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I also have different savings accts for the kids. Besides POSB & OCBC, I also open Maybank accts for them when they ran a promo last yr where they gave out Popular vouchers. Now they hv a promo that gives KidZania tickets. However, note that if you take all these freebies from the banks, they usu hv some t&cs, like a minimum 6-mth lock-down period. Anyway, these accts all do not have minimum amount balance requirements so it's ok to open a few. But such kids' savings accts interest rates are usually not attractive; better rates to save in their CDA accts instead. For long-term savings, consider endowment or savings plans offered by different insurance companies. We bought 2 such policies for each child so when they turn 18 & 21, they can withdraw for their education. Compare & listen to diff fin'l consultants' views to choose the best one that suits your needs. I also dun believe putting all the eggs into 1 basket
It depends on how individual looks at it. I have both OCBC Mighty Savers Account and POSB Kids account. OCBC has some gift when U deposit money in and have some gifts when you deposit like minimum $20 and this is like a way to teach the kids to save so that they are able to redeem the gifts. As for POSB, it is just for convenience as you can trf money to their account easily.
I signed up for the CDA account with POSB. What i like about it, is that ince i aigned up for the CDA with POSB a joint savings account for my kids were opened immediately. I did not have to make extra trips to open a seperate account. Which is very helpful. Perhaps you could consider that too?
My baby has a POSB savings acc and OCBC mighty saver acc! Both are equally good to me and upon signing there will be free goodies for the child! Do consider of getting a saving insurance plan, money will definitely be saved for future education usage!
My kids have both POSB savings and OCBC mighty saver account. Personally prefer OCBC mighty saver account as Kids are rewarded when they saves regularly. It helps to cultivate good saving habits in your child !
Banks usually have kids below 12 savings account with free gifts promotion varies time to time. It's best to choose banks which is convenient to you in terms of depositing money, ATMs et.
I use mighty saver