What is AmBank AmGenius Savings Account?
It is a savings account designed for children under 18, making it easy for parents or guardians to start building their child's savings early.
It offers an attractive 1-month Fixed Deposit (FD) equivalent interest rate on balances of up to RM100,000, helping your child's money grow while remaining accessible. Interest is calculated daily and credited to the account every month.
To encourage long-term saving, transfers and withdrawals are limited to three transactions per month. Once the third transaction is made, no further transfers or withdrawals are allowed until the following month.
That's awesome, what else will we be getting?
The AmGenius Savings Account pays:
- 1.75% p.a. on balances of up to RM100,000
- 0.30% p.a. on balances above RM100,000
Interest is calculated daily based on your account balance and credited monthly, allowing your child's savings to grow steadily over time. Rates are subject to change by AmBank.
I see. Is there anything else I should be aware of for this account?
RM15 will be charged for replacing a lost, stolen, or damaged passbook. If the account becomes dormant, RM10 will be charged. RM20 applies if the account is terminated within three months of opening.
Okay. What do I need to apply for this product?
To apply for the AmGenius Savings Account:
- The account holder must be below 18 years old
- A minimum initial deposit of RM1 is required
- The account can be opened at AmBank branches
- Deposits are protected by PIDM up to RM250,000 per depositor
