What is the UOB Fun Savers Account?
It is in face a regular savings account with a twist. The Fun Savers account is specially designed for the use of our Junior savers. So parents, of you want your child to learn the discipline and benefits of saving money this is the perfect account to instill that quality. It is a goal savings account with easy access and protection all round.
How does it work?
Well if you are a child below the age of 12 or parents you have a child below the age of 12, then their accounts need to be held in a trust by their parent(s). However, your child is above that age line then they can open either an individual or joint account depending on your preference.
What are the requirements set?
As mentioned, the age requirement is set for below 18 years old. For application purposes, in regards to your child, please remember to have on you their NRIC and original birth certificate. As for you parents, you will also need to have your NRIC and one of the following supporting documents;
- Utility bill
- Quit rent assessment note
- Bank Statement
- Employer Confirmation Letter
Basically, anything that is in your name and bears your address.
The minimum deposit requirement is only RM1, so your child can start saving at any time.
Is there an interest?
Yes there is, but it fluctuates all the time, so it will be hard to give out a fixed rate. Rule of thumb however, is that the more you save the more you earn. Which in this case is when you get up to RM50,000 you will get more attractive rates that can go up to the same rate as a 1-month Fixed Deposit.
How do we monitor the account?
This savings account comes with a passbook for those of you who prefer that form of accountability, but with UOB you also have the alternative or addition of an online account. Online you have the flexibility to move your money and transfer in and out of the account easily.
Also opt for an e-Statement to have easy and constant access to the account progression.