Interest rates on children’s savings accounts have been raised, and depositors can enjoy higher interest rates!
With the National Bank increasing the overnight policy rate (OPR) twice in May and July, domestic banks have also increased the interest rates of financial products, such as bank loans, time deposit rates, savings account rates, etc.
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 CIMB, the interest rate for Junior Savers Account has also been increased with effect from 13 July 2022. Customers with deposits up to RM50,000, previously entitled to 1.75% p.a., are now entitled to 2.00% p.a.
For children’s savings accounts with deposits up to RM100,000, the interest rate is 0.95% p.a. A child savings account with a deposit of more than RM100,000 is entitled to 1.45% p.a.
