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e$aver kids

e$aver Kids is an online trust savings account that allows parents to maintain complete control of their children’s savings

Key Charges

Service
Charges
Minimum initial deposit S$0
Minimum monthly contribution S$50 via GIRO or Standing Instruction
Fall-below fee S$0
Minimum average daily balance S$0
Early account closure fee (within 6 months) S$0

Eligibility & Documents

Eligibility

  • Account opening requirements:
    • Trustee to complete e$aver Kids Trust Account Opening Form
    • Trustee to sign Declaration of Trust
    • Trustee to submit NRIC/passport of Trustee of which a copy will be retained
    • Trustee to submit the birth certificate of beneficiary of which a copy will be retained
    • Trustee must complete a GIRO or Standing Instruction Application Form for monthly deposits of at least $50 into account (must be from bank account in Trustee’s name)
  • Eligibility:
    • Trustee (Parents) must be 21 years old and above
    • Beneficiary (Child) must be below 18 years old
    • Singaporeans, permanent residents or foreigners
  • Nationality: Singapore citizen / Singapore permanent resident / foreigner

Documents Required

  • Mandatory supporting documents for Singapore citizens and permanent residents:
    • NRIC (front and back)
  • Mandatory supporting documents for foreigners:
    • Passport
    • Employment Pass
    • Any of the following documents:
      • Last 3 months’ utility bill
      • Last 3 months’ bank statement
      • Letter from the human resource department of current employer stating address
      • Government-issued documents stating address (e.g. IRAS, CPF, ICA)
      • Telecommunications bill
      • Tenancy agreement

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.