Minimum age to open savings and deposit accounts in Singapore banks (2024)

If you’re a teenager or young adult planning on opening a bank account for the first time - or if you’re thinking about opening a kids bank account for a family member - you might be wondering: what is the minimum age to open a bank account in Singapore? This guide has you covered - read on for all you need to know about opening a Singapore bank account for a child or young adult.

What is the minimum age to open a bank account in Singapore?

To open most standard bank accounts in Singapore as a sole applicant you’ll need to be 16 or older.

If you want an account for a child aged under 16 you’ll usually have to choose a joint account with an adult aged over 18 or 21. In some cases it’s required that the joint applicant is the child’s parent or legal guardian - but some banks are more flexible around this requirement, meaning you can open an account for another family member reasonably easily.

Table of contents
Minimum age to open a bank account in Singapore Available accounts for 16 year olds and above POSB My Account POSB eMySavings Account Standard Chartered Basic Bank Account OCBC Passbook Savings Account OCBC FRANK Account Kids bank accounts available in Singapore POSB Kids Account (My Account) OCBC Mighty Savers children’s account UOB Junior Savers Citibank Junior Savings Maybank Youngstarz Savings Account Standard Chartered e$aver Kids A smart alternative to banks - Wise account

Bank accounts available for 16 year olds and above in Singapore

Let’s look at some of the most popular accounts aimed at older teenagers and young adults in Singapore. We’ll look at both accounts for daily use and saving, and summarise the key features and fees to help you choose between them.

POSB My Account¹

Minimum age: Open account as an individual if you’ve over 16 (you can also open as a joint account for a child - more on that later)
Account fees: 2 SGD/month fee for paper statements
Key features: Earn interest, hold 13 currencies, digital banking services available
Branch network: 41 branches in Singapore
Extras: No fee for coin deposit, automatic saving feature available

POSB eMySavings Account²

Minimum age: Apply from age 16 - you’ll have to also have an existing DBS or POSB current or savings account to be eligible
Account fees: No fees
Key features: Saving account - set regular savings amounts and earn special interest rates
Branch network: 41 branches in Singapore
Extras: Manage your account and savings settings through the digital banking service at any time

Standard Chartered Basic Bank Account³

Minimum age: 15 years old
Account fees: 20 SGD minimum opening deposit,** **2 SGD/month maintenance fee - waived for applicants who are under the Government’s Public Assistance scheme or Special grants scheme. Replacement passbook - 30 SGD; early closure fee - 30 SGD
Key features: Basic account aimed at low income Singaporeans, get a NETS card for spending and withdrawals
Branch network: 20+ branches and priority banking centres across Singapore

OCBC Passbook Savings Account⁴

Minimum age: Available to applicants aged 16 and over
Account fees: Minimum balance 1,000 SGD; 2 SGD/month fall below fee; 15 SGD for a replacement passbook
Key features: Interest earning savings account. Use your bank passbook to track transactions
Branch network: 39 branches in Singapore
Extras: Seasonal and occasional promotions including cashback opportunities may apply

OCBC FRANK Account⁵

Minimum age: Apply from 16 years old
Account fees: No minimum balance or fall below fees for customers aged under 26
Key features: Interest earning account with a linked debit card. Possibility to earn cashback on spending
Branch network: 39 branches in Singapore
Extras: 60 different debit card designs

Kids bank accounts available in Singapore

If you’re looking for an account for a child you might need a specific kids bank account. Accounts tend to split into products which are intended to allow kids to learn to manage their money independently, and accounts which are more aimed at parents who want to start saving for their children. Here are a few to consider from some of the biggest banks in Singapore.

POSB Kids Account (My Account)

Minimum age: No minimum age to open the popular My Account as a joint account where one applicant is aged 16 or over
Account fees: No fees for account holders aged under 16; 2 SGD/month fee for paper statements
Key features: Earn interest, hold 13 currencies, digital banking services available
Branch network: 41 branches in Singapore
Extras: No fee for coin deposit, 1 year POPULAR student membership for account holders aged 16 or under, automatic saving feature available

OCBC Mighty Savers children’s account⁶

Minimum age: No minimum age to open as a joint account for a child, where the second applicant is the parent or legal guardian
Account fees: No fees apply
Key features: Interest earning savings account
Branch network: 39 branches in Singapore
Extras: Seasonal and occasional promotions may apply

UOB Junior Savers⁷

Minimum age: No minimum age to open as a joint account for a child, where the second applicant is the parent or legal guardian
Account fees: 500 SGD minimum deposit, 2 SGD/month fall below fee
Key features: Interest earning savings account; you may also benefit from insurance coverage to the value of the savings held
Branch network: 63 branches in Singapore
Extras: Convert to a regular account once your child turns 15

Citibank Junior Savings⁸

Minimum age: No minimum age to open as a joint account for a child with one or 2 additional applicants aged over 18
Account fees: No fees apply for this account
Key features: Children aged 15 and over can get a linked ATM card and internet banking services
Branch network: 5 full service branches in Singapore

Maybank Youngstarz Savings Account⁹

Minimum age: No minimum age to open as a joint account for a child, where the second applicant is the parent or legal guardian
Account fees: 10 SGD minimum opening deposit
Key features: Interest earning savings account; some insurance coverage also offered to account holders
Branch network: 21 branches in Singapore
Extras: Get extra benefits during your child’s birthday month

Standard Chartered e$aver Kids¹⁰

Minimum age: No minimum age to open as a joint account for a child, where the second applicant is 21 or older
Account fees: No minimum opening deposit, but a minimum of 50 SGD a month must be paid into the account
Key features: Flexible savings account to allow parents to maintain control of their kids bank account
Branch network: 20+ branches and priority banking centres across Singapore

A smart alternative to banks - Wise account

If you’re aged 18 or older you can get a free online Wise multi-currency account and debit card to hold, exchange, send and spend 40+ currencies all from the same account.

