Chinese New Year is a time when elders give angpao to their juniors as a symbol of their blessings to them. What do parents usually do with the red envelopes that their children receive? Actually, parents can consider opening a child account for their children. On the one hand, they can cultivate their children’s saving habits, and on the other hand, they can earn a good interest on their savings.
Through the Maybank Yippie Savings Account, depositors can enjoy an annual interest rate of 1.50% p.a., which is similar to the interest paid on fixed deposits.
To open a Maybank Yippie Savings Account, children must be under 18 years old and parents must be under 60 years old. The minimum amount required to open an account is only RM 1! Deposit holder will receive a personal accident insurance of up to RM 70,000.
However, it is important to note that the account can only be withdrawn once a month, and after the child turns 18 years old, the account will be directly transferred to an adult account, known as Kawanku Savings Account.
In addition, your child will be rewarded by Maybank for good grades. A good grade of 7A in PT3 will be rewarded RM 100 and 8A / A+ in SPM will be rewarded RM 200. As for those who got 5A / 4A in STPM / A-Levels and MUET grade in Grade 6, you can get RM300 scholarship. For those who obtained 1st Class Honours in University Diploma, you can get RM500 scholarship.
For those who are interested, you can bring your child’s birth certificate, MyKid, and parent’s Damascus card to the nearest Maybank branch for account opening. Remember to tell the bank staff that you are opening a Yippie Savings Account.
