Child savings bank account comparison in Malaysia

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

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
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.