Interest rates on children’s savings accounts have been increased, and depositors can enjoy higher interest rates!
With the National Bank increasing the Overnight Policy Rate (OPR) three times in May, July and September, banks in the country have also increased the interest rates on 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. All Junior Savings Accounts offer higher interest rates than regular savings accounts, which are generally comparable to time deposit rates.
According to the official website of Maybank, the interest rate for Junior Savers Account has also been increased with effect from 12 September 2022. Those with deposits of up to RM50,000 are now entitled to 2.20% p.a. compared to 1.95% p.a. before.
For Public Bank, children’s savings accounts with deposits up to RM50,000 are entitled to 2.10%p.a. Children’s savings accounts with deposits exceeding RM50,000 are entitled to 0.35% p.a.
According to the news released by CIMB, the interest rate for Junior Savers Account will also be increased from September 13, for those who deposit up to RM50,000, the interest rate was previously 2.00%, now they can enjoy 2.25%.
For Child Savings Account with deposits up to RM100,000, the interest rate will be 0.95%p.a. For children’s savings accounts with deposits exceeding RM100,000, the interest rate is 1.45% p.a.
