MBSB Cheeky Savings Account

I previously compared the Child's Savings Account among the local banks, the highest interest rate was only 3.00% p.a. with maximum one withdrawal per month. Effective from 28th October 2013, MBSB had revised the interest rate for its Cheeky Conventional Savings Account to 3.10% p.a.

Cheeky SA is open to all Malaysian aged 18 years old and below. The minimum initial deposit is RM 20 and interest rate of 3.10% p.a. is applicable to the first RM 50000, for amount above RM 50000, interest rate of 2.50% p.a. will apply. The interest is credited monthly to Cheeky SA and there is no limit on number of withdrawals per month.

For initial deposit amount of RM 500, a Cheeky Club backpack, T-shirt and coin box will be given free of charge. However, the drawbacks of Cheeky SA are it is not protected by PIDM, limited MBSB branch and you can only deposit over the counter as IBG does not cover MBSB.

If you are interested to open Cheeky SA for your kids, just bring along your IC and your children's myKid and visit the nearest MBSB branch.