The best kids savings account in Singapore depends on your child’s age and on whether you want them to use the money themselves. As at November 2026, CIMB Junior Saver pays the highest non-promotional rate we found on an ordinary kids account (1.28% on the first S$25,000), OCBC MyOwn gives 7- to 15-year-olds their own debit card and app, and POSB’s joint account is the simplest option with no minimum balance.
If the money is for school fees or medical bills while your child is 12 or under, the Child Development Account (CDA) may beat all of them because of the government match.
How We Compared Kids Savings Accounts
We read the product pages of POSB, OCBC and CIMB in November 2026 and compared five things:
- the interest rate and the balance it applies to;
- the child’s eligible age;
- who controls the money and how withdrawals work;
- minimum deposit and fees;
- whether the child gets a card or app access.
We included POSB’s CDA because many parents weigh it against an ordinary account. We did not include accounts whose current rate we could not confirm on the bank’s own page.
Best Kids Savings Accounts in Singapore Compared (November 2026)
| Account | Child’s age | Interest (as stated) | Minimum deposit and fees | Child’s own access |
|---|---|---|---|---|
| POSB My Account (joint with child) | Below 16 | Daily interest; rate not stated on product page | No minimum balance; $2 a month for paper statements, waived up to age 16 | Not until 16 |
| OCBC MyOwn | 7 to 15 | 0.05% base; MyOwn Savings Goal bonus of 2.95% on first $2,000 until 31 March 2027, then 0.95% | $0 initial deposit, no fall-below fee | Debit card and OCBC app, with parent-set limits |
| CIMB Junior Saver | Below 16 | 1.28% on first $25,000; 1.58% on next $25,000; 0.50% above $50,000 | $1,000 initial deposit, no fall-below fee | Withdrawals for in-trust accounts at a CIMB branch, by parent |
| POSB Child Development Account | 12 and below (Singapore citizen) | 1.0% on first $10,000; 2.0% on next $40,000; 0.05% above $50,000 | Government matching up to a cap | Approved uses only |
OCBC’s 2.95% bonus is a promotion that ends on 31 March 2027. After that, OCBC says the bonus falls to 0.95% a year.
The short version: For a small balance, the rate gap between accounts is a few dollars a year. Choose on access and habit-building first, then on interest.
Worked Example: $3,000 of Ang Bao Money
Illustration only, using the rates above for one year and ignoring monthly crediting.
- OCBC MyOwn, promotion running: $2,000 at 3.00% (2.95% bonus plus 0.05% base) is $60. The other $1,000 at 0.05% adds 50 cents. Total about $60.50. After 31 March 2027, the same $3,000 would earn about $20.50 a year.
- CIMB Junior Saver: $3,000 at 1.28% is $38.40, but you need $1,000 to open it.
- POSB CDA: $3,000 at 1.0% is $30, and the government matches what you put in, up to the cap for your child’s birth order. The money can only be spent at Baby Bonus Approved Institutions.
- POSB My Account: POSB’s page does not state a rate, so check DBS’s deposit rates before relying on interest.
On $3,000, the best and worst outcomes differ by about $40 a year. For most families, that is less important than whether the child sees and uses the account. Try other amounts in our compound interest calculator.
The Catch: What Each Account Does Not Suit
POSB My Account (joint with child) does not suit parents who want to earn a known rate. It is a convenience account. It also cannot be converted into the child’s own account; POSB says the child opens a separate one at 16.
OCBC MyOwn does not suit children under 7, and its high rate is both capped at $2,000 and temporary. A parent who is a Singaporean or PR must already hold an OCBC current or savings account.
CIMB Junior Saver does not suit families who want online withdrawals by the child. CIMB says withdrawals from in-trust accounts are done at a branch by the parent.
The CDA does not suit savings the child will spend freely. It is for approved childcare, education and healthcare costs, and different rules apply after the child turns 13.
Joint or In-Trust: Who Owns the Money
In a joint-alternate account, MoneySense explains, each holder can transact alone. That is convenient, but it also means the parent can withdraw the child’s money. An in-trust account is held by the parent on the child’s behalf.
Whichever you choose, the account teaches more if your child sees it. Looking at the monthly statement together, and pointing out the interest line, makes the idea of money earning money concrete in a way a rate table cannot.
Neither structure is wrong. Decide whether the account is a teaching tool, a gift the child will control at 16 or 18, or family savings in the child’s name, and pick the structure that matches. For a fuller explanation of joint mandates, see our guide to joint savings accounts. Older children who want to spend with a card are covered in best kids debit cards.
What To Do Next
- Decide what the money is for: everyday learning, a long-term gift, or approved costs that suit the CDA.
- If your child is 7 to 15 and ready for a card, compare OCBC MyOwn with the debit card options in our kids debit card guide.
- Check each bank’s page for the current rate before transferring, and note the end date of any promotion.
- See every banking guide from our savings accounts hub, and use the savings account interest calculator to compare balances.
