A savings account designed for the younger generation
The OCBC YoungSavers Account is catered specifically towards the younger generation. With a maximum age of 18 years old, this account is designed to inculcate a good savings habit at a young age among school children and teenagers. It does so by offering a very high interest rate of 2.90% p.a. for amounts of up to RM50000.
In addition to that, 5% bonus interest will be rewarded if no withdrawals are made during the year! If that isn't reason enough to get you to save, we don't know what is!
Cash awards for doing well in your studies
What if we told you that you could get paid for doing well in your exams? The OCBC YoungSavers Account rewards excellent results in public examinations with cash.
- UPSR 5As and above - RM50
- PMR 7As and above - RM100
- SPM 8As and above - RM150
- STPM 4As and above - RM200
Do note that you must open your account more than 1 year preceding the announcement of your public examination results. Also, be sure to submit your results within 2 weeks from the announcement date.
Are there any additional features offered by the OCBC YoungSavers Account?
As with most accounts these days, you get to enjoy the convenience of managing your funds, viewing your statements and conducting payments and transfers online through OCBC's Online Banking portal, eLobby.
The YoungSavers Account also comes with a free passbook which can be updated conveniently at all branches.
Who can apply for this account?
The YoungSavers Account is open to Malaysians, Malaysian Permanent Residents and foreigners.
What do I need to bring in order to open this account?
An initial deposit of RM500 would be needed to open this account unless you are a student under the National School Adoption Programme in which the minimum deposit required is only RM1. The minimum balance you have to maintain in this account is only RM1.
Aside from that, documents required would be you identity card/passport or your birth certificate. Your parent's identity card or legal guardian certificate will be required for trust accounts.