POSB and UOB’s CDAs are comparable, but the OCBC CDA gets our mention due to their hard-to-beat interest rates.
- Maybank Youngstarz: Best for families who want free insurance coverage for parent and child, including HFMD hospitalisation and personal accident insurance.
- OCBC MyOwn Account: Best for kids aged 7–15 who are ready to manage their own money digitally under parental supervision. Comes with a customisable debit card.
Quick Overview: Best Savings Accounts for Kids
Comparison Table: Kids’ Savings Accounts at a Glance
| Account | Best For | Max Interest Rate | Realistic InterestRate | Min. Deposit | Fall‑Below Fee | Age Requirement | Unique Feature |
| CIMB Junior Saver | Families wanting the highest no‑conditions rate | 1.58% p.a. | 1.28% p.a. | S$1,000 | S$0 | ≤16 years | No conditions, no lock‑in period |
| OCBC Mighty Savers | Young children learning to save | 0.30% p.a. | 0.10% p.a. | S$0 | S$0 | ≤16 years | Earn bonus by saving S$50/month with no withdrawals |
| OCBC MyOwn Account | Kids aged 7–15 learning digital money management | 0.05% p.a. | 0.05% p.a. | S$0 | S$0 | 7–15 years | Parental controls + debit card; plenty of seasonal promotions |
| Maybank Youngstarz | Families who want free insurance for parent and child | 0.9% p.a. | 0.05% p.a. | S$10 | S$0 | ≤16 years | Hospitalisation & PA insurance for child + parent |
| POSB My Account | Basic, no‑frills account | 0.05% p.a. | 0.05% p.a. | S$0 | S$0 | None | Multi‑currency support (12 foreign currencies); convert to DBS Multiplier later |
| POSB Child Development Account (CDA) | Families with Baby Bonus- eligible children | 2.00% p.a. | 1.00–2.00% p.a. | S$0 | S$0 | At birth | Strong track record for maximising Baby Bonus package |
| OCBC Child Development Account (CDA) | Families with Baby Bonus- eligible children | 2.40% p.a. | 1.20–2.40% p.a. | S$0 | S$0 | At birth | Highest effective interest rate |
| UOB Child Development Account (CDA) | Families with Baby Bonus- eligible children | 2.00% p.a. | 1.00–2.00% p.a. | S$0 | S$0 | At birth | Wide network of perks and promotions |
CIMB Junior Saver Account
Best for: Families who want the highest interest rate without any complicated conditions.
The CIMB Junior Saver Account offers a highly competitive 1.58% p.a. interest rate with no fall-below fees and no lock-in period. It’s designed for young savers aged 16 and below. Opening requires a minimum deposit of S$1,000 and can be done fully online.
Key Features
- Maximum Rate: 1.58% p.a. (on the $25,000–$50,000 in account)
- Realistic Rate: 1.28% p.a. (on first $25,000 in account)
- Minimum Deposit: S$1,000
- Fall‑Below Fee: S$0
- Age Requirement: 16 years and below
- SDIC Insured: Yes, up to S$100,000
Savings Accumulation Scenarios (on S$5,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years | Total After 10 Years |
| 1.28% p.a. | S$5.33 | S$64 | S$5,320 | S$5,640 |
💡 The difference: Earning 1.28% p.a. instead of 0.05% p.a. adds over S$615 to your child’s savings over 10 years on just S$5,000—without any extra effort!
OCBC Mighty Savers Account
Best for: Young children who are just learning to save, no minimum deposit required.
OCBC Mighty Savers is a savings programme that teaches children the importance of saving through a fun, gamified experience. The base interest rate is 0.05% p.a., but you can earn an additional bonus 0.05% p.a. simply by depositing at least S$50 per month and making no withdrawals. When you also open an OCBC Child Development Account (CDA), more on this account later, you can earn a combined total of 0.30% p.a.!
Key Features
- Maximum Rate: 0.30% p.a. (when paired with OCBC CDA)
- Realistic Rate: 0.10% p.a. (meeting the bonus condition)
- Minimum Deposit: S$0
- Fall‑Below Fee: S$0
- Age Requirement: Below 16 years old
- Perks: No fee for coin deposits at ATMs (encourages kids to deposit the allowance they’ve saved up!)
- SDIC Insured: Yes, up to S$100,000
Savings Accumulation Scenarios (on S$5,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years | Total After 10 Years |
| Base Rate Only (0.05% p.a.) | S$0.21 | S$2.50 | S$5,013 | S$5,025 |
| Bonus Rate (0.10% p.a.) | S$0.42 | S$5.00 | S$5,025 | S$5,050 |
| Combined with CDA (0.30% p.a.) | S$1.25 | S$15 | S$5,075 | S$5,150 |
OCBC MyOwn Account
Best for: Kids aged 7 to 15 who are ready to manage their own money digitally under parental supervision.
Launched in October 2024, the OCBC MyOwn Account is Singapore’s first digital bank account designed specifically for Generation Alpha. It blends independence with parental oversight, allowing children to manage their finances through the OCBC app while parents stay in control.
