What is the Yippie Savings Account?
This is a savings account, similar to most, only that this account is meant for the use of any child under the age of 18. It can be seen as a god opportunity for parents to get their kids into the habit of saving from a young age.
How does the account work?
Since this is an account meant for underage individuals, it will work similarly to a trust, with there being a parent or guardian registered with the account as well to help manage it. Which means that once the account holder is of age, or has turned 18 they can migrate the account to another Maybank Savings account and become a sole account holder.
However, for the time being, parents will need to be present to open the account, remember to bring your NRIC with you for registration purposes. You will also need to bring along a copy of your child’s NRIC and birth certificate to open the account.
What are the other account requirements?
Well this account is not only open to Malaysians but to foreigners as well. As long as you have a valid student/work visa, permits and letters of confirmation from your employer, foreigners can also open this account for their kids. You will however need to present these documents and your passport upon registration for validation.
Other than that, this account comes with an ATM card for easy withdrawals and deposits, so that means it also comes with a couple extra charges that you might want to take note of. Any card replacements will incur a charge of RM12 and an RM15 charge will be imposed on lost passbooks as well. Other than that, there is a stamp duty of RM10.
What about the interest rate?
There is in fact an interest rate that comes with the account. The minimum deposit for this account is RM1 and even from the smallest number, you will earn an interest rate. For balances of up to RM50,000 the interest rate will be about 2.97% p.a. and you will continue to earn interest even if you have more than that in the account.
What other benefits do I get?
There are a couple more benefits that come with this account, especially if you refrain from making withdrawals. If you make ONE withdrawal a month for six consecutive months, depending on the account balance you can earn up to 1-month FD rates on the account.
For you kids who are still in school with this account, you get to earn cash rewards when you do well in all your major exams, including, PT3, SPM, STPM, and Tertiary Level Exams.
Last benefit that you get is free Personal Accident Insurance coverage of up to RM70,000 for both you and your child, to offer you better protection on a daily basis.