Interest rates on children’s savings accounts have also been increased, and depositors can enjoy higher interest rates!
With the National Bank increasing the overnight policy rate (OPR) four times in May, July, September and November, domestic banks have also increased the interest rates of financial products such as bank loans, time deposit rates, and savings account rates.
All domestic banks have introduced children’s savings accounts. If you have a minor child at home, you may consider opening a Junior Savings Account for your child and enjoy high interest rates. Junior Savings Accounts offer higher interest rates than regular savings accounts, usually at the same rate as time deposits.
According to the latest news released by CIMB, the interest rate of Junior Savers Account will be increased from 8 November 2022. Customers with deposits up to RM50,000, previously entitled to 2.25%p.a., will now be entitled to 2.50%p.a.
For children’s savings accounts with deposits up to RM100,000, they are entitled to 0.95% p.a. A child savings account with a deposit of more than RM100,000 is entitled to 1.45% p.a.
