Who is the MBSB Cheeky Savings Account made for?
MBSB Cheeky Savings Account is made especially for the younger members of the family, aged between 12 to 17 years old. As you may have noticed, this savings account has an attractive interest of up to 3.10%p.a. on deposits of first RM50,000.
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.
How will my interest be calculated?
Your interest earnings will be computed on daily rest but only credited monthly.
Does the savings account offers other interesting features?
Certainly. You child will miss out on many growth opportunities without the help of these privileges:
- Free Gift during account opening
- 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.
Is this savings account by PIDM?
It is not. Instead, it will be guaranteed by the Ministry of Finance under the Development of Financial Institution Act (DFIA).
What do I need to apply for the MBSB Cheeky Savings Account?
To assist your child with opening an account, he/she will need:
- An initial deposit of RM20 for account opening
- RM10 payment for membership card