Nowadays, there are many banks that provide Junior Saving Account for children who are less than 18 years old. My mother told me before; children are never too young to learn how to save their money, especially after getting AngPow during Chinese New Year.
As parents, you can start saving your children’s money with a high interest saving account. In fact, the Junior Saving Account’s interest is as high as Fixed Deposit account. That’s too great!
Most of the bank including Maybank, AmBank and RHB Bank is giving 2.95% – 3.25% interest rate for this type of saving account.
I’m preparing a table to compare Junior Saving Account by Affin Bank, May Bank, Ambank and RHB.
| Deposit Range (RM) | AffinBank | Maybank | AmBank | RHB |
|---|---|---|---|---|
| Junior Saver | Yippie Savings Account | AmGenius Savings Account | Junior Savings Account | |
| RM 1 - RM 999 | 3.25% | 3.15% | 2.95% | 3.20% |
| RM 1,000 - RM 4,999 | 3.25% | 3.15% | 2.95% | 3.20% |
| RM 5,000 - RM 19,999 | 3.25% | 3.15% | 2.95% | 3.20% |
| RM 20,000 - RM 49,999 | 3.25% | 3.15% | 2.95% | 3.20% |
| RM 50,000 - RM 99,999 | 2.50% | 1.30% | 1.00% | 3.20% |
| RM 100,000 - RM 499,999 | 2.90% | 1.30% | 1.00% | 1.25% |
| RM 500,000 - RM 999,999 | 3.05% | 1.30% | 1.00% | 1.25% |
| RM1,000,000 and above | 3.33% | 1.30% | 1.00% | 1.25% |
| Source | Affin Bank Rates | Maybank Rates | Ambank Rates | RHB Bank Rates |
1st Update: July 2015
2nd Update: July 2016
3rd Update: Dec 2016
4th Update: Feb 2018
After I have done this research, I found some great things to share with you. Most of the bank is paying interest as high as ordinary fixed deposit, so we should encourage our children to learn saving money as young as possible.
LiangLiang writes about Saving, Blogging, and Investment, enjoys cooking and discovering everything new. Oh yes, she is a pretty and smart girl too.
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