Having a baby soon will change everything in my family. As a new parent, other than planning the extra costs for taking care of the baby, I will also need to plan about my baby’s financial future carefully. It doesn’t have to be difficult, and I start with a simple savings account as my baby’s lifelong financial education.
In Malaysia, we can open junior savings account at any age from when he or she is a newborn to the age of 18. Thus, choosing the right bank with the best interest rate for my baby’s savings account can make a huge difference as the money grows in the bank.
The features of a junior savings account
- for those below 18 years old
- encourage more savings by restricting withdrawal
- require a low amount to open an account
- provide extra benefits such as free insurance coverage
The benefits of a junior saving account
- higher interest rate
- extra benefits such as personal accident insurance coverage
- teach the child the value of money and how to manage them
There are many types of junior savings account available in Malaysia. By comparing some of junior savings account from major banks, I hope these can help you, those who are Malaysia and reading my post to decide which one is the best for your baby and your child. The comparison sheet is downloadable.
Click on the link and download it for your reference.
Junior Savings Account Comparison Spreadsheet (updated 2018)
Are there any junior savings account in your country? What is your opinion on the junior savings account? I’m glad if you can share with me using the comments below.