What is a Public Bank Young Achiever Savings Account?
The Public Bank Young Achiever Savings Account is a savings account designed for children under the age of 18. A great way to foster the habit of saving!
Who is eligible to apply for Public Bank Young Achiever Savings Account?
Anyone can apply for Public Bank Young Achiever Savings Account, be it Malaysian resident or non-resident, as long as you are below the age of 18.
How much do I need to deposit to open this account?
All you need is an initial deposit of RM500.
Do I need to maintain a minimum amount in my account?
Yes, you will need to maintain a minimum of RM20 in your account at any time to avoid any penalty or charges. We are pretty sure that you can manage to save at least RM20, aren't you?
How much interest can I earn?
It all depends on your deposit amount. If you manage to save up to RM10,000, you will earn 0.1% interest per year!
The higher interest rate is 1%, provided if you save up more than RM75,000 in the Public Bank Young Achiever Savings Account.
Will I get a bankcard?
Yes. if you are above 12 years old, the Bank will issue a bankcard or ATM card for ease of withdrawal.
Any fees and charges I need to watch out for?
If you account is inactive, that is, no withdrawal or deposits for a 12 months, you will be charged RM10 every inactive year. So be sure to maintain your account!
Also, if you decide to close this account within 6 months, you will incur a penalty of RM10.