Mighty Savers® Account

Teach your child the importance of saving

Why you will love this

Earn up to 0.30% a year on your entire account balance

No minimum balance required and no coin deposit fee

Who can apply

Child below 16 years old

A parent or legal guardian as a joint account owner

Both residing in Singapore

 

Get a fully-subsidised immunisation when you save now! Find out more

OCBC Mighty Savers® is a savings programme that teaches your child the importance of saving. To enjoy the benefits, sign up with your child today.

How it works

To earn a bonus interest of 0.05% a year, just save as little as S$50 a month and do not make any withdrawals. Upon fulfilling the criteria, you can also enjoy an additional 0.20% a year if you are an OCBC Child Development Account (CDA) holder.

Here’s a breakdown of how much you can earn.

For Mighty Savers® account holders:

For Mighty Savers® customers who hold an OCBC CDA account:

Note: The CDA Advantage Bonus Interest is applicable only for OCBC CDA holders and up to two accounts.
PRIVILEGE
icon_deposit_icons

Deposit coins for free

Make coin deposits for free at our new ATMs at selected branches, 24/7.

Find a new ATM

Make coin deposits for free at our new ATMs at selected branches, 24/7.

Find a new ATM
EXCLUSIVELY FOR LUNAR NEW YEAR
Get a fully-subsidised childhood immunisation at home

Skip the queues and have your child vaccinated comfortably and privately at home through our partnership with Doctor Anywhere. To enjoy this offer, simply save S$600 with OCBC Mighty Savers Account or OCBC Child Development Account this Lunar New Year.

Eligible for all children who are Singapore Citizens aged 2 months to 59 months, for recommended vaccinations as per Ministry of Health’s National Childhood Immunisation Schedule. Standard fees apply for PRs/Foreigners.

Remember to show your proof of deposit at any OCBC Branch near you to enjoy these benefits!

To find out more and to book an appointment for vaccination, please visit Doctor Anywhere.

Gift your child an exclusive Mighty Savers® collectible in the Year of the Dragon!

This Lunar New Year, reward your young savers with a Mighty Savers® “Year of the Dragon” Simon or Sally plushie!

  • Get 1 plushie when you deposit at least S$600 in fresh funds
  • Get 2 plushies when you deposit at least S$1,200 in fresh funds

Redemption of plushies at the branches starts from 1 February 2024.

This promotion is available for Child Development Account and Mighty Savers® Account holders. Valid till 15 March 2024 or while stocks last. Terms and conditions apply. Insured up to S$75K by SDIC.

before you apply

Eligibility requirements

Age

Children below 16 years old and a parent or legal guardian can open a joint account

Nationality

Singaporeans, Singapore PRs and foreigners residing in Singapore

Documents required (original copies only)

Parent's NRIC and child's birth certificate for Singaporeans

Parent's NRIC, child's birth certificate and a valid permit (e.g. ICA Entry Permit (Form 5) or Re-entry Permit (Form 7)) if child is Singapore PR for Singapore PRs

Parent's passport, a valid pass (e.g. Employment Pass (EP), S-Pass, Student Pass, Dependent Pass (DP) or Long Term Visit Pass (LTVP)) and child's birth certificate and passport for foreigners

Additional document (original copies only)

Include any one of the following documents that shows your residential address

  • Phone bill
  • Half-yearly CPF statement
  • Any bank statement


Deposit requirements

Initial deposit

Not applicable

Minimum average daily balance for the month

Not applicable


Statement

Monthly statements

e-Statement only


Letters

You will receive electronic versions of Letters for all your relationships/accounts.




Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.


HOW TO APPLY

Visit any OCBC branch to open Mighty Savers® Account today

FAQs
Common questions
How do I qualify for the various interest types?

You get 2 categories of interest on your account every month.

1. Base interest:

This interest is accrued daily based on your account's day-end balance and you will receive this at the end of the month.

2. Bonus interest:

You earn a bonus interest on your account’s average daily balance and you will receive this on the 1st business day of the following month.

  • Earn a Bonus Interest of 0.05% a year for months when you do not make any withdrawals and deposit at least S$50.
  • Earn a CDA Advantage Bonus Interest if you are an OCBC Child Development Account holder.
How can I deposit the minimum S$50 each month to be eligible for the Bonus Interest?

You can choose to deposit the money through any of your preferred methods. For example, you can set up a recurring monthly FAST contribution instruction. Do note that funds received on a non-business day via FAST or PayNow (for example, Sunday or public holidays) will be valued on the next business day. If your funds have a value date that falls in the next calendar month, you will not be eligible for the Bonus Interest for that particular month.

Is interest rate credited on a monthly or yearly basis?

Bonus interest is credited monthly, on the 1st working day of the following month.

1
For Singaporeans and Singapore PRs:

NRIC of Parent

Birth Certificate of Child

ICA Entry Permit (Form 5) or Re-entry Permit (Form 7) if child is PR

For foreigners:

Passport of Parent

Employment Pass (EP), S-Pass, Student Pass, Dependent Pass (DP) or Long Term Visit Pass (LTVP)

Passport of Child

Birth Certificate of Child

2
Include any one of the following documents:

Phone bill

Half-yearly CPF statement

Any bank statement

3
Initial deposit:

S$0