FAQs

Minimum age to open savings and deposit accounts in Singapore banks? ›

Customers who are at least 16 years old and meet any of the following can open their first account directly using DBS digibank mobile: Customers who do not have any product or services with DBS or POSB; or. Customers who only have Joint-Trust account with their parents; or. Customer who only have Paylah account with ...

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Can a 12 year old get a debit card in Singapore? ›

ATM Card/ Internet Banking User ID/PIN will be mailed via ordinary mail to the address of the Primary Account. Account holders 12 to 15 years old are not eligible to apply for ATM Card unless with parental/guardian/joint holder consent. Account holders below 16 years old are not eligible to apply for Internet Banking.

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How to open a bank account for a child in Singapore? ›

Document Required

Child's Birth Certificate/Passport Number on the supporting document matches with the details indicated in the application page; and.
Document details are visible and legible, and the photograph is clear; and.
Document must be in jpeg or pdf format, and file size must be 4MB or less.

How old do you have to be to open a deposit account? ›

You must be a personal customer of AIB and aged 7 – 17 inclusive to open an Account. If you are under the age of 16, you and your parent/ guardian will be asked to complete and sign the application form.

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How old do you have to be to open a savings account at a bank? ›

While a person typically has to be 18 to open their own account, a child can generally open a bank account at any age — as long as a parent or a guardian serves as a joint account holder. You can open a bank account for a child at any age, as long as a parent or guardian serves as a joint account holder.

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Can a 13 year old have a bank account in Singapore? ›

To open most standard bank accounts in Singapore as a sole applicant you'll need to be 16 or older. If you want an account for a child aged under 16 you'll usually have to choose a joint account with an adult aged over 18 or 21.

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At what age can you open a bank account in Singapore? ›

The primary eligibility criterion is age. The minimum age for opening a Singapore bank account is 16 years old, and an initial deposit may be required depending on the bank's policies.

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Can a 14 year old have a bank account Singapore? ›

What is the minimum age to open a personal account? Your child must be at least 16 years old on the date of application.

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Which bank is best for a children's account in Singapore? ›

Best saving accounts for your kids

Name of Savings Account	Interest Rate	Minimum Deposit
CIMB Junior Saver Account	0.20% p.a. base interest Up to 0.40% p.a.	$1,000
Maybank Youngstarz Account	0.1875% p.a. base interest Up to 0.3750% p.a.	$10
Standard Chartered e$aver Kids Account	Up to 0.05% p.a.	No initial deposit required

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Can a non citizen open a bank account in Singapore? ›

Yes, as a non-resident, you can open a bank account in Singapore by visiting the bank in person and providing the required documents, such as a valid passport or an identity card. Different banks have their own eligibility rules, so it's important to research your options based on your situation.

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Can a 15 year old deposit money? ›

Yes, but with some conditions. Those under 18 are often required to have a parent or guardian present, who may need to be an owner or co-owner of the account with the teen.

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Can you open a savings account at 16 without a parent? ›

Minor children by law can't open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18.

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Can a 16 year old put money in bank account? ›

Yes, a 16 year old can apply for a bank account. However, the specific requirements vary from bank to bank. Some banks may require a parent or guardian to co-sign the account, while others may allow 16 year olds to open their own accounts independently.

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At what age can we open a bank account in Nepal? ›

A special savings scheme for minors, who have attained 10 years of age but not crossed 18 yrs, can read & write, can open this Savings account in their own name singly.

What is the best bank for minors? ›

Best Teen Checking Accounts Of April 2024

Company	Forbes Advisor Rating	Annual Percentage Yield
Capital One MONEY Teen Checking	4.8	0.10%
Chase First Banking℠	4.3	None
Alliant Credit Union Teen Checking	4.0	0.25%
Connexus Credit Union Teen Checking	3.7	Up to 2.00%

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Apr 2, 2024

Can a 9 year old open a savings account? ›

As long as you, as a parent or guardian, are willing to be a joint owner for the account, you can open a kid's savings account for your child whenever you'd like. You can open some types of savings accounts as soon as your child is born and has a Social Security number (SSN), such as a 529 college savings account.

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Can I give my 12 year old a debit card? ›

Minors under the age of 18 are not usually permitted to open checking accounts in their name, but young adults over 13 can get a debit card with the help of an adult. Teen debit cards are typically connected to a joint bank account that both parents and teens have access to.

Can I get my 12 year old a debit card? ›

Most banks require kids to be at least 13 to open a teen checking account, through which they can get their own debit card. If you want to start their debit card journey at 12, you may be limited to prepaid debit cards.

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Is it legal for a 12 year old to have a debit card? ›

You have to be 18 to open an individual checking account in the US. However, prepaid debit cards like GoHenry are available to children from age six. These work just like a traditional bank debit card and can be used for in-store and online purchases, and make withdrawals at ATMs.

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Can a 12 year old have their own debit card? ›

That depends. Debit cards typically come with checking accounts. Many financial institutions offer teen checking accounts for teens around 13 or 15 years old, which come with their own set of unique features and perks. Some institutions may even offer checking accounts for children as young as six years old.

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