Financial features aside, the account comes with a customisable debit card, including Disney and Marvel designs!
Key Features
- Maximum Rate: 0.05% p.a.
- Realistic Rate: 0.05% p.a.
- Minimum Deposit: S$0
- Age Requirement: 7 to 15 years old
- Fall‑Below Fee: S$0
- Parental Controls: Full visibility and transaction limits
- SDIC-insured: Yes, up to S$100,000
Savings Accumulation Scenarios (on S$5,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years | Total After 10 Years |
| Base Rate (0.05% p.a.) | S$0.21 | S$2.50 | S$5,013 | S$5,025 |
💡 The OCBC MyOwn Account isn’t about high interest—it’s about teaching financial literacy. The real return is your child learning to budget, save, and transact responsibly. Did we also mention the beautiful debit cards?
Maybank Youngstarz Account
Best for: Families who want free insurance coverage for both parent and child.
The Maybank Youngstarz Account stands out for its complimentary insurance benefits: Hand, Foot & Mouth Disease Hospitalisation and Outpatient Insurance for your child, plus Personal Accident Insurance for both you and your child. The account has a low minimum deposit of just S$10 and is designed for children aged 16 and below.
Key Features
- Maximum Rate: 0.9% p.a. (but only for balance above $50,000)
- Realistic Rate: 0.05% p.a.
- Minimum Deposit: S$10
- Age Requirement: 16 years and below
- Fall‑Below Fee: S$0
- Insurance Perks: HFMD hospitalisation, PA insurance for parent and child
- SDIC-insured: Yes, up to S$100,000
Savings Accumulation Scenarios (on S$5,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years | Total After 10 Years |
| Base Rate (0.05% p.a.) | S$0.21 | S$2.50 | S$5,013 | S$5,025 |
💡The free insurance coverage adds significant value beyond the interest rate; hospitalisation and accident protection for your family could save you hundreds in separate premiums.
POSB My Account
Best for: A simple, no‑frills account that can later be converted into a high‑yield DBS Multiplier Account.
POSB My Account is a basic savings account with a 0.05% p.a. interest rate, no initial deposit, and no minimum balance requirements. Its real value lies in its flexibility: you can exchange and save in up to 12 different foreign currencies, and once your child turns 18, the account can be converted into a DBS Multiplier Account to earn higher interest rates (up to 4.10% p.a., depending on various conditions met).
Additionally, your child gets a S$1 gift deposit when the account is opened!
Key Features
- Maximum Rate: 0.05% p.a. (upgradable to DBS Multiplier later)
- Realistic Rate: 0.05% p.a.
- Minimum Deposit: S$0
- Age Requirement: 16 years and below
- Fall‑Below Fee: S$0
- Perks: Multi‑currency support (12 foreign currencies), S$1 gift deposit, no coin deposit fee
- SDIC Insured: Yes, up to S$100,000
Savings Accumulation Scenarios (on S$5,000 balance)
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years | Total After 10 Years |
| Base Rate (0.05% p.a.) | S$0.21 | S$2.50 | S$5,013 | S$5,025 |
| Upgraded to DBS Multiplier (4.10% p.a.) | S$17.08 | S$205 | S$6,025 | S$7,050 |
💡 Starting with POSB My Account and upgrading to DBS Multiplier later unlocks 80× higher earning potential—from S$2.50 to S$205 per year on S$5,000.
POSB Child Development Account (CDA)
Best for: Parents with children eligible for the Baby Bonus scheme who want the highest interest rate available for kids’ savings.
The POSB CDA is a government‑linked savings account that comes with dollar‑for‑dollar matching from the government (up to S$4,000 for the first child, etc.). It offers tiered interest: 1.00% p.a. on the first S$10,000 and 2.00% p.a. on the next S$40,000. This is one of the highest interest rates among all kids’ accounts in Singapore.
Key Features
- Maximum Rate: 2.00% p.a. (on balances S$10,001–S$50,000)
- Realistic Rate: 1.00–2.00% p.a.
- Minimum Deposit: S$0
- Fall‑Below Fee: S$0
- Age Requirement: At birth (Baby Bonus- eligible)
- Government Matching: Dollar‑for‑dollar on contributions (capped per child)
Savings Accumulation Scenarios (on S$25,000 balance)
| Balance Tier | Interest Rate | Annual Interest |
| First S$10,000 | 1.00% p.a. | S$100 |
| Next S$15,000 | 2.00% p.a. | S$300 |
| Total on S$25,000 | Effective ~1.60% p.a. | S$400 |
💡 The combination of 2.00% p.a. interest and dollar‑for‑dollar government matching makes the CDA the most powerful savings vehicle for your child’s future.
OCBC Child Development Account (CDA)
Best for: Parents who want to maximise benefits from the government’s Baby Bonus scheme.
The OCBC CDA is part of the government’s Baby Bonus scheme, designed specifically for your child’s future needs, such as healthcare and education costs. The government co-matches every dollar you deposit, up to a cap based on your child’s birth order, effectively doubling your savings.
