Citibank Junior Savings Account

Citibank Junior Savings Accounts can be opened for kids in the age group of 15 years to 18 years. A child within the permissible age limit can open the account jointly with 1 or 2 adult applicant(s) only who are 18 years of age or above. The bank permits only one child per account and typically there is no service fee specified only for this account. With a Citibank Junior Savings Account, you can easily keep a track of your funds with separate monthly statements. Also, this account helps your kid save and earn interest on that amount too.

Facilities for this account include Phone Banking, Online Banking, and an International ATM card. However, the latter two options can be availed only if the child is above 15 years of age and is authorized by the adult account holder to do transactions via Online Banking, or the International ATM card.

The base interest for Citibank Junior Savings Account is 0.05% per annum for up to S$30,000. If the account balance is more than S$30,000, the account holder will get an interest of 0.10% per annum on the savings account. You can check the below table to know the interest rate on the Citibank Junior Savings Account.

The revised account service fee and minimum total relationship balance requirements will be effective from

1st January 2017 for Citi Priority, Citigold and Citigold Private Client and will be effective from 1st February 2017 for Citibanking clients.

There is no service fee ONLY for the Citibank Junior Savings Account.

However, typically if there are any other savings accounts, you need to maintain TRB (Total Relationship Balance) of S$15,000 for Citibanking or Citi Priority or Citigold or Citigold Private Client.

Example 1: You ONLY have Junior Savings Account

Total Relationship Balance = $5, Account Service Fee = $15

No service fee will be charged.

Example 2: You have Maxisave and Junior Savings Account

Total Relationship Balance = $5, Account Service Fee = $15

No service fee will be charged from Citibank Junior Savings Account. SGD Maxisave will be charged $15.

Your child, who is 15 years and older, can access his funds via ATM machines or Citibank Online if you, the adult account holder, authorise to give the child the Citicard. You must sign the Citibank Junior Savings Account - Application for Citicard and ATM-Pin Issuance form before the issuance can take place.

Yes, this account offers Internet Banking access anytime, anywhere, via Citibank Online. As for your child, if he/she is above 15 years of age and with your consent, he/she can also access the account online too.