Savings for Children

I wondered if anyone has advice on savings for children. I've approached a few banks to ask if they have children's savings accounts etc and they say no. There must be some options for savings for children (under the age of 12). Anyone managed to open children's savings accounts or other means of savings. HSBC did say I could link one to my husband's but i don't want to do that. Any info welcomed.

I though Standard Chartered launched a passbook savings a/c primarily for children - it is called "My Dream Account". Don't expect high savings rate - just your normal near zero rates.

WWcC,


As Retired mentioned Standard Chartered do have a Dream Account - but the special offer for children has elapsed. It's just a normal account now.


You won't get higher savings rates for children's savings accounts in Hong Kong but there are a number of banks that do offer children's savings accounts. They're not your main big banks so check on their branch locations.


In no particular order, the one's I know about (there may be others) are:

MEVAS Bank http://www.mevas.com/public/d/dp_doraemon_sav_e.html

Fubon Bank http://www.fubonbank.com.hk/web/html/dp_mcs01_e.html

Dah Sing Bank http://www.dahsing.com/en/html/deposit/kids_account/sesamestreet.html


Dah Sing Bank says: "To encourage kids to save, Dah Sing Bank offers a special Award Plan and grants extra incentives to children who develop a habit of saving. Details will be notified individually." Got no ideas what those details might be but MEVAS Bank are known for generally offering higher interest rates.


By the way don't buy a children's education savings plan which they might try selling you while you're opening the savings account for your child. The rates of return are pretty low and there's better ways to save for your kid's education.