What is the Yippie-i Savings Account?
This is an Islamic savings account targeting at children and teenagers under the age of 18 years old. Yippie-i 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-i Savings Account work?
Yippie-i Savings Account is based on the principle of Qard, i.e. a contract of money lending, of which is usually non profit bearing, between the banker (as borrower) and depositor (as lender).
This savings account works 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-i 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 Takaful coverage of up to RM70,000 for both you and your child.
Besides that, your beneficiary will also be issued with a debit card, which can be accessed at over 5,800 ATMs nationwide and PLUS network worldwide. You will also have the convenience of managing your banking needs via Maybank2u.
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
- GST: 6% (where applicable)
Who can apply for Yippie-i 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.