SG Child Support Package: Which Bank Account Should You Open for Your Child?
PayNow eligibility should be the first thing parents check — not the interest rate. Here's our shortlist of children's bank accounts in Singapore.
The SG Child Support Package is coming from Apr 2027, and parents with children aged 16 and below should start thinking about where their child's money will be received.
Why?
Government payouts will be made to the bank account linked to the child's PayNow ID.
The account can be:
A bank account in the child's name; or
A joint account with a parent.
But there is an important detail many parents may miss:
Not every children's bank account can register a child's PayNow ID.
And even among banks that support PayNow, the minimum age can be different.
So we looked at the children's accounts offered by the major local and foreign banks and ranked them based on three things:
1. Can the child's NRIC/birth certificate be linked to PayNow?
2. How much interest does the account pay?
3. Does the child get a debit card?
🏦 The Children's Accounts That Make the Cut
| Bank | Account | Account age | PayNow age | Interest | Debit card |
|---|---|---|---|---|---|
| 🥇 DBS/POSB | My Account | Below 16 | No minimum age | 0.05% p.a. | ATM from 12; Debit card from 16 |
| 🥈 OCBC | Mighty Savers | Below 16 | Below 16 | Up to 0.30% p.a. | No |
| OCBC | MyOwn | 7–15 | Below 16 | 0.05% p.a. | From 7 |
| UOB | Junior Savers | ≤16 | No minimum age stated | 0.05% p.a. | From 15 |
| Maybank | Youngstarz | ≤16 | No minimum age stated | 0.05%–0.90% | No |
| Standard Chartered | First$aver | Under 18 | 15+ | Prevailing rate | From 13 |
| HSBC | Joint account | 12–17 | 12+ | Prevailing rate | Yes |
Important: PayNow age refers specifically to registering the child's own identity as the PayNow proxy, rather than simply having a bank account that supports PayNow.
Interest rates and bank requirements can change, so check the latest terms before opening an account.
🥇 DBS/POSB — Best Overall for PayNow
If PayNow is your top priority, DBS/POSB is difficult to beat.
For a child below 16, a parent can register the child's PayNow profile through POSB digibot.
DBS explicitly states that there is no minimum age for PayNow registration.
The child must share a qualifying joint-alternate or trust-minor account with the parent. Once registered, the child can receive money from parents, companies and Government agencies through PayNow. (DBS Singapore)
The account also becomes more useful as the child grows:
ATM card from 12
Visa Debit Card from 16
Our verdict:
🏆 Best overall if PayNow is the main reason for opening the account.
🥈 OCBC — Best for Younger Children
OCBC is particularly interesting because it allows a child's Birth Certificate to be registered to a joint account when the child is under 16.
The money goes directly into the joint account.
This works with accounts such as Mighty Savers and the relevant joint child accounts.
Mighty Savers
This is the better choice if the objective is saving.
It can pay up to 0.30% p.a., depending on the conditions.
MyOwn
This is the better choice if the child is old enough to start managing money.
Children aged 7–15 get their own digital banking experience and debit card, while parents retain oversight.
Our verdict:
Mighty Savers for saving.
MyOwn for teaching your child to manage money.
🥉 UOB — Strong Choice for Government Payouts
UOB also provides a specific method for parents to register their child's Birth Certificate for PayNow.
UOB says parents with a joint savings account or Child Savings Account can register the child's PayNow through SMS, and it strongly recommends linking the child's PayNow to the designated CSA to facilitate Government payouts and education awards. (UOB Group)
The Junior Savers account is available to children 16 and below.
The downside is the interest rate:
0.05% p.a.
There is also an option for an ATM/debit facility from age 15, depending on the account arrangement.
Our verdict:
A very solid choice if Government payouts and PayNow are more important than interest.
💰 Maybank — Best for Interest
Maybank Youngstarz is one of the more interesting options for parents who want PayNow plus better savings interest.
The account is available to children 16 and below and requires only $10 to open. (Maybank Singapore)
More importantly, Maybank specifically provides instructions for parents to register the child's NRIC/birth certificate for PayNow.
