What is the Cheeky Savings Account-i?
MBSB understand the inherent benefits of saving money, therefore offers everyone the fair chance to start saving. The Cheeky Savings Account-i is an account meant for all the junior savers who want to have a head start in life.
It is not easy to save money, ask any adult and they will concur with you, but if the habit is cultivated at an early age, then the task becomes easier and the benefits better.
Who can apply for this account?
As it is a savings account meant for juniors, the age band set on the account is for anyone below the age of 17. This also means, applicants are technically not of age yet and need to have a legal guardian sign up with them, making it a trustee account.
So parents or guardians, need to be present and have with them their NRIC and proof of relationship document with the applicant. Applicants will also need both their NRIC and their birth certificate depending on their age, for registration.
The minimum amount required to open this account is RM20 only.
How is this an Islamic Account?
The Cheeky Savings Account-i is a Shariah compliant savings account. Therefore, it will also adhere to a Shariah contract of Tawarruq. This does not however limit the account applications to Muslims only.
MBSB intends for this account to be open to all people of all walks of life.
What do I get with this account?
Upon registration you will be given a passbook, to monitor your account deposits and withdrawals. Since this is a junior account, the activity will most likely be limited to the consent of the parents or guardians as well. So, a passbook will be more necessary compared to a Debit card.
However, once you have reached a maturity of 18 years old, applicants can move all their funds into a regular savings account with a debit/ ATM card at your disposal.
Since, this a a Shariah compliant account, there isn’t much to go on with regards to a profit rate. Be ensured that there is a rate, and you will be given particulars upon registration. That being said, you might receive a Hibah (gift) for your efforts, at the banks discretion.