Most of us have a POSB bank account when we were young as it was the only bank for children those days. Nowadays, seems like all the banks have kids’ savings accounts and they come up with many different ways to attract the kids’ angbao money. After the comparison on the bank accounts for adults, I intend to compare the banks accounts for kids too.
I think having a kid’s account is a good way for your child to understand the concept of money and savings and even compound interest. However, I don’t encourage parents to allow them the freedom of withdrawing the money without your permission because kids are still kids, they might lend to a friend, buy toys, join some MLM events or even go somewhere expensive. All true stories.