Frequently Asked Questions
- What is the minimum age for me to open a POSBkids Account for my child?
You must be at least 16 years old and your child must be less than 16 years old to open a joint POSBkids Account.
Your child must be between 7 and 15 years old to open a personal POSBkids Account.
- What is the minimum initial deposit required to open a POSBkids Account?
No initial deposit is required and your child will receive a S$1 gift deposit in the new account.
- What is the average daily balance to maintain in the POSBkids Account before a fall-below fee is charged?
There is no minimum balance requirement and you will enjoy waiver of the fall-below fees till your child is over 21 years old.
- Is there any account fee charged on the POSBkids Account?
No, there is no fall-below fee till he is over 21 years old. In addition, your child will also enjoy waiver of coin deposit fee until he turns 16 years old.
- What is the interest rate and when will the interest be credited to the POSBkids Account?
The tiered interest is accorded based on the account balance. Your child’s POSBkids Account will earn daily interest and the interest amount is credited at the end of the year.
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- What is the sign up fee for funds transfer from my account to my child’s account?
You will enjoy free automatic fund transfer to your child’s account.
- Can my child apply for an ATM card and what is the ATM cash withdrawal limit?
Yes, your child can apply for an ATM card when he is at least 12 years old. The ATM cash withdrawal limit is $200 daily.
Parental consent is needed if your child is between 12 and 15 years old. The ATM cash withdrawal limit will be raised to S$2,000 daily when your child reaches 16 years old.