After collecting Jelly's Ang Pao during Chinese New Year, in order to avoid me and my hubby accidentally spend on her Ang Pao, it's time to open a savings account for her. Next will be the choice of bank in order to store her savings for a rainy day (either for future education or [touch wood] medical use). In my findings, I just knew that junior savings has a very high interest rate compares to normal savings accounts for adult! Without delaying further, I start roam around banks to source out which is best for Jelly...
After going through some banks around my area in Bukit Mertajam, I would like to summarized some of the findings and comparison table which I came up with among the banks. I only did comparison among Maybank, RHB, Hong Leong, CIMB and OCBC.
Junior savings account Comparison
As per March 2016
Junior savings account Comparison
As per March 2016
Banks
|
Maybank
|
RHB
|
Hong Leong
|
CIMB
|
OCBC
|
Package Name
|
Yippie Savings Account
|
Junior Savings account
|
Junior Savings account
|
Junior Savers Account
|
Young Savers Account
|
Minimum deposit to open account
|
RM1
|
RM1
|
RM1
|
RM300
|
RM500 /
RM1 for students under the
National School Adoption Programme
|
Interest rate (Nominal rates)
|
Up to
RM50,000 - 3.15
Above
RM50,000 - 1.45
|
Up to
RM100,000 - 3.15
Above
RM100,000 - 0.70
|
Up to
RM50,000 - 2.95
Above
RM50,000 - 0.50
|
Up to
RM1,000 - 0.60
Up to
RM5,000 - 0.70
Up to
RM50,000 - 0.80
Up to
RM100,000 - 0.95
Above
RM100,000 - 1.45
|
Up to
RM50,000 - 2.90
Above
RM50,000 - 0.30
|
Other Benefits
|
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Personal accident Insurance
|
Yes, need
to maintain minimum RM1000 in the account at all times. Coverage up to
RM70,000, including guardian
|
Yes, with a
minimal balance of RM500, your child will enjoy a FREE Personal
Accident Insurance Coverage, calculated based on the account balance.
The more money
deposited, the better the coverage for your child, with coverage of
up to RM50,000
|
No
|
No
|
No
|
Cash Reward for good academic results
|
Yes, Yippie Club members who excel in their PT3, SPM, STPM and
Tertiary level exams
|
No
|
No
|
No
|
Yes, to
students who excel in UPSR, PMR and SPM exams
|
Withdrawal limits
|
No, but
withdrawal more than 2 times per month will not entitled for the 3.15%
interest rate
|
Yes, only limit to once a month.
|
No,
but 1st withdrawal over-the-counter per month - Free
2nd or subsequent withdrawals over-the-counter per month -RM2.12 per
withdrawal (inclusive of GST)
|
Yes,
One (1) Over-the-counter withdrawal allowed per month with no limit
(up to remaining balance in the account).
|
No
|
Notes
|
Interest is credited twice (2) a year on 30th June and 31st December
respectively. To enjoy this benefit, you will have to maintain the account
for at least 6 months a year, from 1st January to 30th June and from 1st July
to 31st December. If the account is not maintained for the 6-month duration
as mentioned, the normal Kawanku Savings interest
will apply.
|
|
|
No ATM card as the account will be linked to parent/guardian CIMB Clicks
ID.
Every average quarterly balance of RM1, 500 entitles to one (1)
Junior Point.
|
Minimum monthly balance RM1.
Interest is calculated daily and credited half-yearly on 30 June and
31 December.
Get 5% bonus interest on interest earned if no withdrawals are made
during the calendar year (starting from 31 December).
|
After going through all the banks, I finally decided to go with Maybank. They also give a free Yippie piggy bank if we deposit above RM1000. It really depends on what we are looking for.Main reason I choose Maybank is because of the high interest rate. Other reasons is because they have many branches and the Yippie account can also link to my savings account so I can view using my ATM card or online via Maybank2u. They also have free accident insurance coverage including guardian who opened the account with the child. But I will consider for my husband to open another account with RHB since he has an account there, the interest rate is also high and they also have accident coverage.
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