Best Junior Savings Account in Malaysia

I am looking for a junior saving account for my lui lui.

Below is the information that I gathered from the web.

Comparison on Kids Saving Account Among Banks Malaysia 2012

The Best Sorting	1	2	3	4	5
Bank	Maybank	Am Bank	RHB Bank	Hong Leong	Public Bank
Product	Yippie Savings Account	AmGenius Savings	Junior Savings Account	Junior Savings Account	Wise Saving Account
Interest Rate (%) -Up to RM50,000 deposited	3 (nominal rate) 3.01 (effective rate)	3 (nominal rate)	3 (nominal rate) 3.02 (effective rate)	2.9	2.82
Coin Box Provided?	RM250	RM300	No	No	No
Insurance?	Yes (PA) 7X, max 70k	Yes(PA) 5X, max 50k	Yes Min RM500	No	No
Minimum opening amount	RM1	RM1	RM1	RM1	RM1
Bonus Payment when excel in exam?	Yes	No	Yes	No	5% bonus on interest no withdrawal mth
Interest paid?	Daily interest Credit half yearly	Daily interest Credit monthly	Daily interest Credit half yearly	Daily interest Credit monthly	15th monthly
Allowed Withdrawal?	Each month once	Each month once	Each month once	Early partial withdrawals can be made in multiples of RM3,000	Each month once

 Source: http://mediafocus1999.com/blog/2012/02/comparison-on-kids-saving-account-among-banks-malaysia-2012/

So now we zoom in for the top 3:

1) Maybank Yippie Details:

Interest Rate:below RM50,000 : 3.00% p.a.
above RM50,000 : 1.45% p.a. (Yippie) / 1.55% p.a. (Yippie-i)
Interest Credited: bi-annually
Age of Child: under 18 years
Minimum Amount: RM1 (but save > RM1,000 to earn the Bonus Features!)
Withdrawal Restrictions: 1x per month
Account Closing Fees: RM20 if closed within 6 months of opening
Bonus Features:1. Free Personal Accident insurance on balances above RM500, Insurance coverage is 7x of balance amount up to RM70,000 (so RM10,000)
2. Cash rewards for exam performance (PMR/SPM/STPM/Degree)

*** Exam performance criteria:

Maintain RM1,000 in account during exam year
1. PMR:  7As or more gets your child a RM100 cash award
2. SPM:  8As/A+ or more gets your child a RM200 cash award
3. STPM / A-levels: 5As / 4As and MUET Grade 6 gets your child a RM300 cash award
4. University Degree: 1st Class Honours gets your child a RM500 cash award

Free Takaful coverage

Enjoy free personal accident Takaful coverage plus medical benefits

Minor / Trust Account

Account balance	Sum covered
	Death / PD	Medical expenses
RM500 - RM1,999	Max RM12,500 or 7 x savings balance (whichever is lower)	RM1,000
RM2,000 - RM5,000	Max RM35,000 or 7 x savings balance (whichever is lower)	RM1,000
Above RM5,000	Max RM70,000 or 7 x savings balance (whichever is lower)	RM1,000

Freebies: Coin box (with minimum RM250 deposit)

Source: Maybank Yippie Details

Interest Rate: http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=&cntTypeId=0&cntKey=RTS01&programId=RTS-Rates&chCatId=/mbb/Personal

2) RHB BANK Junior Savings Account

Interest Rate:below RM100,000 : 3.00% p.a.
above RM100,000 : 0.70% p.a.
Interest Credited: bi-annually
Age of Child: under 18 years (trust accounts available for under 12s)
Minimum Amount: RM1 (save >RM500 to qualify for PA insurance!)
Withdrawal Restrictions: 1x per month
Account Closing Fees: RM20 if closed within 6 months of opening
Bonus Features: Free Child’s Personal Accident insurance on balances above RM500, Insurance coverage is 5x of balance amount up to RM50,000 (so balances of RM10,000).
Freebies: None

Source: RHB Details

Interest Rate: http://www.rhb.com.my/rate_charges/interest-rates/ir_savings_main.html

3) Ambank AmGenius Savings

Interest Rate:below RM50,000 : 3.00% p.a.
above RM50,000 : 1.00% p.a.
Interest Credited: monthly
Age of Child: under 18 years
Minimum Amount: RM1 (but save > RM300 for coin box)
Withdrawal Restrictions: 1x per month
Account Closing Fees: RM20 if closed within 6 months of opening
Bonus Features: Free Personal Accident insurance
Freebies: Coin box (with minimum RM300 deposit)

Source: AmGenius Details

Interest Rate: http://www.ambankgroup.com/en/RatesFeesCharges/Pages/SavingsAccountRates.aspx

Overall source: http://savemoney.my/best-child-junior-savings-accounts-in-malaysia/

Alternative way to save for your children:

SSPN Historical Dividend Rate - 2011 Dividend Rate!

Skim Simpanan Pendidikan Nasional (SSPN) is the government guaranteed national education savings account which is available for all Malaysians. There are some advantages of investing in this scheme, as follow:

1. Tax relief on savings in the scheme up to RM3,000 - you can actually shaved off up to RM780 from your tax submission (based on maximum tax bracket of 26%), depending on your current tax bracket.
2. Free general insurance up to maximum RM50,000 - only for depositors with deposits of a minimum RM1,000
3. Higher dividend rate as compared to fixed deposit rates and tax exemption for dividend

Year	2008	2009	2010	2011	2012
SSPN Dividend(%)	4	2.5	3.25	3.75

Source: http://senseofmoney.blogspot.com/2009/09/sspn-historical-dividend-rate.html

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