OCBC Mighty Savers Accounts - Children Bank & Savings Account

Mighty Savers® Account

Teach your child the importance of saving

Why you will love this

Earn up to 0.30% a year on your entire account balance

No minimum balance required and no coin deposit fee

Who can apply

Child below 16 years old

A parent or legal guardian as a joint account owner

Both residing in Singapore

How to apply

OCBC Mighty Savers® is a savings programme that teaches your child the importance of saving. To enjoy the benefits, sign up with your child today.

How it works

To earn a bonus interest of 0.05% a year, just save as little as S$50 a month and do not make any withdrawals. Upon fulfilling the criteria, you can also enjoy an additional 0.20% a year if you are an OCBC Child Development Account (CDA) holder.

Here’s a breakdown of how much you can earn.

For Mighty Savers® account holders:

For Mighty Savers® customers who hold an OCBC CDA account:

Note: The CDA Advantage Bonus Interest is applicable only for OCBC CDA holders and up to two accounts.
PRIVILEGE
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Deposit coins for free

Make coin deposits for free at our new ATMs at selected branches, 24/7.

Find a new ATM

Make coin deposits for free at our new ATMs at selected branches, 24/7.

Find a new ATM
before you apply

Eligibility requirements

Age

Children below 16 years old and a parent or legal guardian can open a joint account

Nationality

Singaporeans, Singapore PRs and foreigners residing in Singapore

Documents required (original copies only)

Parent's NRIC and child's birth certificate for Singaporeans

Parent's NRIC, child's birth certificate and a valid permit (e.g. ICA Entry Permit (Form 5) or Re-entry Permit (Form 7)) if child is Singapore PR for Singapore PRs

Parent's passport, a valid pass (e.g. Employment Pass (EP), S-Pass, Student Pass, Dependent Pass (DP) or Long Term Visit Pass (LTVP)) and child's birth certificate and passport for foreigners

Additional document (original copies only)

Include any one of the following documents that shows your residential address

  • Phone bill
  • Half-yearly CPF statement
  • Any bank statement

Deposit requirements

Initial deposit

Not applicable

Minimum average daily balance for the month

Not applicable

Statement

Monthly statements

e-Statement only

Letters

You will receive electronic versions of Letters for all your relationships/accounts.

Terms and conditions

Terms and conditions governing Deposit Accounts

Terms and conditions governing Mighty Savers® Account

Terms and conditions governing Electronic Banking Services

Terms and conditions governing OCBC Electronic Statements

Terms and conditions governing Automatic Standing Instruction

Important notices

Fees and charges

GIRO

Insured Deposits Register

Deposit Insurance Scheme

HOW TO APPLY

Visit any OCBC branch to open Mighty Savers® Account today

Locate a branch

and visit us with these documents.

FAQs
Common questions
How do I qualify for the various interest types?

You get 2 categories of interest on your account every month.

1. Base interest:

This interest is accrued daily based on your account's day-end balance and you will receive this at the end of the month.

2. Bonus interest:

You earn a bonus interest on your account’s average daily balance and you will receive this on the 1st business day of the following month.

  • Earn a Bonus Interest of 0.05% a year for months when you do not make any withdrawals and deposit at least S$50.
  • Earn a CDA Advantage Bonus Interest if you are an OCBC Child Development Account holder.
How can I deposit the minimum S$50 each month to be eligible for the Bonus Interest?

You can choose to deposit the money through any of your preferred methods. For example, you can set up a recurring monthly FAST contribution instruction. Do note that funds received on a non-business day via FAST or PayNow (for example, Sunday or public holidays) will be valued on the next business day. If your funds have a value date that falls in the next calendar month, you will not be eligible for the Bonus Interest for that particular month.

Is interest rate credited on a monthly or yearly basis?

Bonus interest is credited monthly, on the 1st working day of the following month.

1
For Singaporeans and Singapore PRs:

NRIC of Parent

Birth Certificate of Child

ICA Entry Permit (Form 5) or Re-entry Permit (Form 7) if child is PR

For foreigners:

Passport of Parent

Employment Pass (EP), S-Pass, Student Pass, Dependent Pass (DP) or Long Term Visit Pass (LTVP)

Passport of Child

Birth Certificate of Child

2
Include any one of the following documents:

Phone bill

Half-yearly CPF statement

Any bank statement

3
Initial deposit:

S$0

Important notes

Insurance policies are underwritten by The Great Eastern Life Assurance Company Limited, a wholly owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC Group, and are not deposits or obligations of, or guaranteed by OCBC Bank. The information provided herein is intended for general circulation and/or discussion purposes only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Without prejudice to the generality of the foregoing, please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase the investment product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you. It is usually detrimental to replace an existing accident and health policy with a new one. A penalty may be imposed for early policy termination and the new policy may cost more or have less benefits at the same cost. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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