What is the Standard Chartered Young Savers Account?
Standard Chartered Bank takes pride in trying to be an all-inclusive brand, and with that practice in mind, offer a savings account for junior savers. The Young Savers Account is specially crafted to for kids and youths who want to learn the importance and benefits of saving money.
The account is open to anyone under the age of 18 and can be a good way for parents to instill good banking habits in their kids early on.
How does the account work?
Well like any other savings account you will be able to deposit money into the account, both to use or to save for later. The account comes with a ATM/Debit card for all your transactional needs and shopping and you can monitor the account online.
Since this is an account for ‘Young Savers’ it will be necessary for one of the parents act as a guardian for the account making it similar to a trust account.
Is there an interest?
Yes, all savings accounts come with a nominal interest rate, but the Standard Chartered Young Savers account comes with a flexible interest rate of 0.25% to 2.90% p.a. depending on the account balance. However, regardless of the balance you will be earning an interest.
The interest is calculated daily and will be credited half yearly or every six months.
What are the requirements for this account?
As mentioned, account holders need to be under the age of 18, and have parental consent. To apply for the account, you will need to be a Malaysian Citizen. Remember to have your NRIC with you before you go to open the account, in addition to that, as the account holder is a minor, parents remember to have their birth certificate in hand as well.
The minimum deposit to open the account is RM1 only so your kids can start saving whenever they please.