Key Features
- Maximum Interest Rate: 2.40% p.a., earned on balances above S$10,000.
- Realistic Rate: 1.20–2.40% p.a., as balances up to S$10,000 earn 1.20% p.a.
- Minimum Deposit: S$0
- Fall-Below Fee: S$0
- Age Requirement: At birth (Baby Bonus- eligible)
- Government Matching: Dollar-for-dollar co-matching by the government (up to a cap per child).
Savings Accumulation Scenarios (on S$25,000 balance)
| Balance Tier | Interest Rate | Annual Interest |
| First S$10,000 | 1.20% p.a. | S$120 |
| Next S$15,000 | 2.40% p.a. | S$360 |
| Total on S$25,000 | Effective ~1.92% p.a. | S$480 |
| Scenario | Monthly Interest | Annual Interest | Total After 5 Years | Total After 10 Years |
| CDA Only (first S$10k at 1.20%, remaining S$15k at 2.40%) | S$40 | S$480 | S$27,400 | S$29,800 |
| CDA + Mighty Savers (0.60% p.a.) | S$12.50 | S$150 | S$25,750 | S$26,500 |
💡 This CDA offers one of the highest interest rates available for a savings account. Its other value lies in the government’s dollar-for-dollar matching, which instantly doubles your contributions. When you add the Mighty Savers account, your child learns good money habits while both accounts grow.
UOB Child Development Account (CDA)
Best for: Parents who prefer to bank with UOB and want a straightforward, competitive CDA.
The UOB CDA is a government-linked savings account that forms part of the Baby Bonus scheme. It comes with dollar-for-dollar government matching and a tiered interest structure that rewards larger balances. Unlike other CDAs, UOB applies the lower 1.00% interest rate to the first S$25,000 (not just the first S$10,000), giving you a wider lower-interest tier before hitting the higher 2.00% rate.
Key Features
- Maximum Rate: 2.00% p.a. on balances S$25,001–S$50,000
- Realistic Rate: 1.00–2.00% p.a. (depending on balance)
- Minimum Deposit: S$0
- Fall‑Below Fee: S$0
- Age Requirement: At birth (Baby Bonus- eligible)
- Government Matching: Dollar-for-dollar on contributions (capped per child).
Savings Accumulation Scenarios (on S$25,000 balance)
| Balance Tier | Interest Rate | Annual Interest |
| First S$25,000 | 1.00% p.a. | S$250 |
💡 Of the three CDAs, UOB is the least competitive in terms of their interest rates, but all three CDAs come with different perks, promotions, and collaborations, which could be a deciding factor for you.
Summary Table: Which Kids’ Savings Account Should You Choose?
| If you want... | Choose this account |
| Highest interest rate without conditions | CIMB Junior Saver (realistic 1.28% p.a.) |
| Highest interest rate possible | OCBC CDA (1.2% on first S$10,000, 2.4% thereafter) |
| Free insurance for both parent and child | Maybank Youngstarz (0.05% p.a.) |
| Digital independence with parental control (ages 7–15) | OCBC MyOwn Account (0.05% p.a.) |
| Fun, gamified saving for young children | OCBC Mighty Savers (0.10% p.a., 0.30% p.a. with OCBC CDA) |
| Simple, no‑frills account that can upgrade later | POSB My Account (0.05% p.a.) |
Expert Articles
Frequently Asked Questions
About Best Savings Accounts for Kids
At what age can my child open a savings account?
Most banks allow children to open accounts from birth (CDA accounts) or from as young as 7 years old (OCBC MyOwn Account).
Do I need to pay any fees for a kids’ savings account?
No. Most kids’ accounts have no fall‑below fees and no monthly service fees.
Can my child get an ATM or debit card?
Yes. Accounts like OCBC MyOwn Account and Maybank Youngstarz come with debit cards. POSB My Account can be linked to a debit card once the child meets the age requirement.
What is the Child Development Account (CDA)?
The CDA is a special savings account for Singaporean children who are eligible for the Baby Bonus scheme. The government matches your deposits dollar‑for‑dollar up to a cap.
Which CDA offers the highest interest?
OCBC CDA offers up to 2.40% p.a. on balances up to S$50,000 (1.20% on the first S$10,000 and 2.40% thereafter), which is the highest among all CDA providers.
Are kids’ savings accounts SDIC‑insured?
Yes, all bank accounts featured in this guide are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor.
Final Tips for Parents
- Start early: Even small monthly deposits of S$50–S$100 can grow significantly by the time your child reaches 18, especially when earning compound interest.
- Use the CDA if eligible: The government’s dollar‑for‑dollar matching effectively doubles your savings through grants and subsidies. No other savings vehicle offers this return.
- Don’t overlook insurance perks: Maybank Youngstarz’s free hospitalisation and accident coverage adds real value beyond the interest rate.
- Involve your child: Let older kids manage their own accounts! Hands‑on experience is the best teacher for financial literacy.