Bank Savings Account for Youths
Hello Everyone, recently, I have been rather intrigued by the savings account introduced by the various banks just for youths/young working adults/students/teenagers. In this blog entry, I will be making a comparison between 3 banks, namely, UOB, OCBC, and DBS.
UOB has introduced the TX account for a very long time now but I have no idea how many people have actually signed up for the account. In fact, it was one of the earlier savings deposit which introduced e-statement/online banking. Many years ago, I wanted to sign up for this account but have decided not as it didn't quite appeal to me. By the way, the account is only available to students aged 16 to 21 years old and a minimum deposit of $100 is required. There is no fees that will be charged to you to maintain the account as there is no fall-below rate. The interest rate offered is only a miserable 0.05% per annum. For details, you can click here <--
DBS has recently launched the DBS Remix e-Savings Plus account targeted at Young Adults aged 16-29 years old. [I have a feeling DBS launched this account because it wanted to compete directly with OCBC] No initial deposit is required to open this account and its also made available to foreign students studying in Singapore. There is no minimum balance requirement, with perpetual waiver of fall-below fee [honestly, I got this information from the website and I am quite confused. If there is no minimum balance requirement, why would there be a need for a perpetual waiver of fall-below fee? Hmm]. And, there will be a $2 fee for each cash withdrawal made over the counter at any DBS/POSB branches. Should you close the account within 6 months, there is an early closure fee of $20. Oh, and the daily interest rate is 0.05%. [similar to what UOB is offering] For details, you can click here <--
OCBC launched the FRANK account a few months back and this is one account which I have been eyeing on. The account is specially catered for Young Adults aged minimum 16 and there isn't any age limit. No initial deposit is required to open this account and there is no minimum balance if you are aged 26 and below. If you are aged 26 and above, there will be a $2 monthly service fee if your average monthly balance falls below $1000. [which I believe will not be the case if you're a working adult who saves regularly] Should you close the account within 6 months, there is an early closure fee of $30. [yes, its higher than DBS Bank by $10 but why would you want to close an account in the first place if your intention was to save for the long-term?] Also, there is no fee for any transaction made over the counter at any OCBC branches. And the best part is this, the interest rate is 0.30% per annum [that is way better than what you get at DBS or UOB] But just for your information, the interest rate is for a promotional period only and would be subjected to changes without prior notice. But more than just that, the FRANK account comes with a powerful online tool to help manage your money wisely and you can choose from a wide variety of designs for your debit card too. [now that's really awesome] For details, you can click here <--
Well, these 3 savings accounts offered by the respective banks are mainly targeted at young adults/youths/students and honestly, I feel that OCBC offers a savings account which is really unique and true to its own. The FRANK account is really full of benefits [higher interest rates, more functionality and practicality, lesser fees] and I would strongly recommend it to youths/teenagers/young adults who are looking for a dynamic and vibrant banking solution. Despite the fact that OCBC may have lesser ATMs than DBS/POSB, the advantage is that you hardly have to queue up for OCBC ATMs. Now, why wouldn't you decide to switch over to OCBC today?
Footnote: Information as given here are updated as to the date this blog entry is published.