With this savings account, you will get an interest rate of up to 0.8% p.a. This account is tailor-made for children below 16 years of age, although a parent or a legal guardian will have to be a joint account holder.
Features and benefits
There are several features and benefits of this account. Here is a list:
- You can earn higher interest rates on your child’s savings. This is a fantastic opportunity for you to teach them how to save and invest.
- You will get a free subscription of the monthly e-newsletter that will keep you updated about all the latest promotional offers.
- With OCBC Mighty Savers Account, your kids will get priority in the queue on Sundays at any OCBC branch.
- CNY promotion: Deposit at least S$300 and receive Lunar New Year gifts for your kids. These include limited edition pencil cases and backpacks. The higher your deposit, the better the gift for your child. There are also ang bao packets especially for kids that can be obtained from your branch. The offer is valid as long as there are stocks of the product.
- Cash credit: If you buy a regular premium endowment plan for your child’s education, your account will be credited with a sum of S$100. The policy should be a regular-premium plan and the premiums should be anywhere between S$3,600 and S$11,999 annually. This perk is available until 31 December 2018.
With the OCBC Mighty Savers Account, you will earn a higher interest rate in three tiers:
- Base Interest: 0.05% p.a.
- Bonus Interest: 0.35% p.a. To get this, you will have to deposit at least S$50 each month without making any withdrawals.
- CDA Advantage Bonus Interest: 0.4% p.a. This is for those who also have an OCBC Child Development Account.
Any child who is below 16 years, together with his/her parent or a legal guardian as a joint holder, can apply for this savings account.
How to apply for OCBC Mighty Savers Account
There are two ways to apply for this account:
You can visit your nearest OCBC branch with the following documents:
- Bank statement, phone bill or half-yearly CPF statement.
- Birth certificate of your child.
- NRIC for Permanent Residents and Singapore nationals, and Employment Pass or S-Pass or Student Pass for foreign nationals.
- If you do not want to visit the bank, you can download the online form and fill it up and attach the documents mentioned above. You must also include the letter of guardianship in case you are not the child’s parent.