Discover  Lifestyle  Trending   ·   20 May   ·   05:05 PM   ·   3 minutes Read

Prepare For Adulting With These Student Saving Accounts

  
Credits: @Pexel | @OCBCFrank

We all know adulting is hard, so what better way to ease into adulthood than starting to save earlier? For students who may be hesitant to start one – whether due to the complicated features or having too little moolah on hand, we’ve compiled this list to help you along the way!

1. OCBC Frank Account 

OCBC Frank Accounts are familiar with students and teenagers, and for a good reason. Apart from having trendy card designs to choose from, this account does not require any initial deposit which makes it great for those who do not have much cash at the moment.

Credits: @OCBCFrank

Criteria:

  • Above 16 years old
  • Singaporeans, Singapore PR & Foreigners with a valid pass

 

Benefits:

  • $0 initial deposit (Great for youths who do not have an initial capital)
  • $0 fall for fees (for teenagers below 26 years old)
  • No hidden fees
  • Ability to set saving goals for your wish list – like getting a new iPad by the end of 2021
  • A debit card that allows you to get 1% cashback when you shop at ASOS, Lazada, and more
Credits: @OCBCFrank

2. Standard Chartered Jumpstart Account 

The Standard Chartered Jumpstart Account allows you to maximise your savings potential. Offering a high-interest rate, this account definitely stands out among the rest.

 

Credits: @Prepona

Criteria:

  • Youths that are 18 years old – 26 years old
  • Singapore Citizens, Singapore PR, and Foreigners in Singapore (required to provide additional information to apply for this account)

 

Benefits:

  • No minimum deposit balance required
  • No fees required
  • Flexibility to access your funds anytime and earn competitive interest rates
  • 0.4% per annum on deposit balances up to $20,000
  • A debit card that offers 1% per annum cashback on eligible debit card spends
Credits: @StandardChartered

3. POSB Save As You Earn Account 

Unlike the previous two, POSB SAYE Account does not have a debit card. For those that get tempted to splurge on what you want, no withdrawal can be made which can help you to stay focused on your long-term goals! Choose a fixed monthly savings amount from S$50 to S$3,000 which you would like to deposit. You will have the flexibility to opt for your preferred monthly sayings date (between 1st & 25th day of the month)

Credits: @POSB

Criteria:

  • Above 16 years old to open and have a DBS/POSB Savings/Current Account as your salary crediting account
  • Youths below 18 years old must have a valid iBanking login or ATM/Debit Card to apply online

 

Benefits:

  • Additional 2% per annum interest on monthly savings for the first 2 years

 

4. Singlife 

The Singlife Account is an insurance saving plan with added life insurance and is not a bank savings or fixed deposit account. To activate your Singlife policy account, you will be required to fork out a fund of S$500. If you want to continue enjoying the benefits, a minimum of S$100 in your account is required.

Credits: @Singlife

Criteria:

  • Singapore resident with valid NRIC or Fin
  • Aged 18 years old and 75 years old
  • Valid Singapore mobile number and Singapore residential address
  • Not an undischarged bankrupt

 

Benefits:

  • Earn interest up to 1.5% per annum
  • Inclusive of life insurance which covers payout upon death and terminal illness up to 105%
  • A debit card which you can get a bonus return of up to 0.5% per annum till 30 June 2021
  • Withdraw money fast anytime via FAST with no costs and no minimum term required

 

Note that all sign-ups will be put on a waiting list and will be notified at a later date

Whether you are 16 years old or in your late 20s, it is never too late to start saving for rainy days!