What is the Yippie Savings Account?
This is a savings account targeting at children and teenagers under the age of 18 years old. Yippie Savings Account offers a slew of financial benefits for young savers - it is also an opportunity for parents to encourage their kids into the habit of saving.
How does the Yippie Savings Account work?
Since this savings account is meant for underage individuals, it will work similarly to a trust account, whereby a parent or guardian will be the joint accountholder. The parent or guardian has the controlling rights of the account until the child has turned 18, after which they can migrate to another savings account.
To open the account, parent or guardian has to be present. The documents required upon registration is parent or guardian's NRIC with a copy of the beneficiary's NRIC and birth certificate.
Any other benefits?
Financially speaking, the benefits that come with Yippie Savings Accounts are multiples, such as:
- Enjoy 1-month Fixed Deposit rate on your account balance if you make ONE withdrawal per month for 6 consecutive months, i.e. from 1st January to 30th June, and from 1st July to 31st December
- Cash rewards for young achievers who excel in PT3, SPM, STPM/A-Level and tertiary level exam. Just maintain RM1,000 in your account during the examination year until the date of submission for Cash Awards
- Free Personal Accident Insurance coverage of up to RM70,000 for both you and your child.
Besides that, your beneficiary will also be issued with a debit card and passbook for easy withdrawal, transaction and deposit making.
What are the fees and charges?
- Replacement of Debit Card: RM12
- Replacement of lost savings passbook: RM15 (inclusive of Stamp Duty)
- Replacement of savings passbook due to poor handling: RM10
- Early closure of account within 3 months of account opening: RM20
- MEPS withdrawal charges: RM1
Who can apply for Yippie Savings Account?
This savings account opens to Malaysians and foreigners with a passport, valid student Visa and/or working permits, and letters of confirmation from employer. Any child below the age of 18 years old can apply for this savings account, with parent or guardian must not exceed 60 years of age.