{"id":7548,"date":"2013-11-25T11:37:43","date_gmt":"2013-11-25T03:37:43","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=7548"},"modified":"2024-04-17T15:08:53","modified_gmt":"2024-04-17T07:08:53","slug":"junior-savings-account-understand-save","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/junior-savings-account-understand-save","title":{"rendered":"Junior savings account: Understand it to save more"},"content":{"rendered":"
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Inculcating the right financial foundation in children is as important as teaching the child the alphabet.<\/p><\/div>\n

Having a child changes everything in a family. Other than the additional costs that come with the new addition, as new parents, you will also need to plan about the baby\u2019s financial future carefully.<\/p>\n

Inculcating the right financial foundation in children is as important as teaching the child the alphabet. It doesn’t have to be difficult, and this lifelong financial education can start with a simple savings account.<\/p>\n

Opening a junior savings account for your child can be a simple money lesson for him or her. Help your child puts money in the bank account and watches it grow. You can open an account for your child at any age from when he or she is a newborn to the age of 18.<\/p>\n

It doesn\u2019t matter where we save, as long as we save, right? Wrong. We\u2019ve always been told \u201cput your money in the bank\u201d, but not \u201cit’s which bank you put your cash in that counts\u201d. However, choosing the right bank with the best interest rate for your child\u2019s savings account can make a huge difference.<\/p>\n

<\/span>Junior savings account vs. adult savings account<\/span><\/h2>\n

Most people opt for savings accounts to keep their money due to the interest rates offered by the bank. However, unlike junior savings account, adult savings account offers considerably lower interest rates.<\/p>\n

Living in Malaysia, your child will inevitably be given cash in the form of ang-pows\/duit raya<\/i>, during special occasions and festive seasons. Why not keep the money in a bank account that grows your child\u2019s savings? With interest rates comparable to fixed deposit accounts, but with better flexibility, a junior savings account is a no-brainer for such situation.<\/p>\n

<\/span>Benefits of a junior savings account<\/span><\/h2>\n

Other than the cute coin boxes commonly given for free when you sign up, there are many other benefits to opening junior savings account.<\/p>\n

Some of these benefits are:<\/p>\n