- OCBC Bank is launching a new account for children aged 7 to 15 on 20 October 2024.
- The OCBC MyOwn Account allows kids to manage their money digitally with parental supervision.
- This new account aims to teach children about money and digital banking.
OCBC Bank is set to change how young people in Singapore handle money with a new account just for kids.
Key Term Simplified
- Generation Alpha refers to children born after 2009.
OCBC’s New Account for Kids
According to OCBC, they will launch a new bank account for children on 20 October 2024.
This account is called the OCBC MyOwn Account.
It’s for kids aged 7 to 15.
Most banks only let people 16 and older open their own accounts.
But OCBC is changing this rule.
How the Account Works
Parents must open the account for their child using the OCBC Digital app.
Then, kids can make their own username and password to use the account.
Each child gets an OCBC MyOwn Debit Card.
They can even choose how their card looks.
| What Kids Can Do | What Parents Can Do |
|---|---|
| Transfer money | Set spending limits |
| Make payments | Get alerts about child’s spending |
| Use ATMs | Monitor account activities |
Safety Features
The account has special features to keep kids’ money safe.
There’s something called OCBC Money Lock.
It lets kids lock their money so no one else can use it.
They can also freeze their account if something seems wrong.
Parents can set limits on how much their kids can spend or withdraw.
They also get alerts when their child uses the account.
Teaching Kids About Money
OCBC will also start a program to teach kids about money.
This program will use comic strips to make learning fun.
Kids will learn about:
- Making a budget
- Managing expenses
- Staying safe online
Sunny Quek from OCBC said, “Gen Alpha has never known a world without digital technology, but digital banking may be the one area they are not familiar with yet.”
This shows why OCBC thinks it’s important to teach kids about digital banking early.
What People Think
Some people are excited about this new account.
Ng Yi Heng, a 14-year-old student, said, “I can’t wait to have my own account and debit card. It will be so much more convenient when I go out with my friends.”
Ms Alicia Ching, a parent, thinks it’s a good way to teach kids about money.
She said, “This account will be a good way to get my daughter interested in financial literacy, tracking her savings, and learning to control her spending.”
But some people may worry about letting kids manage money on their own.
They think kids might not be ready for this responsibility.
Why This Matters
More teens are getting bank accounts when they turn 16.
The number has gone up by nearly 25% each year since 2022.
This shows that young people want to manage their own money.
The OCBC MyOwn Account could help kids learn about money earlier.
This might help them make better money choices when they grow up.
How to Open an OCBC MyOwn Account
- Parents download the OCBC Digital app
- Use the app to create the account for their child
- Set up controls and limits
- Let the child create their login details
- Use the app’s materials to teach the child about money
This new account is just one of many fintech innovations happening in Singapore.
It shows how banking is changing to include younger customers.
The OCBC MyOwn Account will start on 20 October 2024, giving kids in Singapore a new way to learn about money.
