Comparison of Child's Savings Account

Today is the fourth day of Chinese New Year and most of us are still on holiday to visit friends and relatives. If you are a parent with kids, you should be wondering where to keep your kids' ang pow money. Child's Savings Account is a good choice to keep your children's ang pow money as it offers high interest rate which is equivalent to 1-month tenure FD rate.

If you open a Child's SA with a few hundred Ringgit, you can usually get a free coin box. The coin box is a good tool to encourage your children to start saving since they are young. Child's SA normally only allows maximum one withdrawal per month. Some banks will give bonus interest upon interest earned if no withdrawals is made over a certain period.

The deposit in Child's SA can enjoy high interest rate up to a certain amount only. The following is the list of banks which offer highest interest rate for Child's SA:

Savings Account	Rate	Interest  Credit	Limit
Ambank AmGenius	3.00% p.a.	Monthly	RM 50000
Public Bank Wise	3.00% p.a.	Monthly	RM 50000
Maybank Yippie	3.00% p.a.	Half yearly	RM 50000
RHB Junior	3.00% p.a.	Half yearly	RM 100000
Hong Leong Junior	2.90% p.a.	Monthly	RM 50000
UOB FunSavers	2.90% p.a.	Half yearly	RM 50000
SCB Young Savers	2.75% p.a.	Half yearly	RM 50000