Wednesday, January 20, 2010

Opening A POSBKids Savings Account


Today, I walked into the DBS branch at Great World City to open a POSBKids Savings Account.

The reason for opening it is twofold:

1. Firstly, to start saving a sum of money for my child's education (pre-school, primary school, enrichment classes, university education) and stuff. I am already investing some money for my child's education but would like a more liquid form of savings so that I can make withdrawals anytime.

2. Secondly, this account lets me deposit all my coins without any charges. I have lots of coins lying around the house always and having such an account will let me save regularly for my child.

Nevermind the low interest rates. As long as it allows me to deposit my reservoir of coins without charge, I am a happy man.

So the amount that is in the bank account now stands at $1350. Hopefully, I can start putting money into this account more regularly.

3 comments:

  1. Hi FF,

    like you I started saving for my 'kid'. I'm not married yet but I already started saving 3 yrs back...I prefer to plan this in advance

    cheers

    ReplyDelete
  2. Hi FF, I also have this account for my kid (who is 2 months now) for the same reasons as yours. Would you know if they accept 5 cents? Thanks!

    ReplyDelete
  3. Wow, you have started even before your "child" is born. That is amazing!

    Yes, they do accept 5 cents.

    ReplyDelete

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