The bank says this can be used to receive money from parents, Government agencies and companies. (Maybank Singapore)
Current interest tiers are:
-
0.05% on the first $20,000
-
0.30% on the next $30,000
-
0.90% above $50,000
Our verdict:
Best choice if you want PayNow and want the child's savings to earn more interest.
💳 Standard Chartered — Good, But PayNow Starts at 15
Standard Chartered First$aver is actually a very good children's account.
It is a joint account between the parent and child, with the child under 18.
From age 13, the child can have simplified mobile banking and request a debit card. (Standard Chartered Bank)
However, there is an important limitation for our comparison:
PayNow registration for the child starts at 15.
That means a 10-year-old or 12-year-old cannot use First$aver for the child's PayNow ID under the MOE rules.
Our verdict:
Good for teenagers aged 15–16, but not suitable if you need PayNow for a younger child.
🏦 HSBC — PayNow Starts at 12
HSBC is another option for older children.
Its relevant joint-account arrangements allow children from 12 years old, and HSBC supports children's PayNow registrations.
That makes it an option for children aged 12–16, but not younger children.
The downside is that the standard savings interest is relatively low compared with some competitors.
Our verdict:
Worth considering if your family already banks with HSBC, but not our first choice purely for the SG Child Support Package.
❌ What About CIMB and Citibank?
This is where our original comparison needs correcting.
CIMB Junior Saver
CIMB has an attractive children's savings account and a comparatively high interest rate.
But we could not verify the required child PayNow ID registration for the Junior Saver account.
For a normal children's savings comparison, CIMB remains interesting.
For an article specifically about the SG Child Support Package, we would leave it out.
Citibank
Citibank supports PayNow, but the MOE information places the relevant PayNow registration age at 16.
That makes it less useful for parents with younger children, which is why we have left it out of the main shortlist.
📊 So Which Bank Should You Choose?
If we put PayNow first, followed by interest and then debit cards, our ranking looks like this:
| Priority | Best choice | Why |
|---|---|---|
| 🥇 PayNow for any age | DBS/POSB | No minimum PayNow age stated |
| 🥈 PayNow + savings interest | Maybank | Up to 0.90% on higher balances |
| 🥉 Younger child savings | OCBC Mighty Savers | PayNow under 16 + up to 0.30% |
| 💳 Debit card for young child | OCBC MyOwn | Debit card from 7 |
| 👦 Teenager 15–16 | Standard Chartered First$aver | PayNow from 15 + debit card from 13 |
| 🏦 Existing HSBC family | HSBC | PayNow available from 12 |
🏆 Our Pick
For the SG Child Support Package, we would not choose an account simply because it pays the highest interest.
Our No. 1 choice: DBS/POSB
The biggest reason is simple:
PayNow has no minimum age requirement.
That makes it particularly useful for families with younger children.
If interest matters more:
Maybank Youngstarz
It combines child PayNow registration with a much better savings rate.
If your child is ready for their own spending account:
OCBC MyOwn
The debit card starts from just 7 years old, while parents retain oversight.
If your child is 15 or 16:
Standard Chartered First$aver becomes much more attractive because the child can have a debit card from 13 and PayNow registration is available from 15.
⚠️ One More Important Point
The SG Child Support Package is not the same thing as the CDA.
The Government says the child's PayNow ID should be linked to an eligible bank account, and parents should not link the child's PayNow ID to the CDA for this purpose. (LifeSG)
For younger children, some banks also have a Child Savings Account (CSA) connected to the Baby Bonus system. For example, OCBC says its CSA automatically links PayNow to the child's birth certificate to receive future Government payouts.
So parents may end up with:
CDA → Government matching + approved child expenses
Child's PayNow-linked account → Government payouts + savings + other money
They serve different purposes.
If you're opening an account specifically because of the SG Child Support Package, our advice is simple:
Don't start with the interest rate. Start with PayNow.
A 1.5% interest rate is useless for this purpose if you cannot link your child's PayNow ID to the account.
For most families:
🥇 DBS/POSB — best all-round choice
💰 Maybank — best for interest
💳 OCBC MyOwn — best for a child who wants a debit card
👦 Standard Chartered — worth considering from age 15
And before opening anything, check the bank's latest rules for your child's exact age.
Because when it comes to children's banking, "supports PayNow" and "your child can register PayNow" are not necessarily the same thing.
No comments