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For most working adults, a savings account serves several practical purposes. It’s where we receive our monthly salary, park our emergency savings, pay for daily expenses, fund our investments, or even service our housing and car loans.
But what if you’re not doing any of that yet?
Take kids in primary school, for example — do they really need a savings account since they are not earning a salary or having to pay bills (yet).
Learning How To Spend & Save
The day your child starts primary school is also the day they begin learning how to spend on their own. This marks a transition in their lives as they go from having meals prepared for them in kindergarten, to getting pocket money from you to buy their food during recess time. Beyond meals, they may also start spending on stationery or notebooks from the school bookshop, or snacks from the nearby minimart. In other words, it’s the beginning of their financial independence, even if it’s just a couple of dollars a day.
But as every adult knows, managing money isn’t just about spending, it’s also about learning how to save. Helping children build the habit of learning how to save, regardless of how much the amount may be, is important. This is because it shouldn’t be just about spending all of their allowance, but also about setting aside some of it for savings, whether it’s for a rainy day, saving towards a bigger purchase they want, or allocating their money wisely to meet various needs.
But keeping all their savings in a wallet isn’t a long-term solution. As a father to an 8-year-old girl, I’ve seen this firsthand. It’s tough for her to accumulate any real savings when the money is always in her purse. By the end of each week, she will ask to stop by the minimart after school to buy sweets and chocolates — not just for herself, but for her younger sibling too. It makes her feel grown-up, being able to buy for others with her own money. But saving money through the week only to spend it all on Friday afternoon isn’t exactly a good saving technique.
That’s why I thought it would be good for me to open a kids’ savings account with her, the Standard Chartered First$aver Account.
Applying For The Standard Chartered First$aver Account
Like most children’s savings accounts in Singapore, the Standard Chartered First$aver Account operates as a joint savings account between a parent and their child.
Application can be easily completed online using MyInfo. MyInfo is a government digital service that allows SingPass users to manage their personal data and pre-fill forms for online transactions, thereby simplifying application processes and reducing the time spent.
With your Singpass details, the bank will be able to tell which of your children (18 and below) you are eligible to open a savings account with.
The registration form is easy to complete. Within minutes, your application with your child can be completed.
With the Standard Chartered First$aver Account, my child now has a place to deposit her savings at the end of each month and watch the amount grow, however small it may be for now. It gives her a tangible starting point in her savings journey. For example, red packet money that she receives during Lunar New Year can be saved and deposited into her account, rather than for it to be spent quickly or left in a drawer and forgotten.
For me, what matters most isn’t the amount she saves. Rather, it’s about helping her understand that the coins and notes she sets aside can become a dollar value in her bank account. It’s an important lesson: money isn’t just what’s in your wallet. It’s also what’s in your bank, or even in your EZ-Link card. Learning this early on helps build financial awareness in today’s increasingly cashless world.
Additionally, the Standard Chartered First$aver Account enables her to earn interest on her deposits. This allows her to learn an important life lesson: that money, like a plant, can also grow over time due to the interest earned.
The Standard Chartered First$aver Account Evolve As Your Child Grows
One feature I appreciate about the Standard Chartered First$aver Account is how it evolves with your child as they grow. Right now, my daughter is still in primary school and doesn’t have a mobile phone, so mobile banking isn’t something she needs. But that will likely change in secondary school. She may want to use PayNow, have a debit card for cashless payments, and make withdrawals from an ATM.
These features are already thoughtfully built into the First$aver Account, ready to be activated when the time is right, and always tailored to be age-appropriate.
For youths aged 13 and above, the SC Mobile app provides a simplified, easy-to-use interface tailored to their needs. It enables them to transfer funds, make payments, track transactions, and manage their savings. At this age, the Standard Chartered First$aver Account also comes with a First$aver debit card, which rewards users with 1% cashback on eligible spends.
Keeping Their Savings Safe: Teaching Children to Spot Scams Early
In today’s digital world, phishing scams and online fraud are becoming more sophisticated. That’s why it’s crucial to teach children how to protect their money as early as possible. While it’s important for them to learn how to save and spend wisely, it’s just as vital that they recognise potential risks. With tools like the Standard Chartered First$aver Account, parents can retain oversight while gradually introducing children to real-world banking experiences. This helps them build not only financial confidence but also digital awareness, laying a strong foundation for responsible money management as they grow older.
It’s Not Just About Saving Money
As parents, we often focus on academic milestones such as learning to read, write or solve math problems. However, financial literacy is just as important, and it is never too early to begin. With the Standard Chartered First$aver Account, my daughter is not just saving money. She is embarking on a journey towards becoming financially responsible. She is not there yet, and it may take years, perhaps more than a decade, before she is ready to fully manage her own finances.
Still, this account provides a safe and age-appropriate way for us as parents to guide our children in understanding how money works. Being financially savvy does not need to begin with your first job. It begins when you start to understand the value of a dollar.
Read Also: Why Allowing Our Child To Manage Their Own Savings Accounts Can Teach Them The Value of Money
Photo Credit: iStock/thekob
