The UOB Junior Savers Account is a one of a kind savings account that comes with complimentary life insurance.
Features and Benefits of UOB Junior Savers Account:
- This savings account comes with a free UOB ATM Card that includes PLUS and NETS facilities.
- You can access the Junior Savers Account round the clock on all days using Phone Banking and Internet Banking services available 24 hours.
- Once your child turns 16 years old, you have the option of converting this account into a regular savings account at any of the UOB Group Branches.
- This savings account offers attractive interest rate structures.
- You can transfer funds from your UOB account or account/s from any other bank or financial institution into the Junior Savers Account conveniently without hassle.
Insurance Cover and Criteria for UOB Junior Savers Account:
Your child can receive up to 100% cover of the deposit balance maintained in the account.
- To be eligible, a daily balance of S$3,000 must be maintained on an average per month for a consecutive 6 month period or since the date the account was opened, depending on whichever of the two is shorter.
- The portfolio insurance coverage will be paid as a percentage of your daily average balance maintained in your Junior Savers Account.
- This insurance cover will provide coverage for the insured until the age of 65 years OR until the child turns 17 years of age, depending on whichever of the two occurs earlier.
Table 1 - Find below the insurance cover provided for different deposit balances maintained:
|Deposits Balance Maintained on the basis of daily average balance||Insurance Cover provided|
|S$3,000 and up to S$9,999.99||50%|
|S$10,000 and up to S$49,999.99||70%|
|S$50,000 and above||100%|
Interest Rate Structure for UOB Junior Savers Account:
Table 2 – Find below the deposit amounts and the corresponding interest rates for this account:
|Deposit Amount in the Junior Savers Account||Interest Rate Structure|
|Initial S$15,000||0.05% p.a.|
|Next S$85,000||0.05% p.a.|
|Next S$250,000||0.05% p.a.|
|Above S$350,000||0.10% p.a.|
Fees and Charges for UOB Junior Savers Account:
- Initial Deposit Amount – S$500.
- Minimum balance charge – You will be charged S$2 if your average daily balance falls below S$500 for a month.
Eligibility Criteria for UOB Junior Savers Account:
You must be meet the following eligibility criteria to apply for UOB Junior Savers Account:
- Singapore Citizens, Permanent Residents and Foreigners are eligible to apply for this savings account.
- This account must be opened jointly with a parent or a legal guardian.
- Your child must not be older than 16 years of age.
Documentation Criteria for UOB Junior Savers Account:
The following documents must be submitted to the bank when applying for the UOB Junior Savers Account:
- ID Proof document or Proof of Citizenship Document if necessary.
- The original birth certificate of your child.
Note – It is not required that your child be present when you open the account.
Applying for UOB Junior Savers Account:
You can apply for the UOB Junior Savers Account through the following ways:
- If you wish to open this savings account through ‘express account opening’ service, you can book an appointment online by providing your contact details. A customer service officer will call you within 2 working days. The appointment form is available on the Junior Savers Account web page of the official UOB Singapore website.
- You can call UOB on the number provided on the Junior Savers Account web page of the official UOB Singapore website to apply for this account.
- You can visit your nearest UOB Bank branch and apply for the Junior Savers Account directly in person. If you choose this method of application, there is no requirement for you to bring your child to the bank to open this account.