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?
To open this savings 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?
The higher interest rate is 2.95% p.a. for the first RM50,000 you saved into this savings account. If you put in more money into this savings account, surpassing the RM50,000 mark, then you shall earn 0.45% p.a. on your account balance.
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.