Are you looking for the best savings account with the highest interest rates for your newborn baby or kids below 18 years old? Here is the comparison between my top 3 junior savings account picks in Malaysia:
| Savings Account Name: | AmGenius | Hong Leong Junior Savings Account | WISE Savings Account |
|---|---|---|---|
| Banking Instituion: | AmBank (M) Berhad | Hong Leong Bank Berhad | Public Bank Berhad |
| Savings Account Type: | Junior Account | Junior Account | Junior Account |
| Eligible Age: | 18 years old and below | 18 and below | Below 18 years old |
| Initial Deposit: | RM 1 | RM 1 | RM 1 |
| Min. Balance: | RM 10 | - | RM 1 |
| Interest Rates: | Up to RM50,000 - 3.00% pa Above RM50,000 - 1.00% pa | First RM50,000 - 2.9% pa Up to RM100,000 - 0.80% pa Above RM100,000 - 1.20% | First RM50,000 - 2.82% pa Above RM50,000 - 0.53% |
| Calculation Basis: | Daily | Daily | Daily |
| Payment: | Monthly | Monthly | Monthly |
| Other Benefits: | Free Group PA insurance coverage of up to RM50,000. Free coin box for opening of account with RM300 and above. | - | A bonus interest of 5% on monthly interest earned will be paid if no withdrawals are made over the one month period. |
Source: Banking Info
One thing I like about the children’s savings account is the flexibility of free withdrawal once a month compare to fixed deposit.
On top of that, the interests are calculated daily and credited monthly. “Money Make Money” – It is a good start to educate your kid about the amazing of compound interest as an important part of financial planning in future.
Previously, I was practicing to save my money into fixed deposit, whenever every five thousand cash was accumulated. This is a brainless approach that able me to buy my first property when I was 23 years old.
By having these three junior savings accounts, I will be able to utilize the combined quota of RM150,000 (highest interest rates for first RM50,000 each account) for my emergency fund, regular savings for kid, spare cash and etc to enjoy the interest rates as high as fixed deposit.
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