Who is the MBSB Cheeky Savings Account made for?
If you haven't got it from the cutesy name, the MBSB Cheeky Savings Account is made especially for the younger members of the family, specifically for those age 12 to 17 years old. Take for example Ang Pow money, what are your children going to spend them on? It's better to keep the money in a high interest savings account that they can use once they're reached college.
As you may have noticed, this savings account has an attractive interest of up to 3.30%p.a. on deposits of first RM50000. It may seem a lot to reach that rate, but when it comes to your child's future, how much is too much?
How will my interest be calculated?
Your interest earnings will be computed on daily rest but only credited monthly.
That's fair, does the account have any other interesting features?
Certainly. You child will miss out on many growth opportunities without the help of these privileges:
- Free Coin Box, for any loose change. As the saying goes, "A little goes a long way!"
- Cheeky Club Membership at only RM10 - your child will receive various membership privileges such as exciting activities that will help your child's social skills.
This savings account is not covered by PIDM, is that correct?
That is correct. Instead, will only get protection from the Ministry of Finance under the Development of Financial Institution Act (DFIA). You will also get Personal Accident (PA) coverage for your first year with the MBSB Cheeky Savings Accout.
What do I need to apply for the MBSB Cheeky Savings Account?
To assist your child with opening an account, he/she will need:
- Initial deposit of RM20 for Cheeky Club membership
- RM10 payment for membership card