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Yvette

09 Jul 2020

Saving Hacks

Will you continue your child's saving account, or put together with your own savings account with higher interest rates?

I opened a mighty saver account with OCBC to deposit my child's money for saving. However the interest rate is very low, now i'm thinking should i put together with my own saving since my interest rate will be higher? I'm thinking this will be better but afraid i might have missed some points, like there's actually some pros to maintain my child's money in the mighty saver account. Could anyone enlighten me please before i close it. Thanks!

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Tan Wei Ming

09 Jul 2020

Founder and Writer at Frugal Youth Invests

If there is no other tangible benefits from using OCBC Mightysavers then I think it will be wise to transfer to your own savings account. I think it will be fairer for your kids if you segregate the amount in the bank using an Excel sheet. Your child's money is his and your own is yours.

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