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At a Glance
Minimum balance? Not required
Plus, we gift them with S$1 to start their savings journey and waive coin deposit fees.
Link to Smart Buddy, PayLah!, and more
As your child grows, there are more services available to them.
An account to call your own
Give your joint account with your child a special nickname.
Features & benefits
|Enjoy a S$1 gift deposit for your child when you open an account for them.
|Earn interest1 on your SGD account every month, with no minimum balance required.
|Coin deposit fee waiver
|Small amounts add on! That s why there is no coin deposit fee when using our coin deposit machine.
1 We calculate interest on daily balances, based on our prevailing interest rates. You ll receive the interest at the end of the calendar month. If you d like to find out more, you may refer to our full terms and conditions.
How it works
Receive funds seamlessly from family, friends, and government agencies when you are PayNow-registered.
We will help enrol your child to PayNow when you apply for this account. You can choose to opt out of PayNow registration during the account opening process.
With Smart Buddy, you can instantly transfer pocket money to your child to make digital payments via their wearable watch/card and monitor their spending in real time. Link this account with your child’s Smart Buddy to automatically save their unused pocket money every month and watch their savings grow!
Outside of school, they can use PayLah! to easily order meals, take rides, and go shopping. You can also choose to transfer their pocket money to their PayLah! wallet.
At the age of 12, they are eligible to apply for a DBS/POSB ATM Card at any DBS/POSB branch.
At the age of 16, they get access to DBS/POSB digibank services and apply for the DBS Visa Debit Card, unlocking up to 4% cashback on eligible transactions. The DBS Visa Debit Card application is available through the DBS/POSB digibank app, VTM, or at a branch.
Eligibility and fees
Who can open this account?
|Parent - 18 years and above
Child - below 16 years
|No initial deposit required
|No minimum balance required
What fees are there?
|No service charge
Apply for My Account with your child
For our existing customers - Singapore Citizens or PRs
Use our digibank app to apply for this account.
- If you have Singpass, the process will be quick as we can prefill your application form.
- If you don't have Singpass, you can still apply but the process will take longer and is more manual. You can register for Singpass if you don't have one.
Supporting you in your parenthood journey
An educational Marketplace for you and your child
Explore a wide range of educational deals, from academic and enrichment classes for kids to professional courses by reputable education institutions. Visit our Marketplace to find out more.
Raising a family is never easy. Explore a world of parenting content and tips at POSB Home, from helping your child make sense of money and enrichment, to holiday and financial planning for the family.
Journeying with you
Take the next step and be part of an awesome and supportive community with like minded parents. Learn and share a tip or two when you participate in discussion threads. Check out our online community, The Burrow.
Get advice from celebrity dads
Hear from dads Allan Wu and Sheikh Haikel on how they get their kids started on good saving habits, with the help of POSB My Account, and digital tools such as POSB Smart Buddy and PayLah!.
Deposit Insurance Scheme
Singapore dollar deposits of non bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.