5 ways to open a Junior Bank Account for your kids

JUNIOUR BANK ACCOUNT

Has your child outgrown his/her piggy bank? Opening a bank account can foster good savings habits and give you an opportunity to talk about money management with your young ones.  Besides, having a bank account can make kids feel so much more ‘grown-up’! Here’s a lowdown of some plans that banks offer to juniors – many don’t require a monthly minimum balance and offer online features that allow them (and parents!) to check the balances and recent activities.

It’s generally a good idea, and in many cases a requirement, for you to open a junior account where you yourself have an account also, so bear that in mind when you are shopping around.  This table focuses on stand-alone accounts though. Happy savings!

SAVINGS PLAN ELIGIBILITY and FEES SPECIAL FEATURES
Bank of East Asia
Kid Master Savings Under age 18.
No minimum age requirement.
No minimum balance or monthly fees.
Initial deposit $10.
Passbook only.No ATM card.
Online banking available to check balance and recent activities
HSBC Kid’s Savings From age 11-18
No minimum balance or monthly fees.
Initial deposit $300
Passbook and ATM card available.
Dah Sing Bank Thomas & Friends Kids Savings Under age 18.
No minimum age requirement
The bank offers a choice between Thomas & Friends and Doraemon for the passbook and deposit card theme.
Doraemon Kids Savings No minimum balance or monthly fees.
Initial deposit $500.
Online banking available to check balance and recent activities
Passbook and deposit card (no withdrawal from ATM)
China Construction Bank Smart Kid Savings Under age 18.
No minimum age requirement.
Annual fee for ATM card is $100, waived if account balance exceeds $5000 or more.
Initial deposit $1000.
Customer can create a personalized photo ATM card online
Bank of China Kiddie Sky Savings Under 12 years of age.
No minimum balance requirement or monthly fees. Initial deposit $500

Judy LamJudy Lam has been a stock market reporter in Tokyo and a copy editor in New York at Dow Jones Newswires, the publisher of Wall Street Journal. Fluent in Japanese, Chinese and English, Judy started her career at Morgan Stanley before switching to journalism after graduate school. She has two young boys and lives in Hong Kong.

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