What is the BSN Teenager GIRO Account?
This is a savings account from BSN that is targeted to the teen in the house. Financial management might not tickle their fancy, but earning a percentage of the money that they save might be a game-changer.
What can my teenage sons and daughters benefit from this account?
The bank offers teens access to SMS and Online banking via myBSN for their convenience, with a range of services such as making online banking transactions, tracking previous banking transactions and fund transfers - this should be great news because they'll be staring at their computer screens all day anyway!
Your child will also be offered an ATM/debit card - need lunch money, or some extra cash for those new pair of pants? They can just withdraw from any BSN ATMs; no longer will they need to give you the puppy-eyed look!
But of course, to ensure that they do not overspend, you can also track their transactions online or offline using a passbook and account statement that can be posted straight to your house.
Can teenagers open an account themselves?
Yes, since this is a teenager savings account, those between the ages of 13 and 15 can walk into any BSN branch to open a GIRO savings account. The minimum initial deposit is RM50, while you must maintain RM10 as your account balance.
Any fees and charges I need to be aware of?
The maximum withdrawal amount limit is RM1,000, which is up to 3 transactions per day. As mentioned above, the account balance must be at least RM10; otherwise, the account will be closed and your balance forfeited.
On the other hand, the service charge is RM10 per year for any balance above RM10.
