Wednesday, September 7, 2011

OCBC Mighty Savers

One way to make the short school holiday productive is by opening a savings account for the kids (finally!). Although we have been setting aside a specific amount for their college education (we call it edufund) for a few years now, it has always been mixed with our family savings. Sometimes there's confusion as to how much we have really saved for their education. Before I needed to get my files to check the actual amount, but now we can just glance at the passbook and voila! account balance at hand.

We also wanted to instill in our kids the importance of saving. They have a coin bank at home and have been saving small amounts from their allowances. To bring their practice of saving to the next level, I insisted on opening a bank account for them. This way they can literally see their money growing. Ira is still a bit confused about how his money is kept by the banks. He initially thought it's a waste of money cause he thought he was giving his money away. But I explained to him that we are putting his money in the bank for safekeeping, then on a later date, we can get some of his money if he wants to spend them on something (mostly school related).

So off we went to OCBC Compasspoint Branch. I brought the usual documents - birth certificate, REP, passport and my IC (as parent). Silly me though, I didn't bring the originals! When it was our turn to talk to the relations manager, he explained that their scanner was a bit sensitive and it may not be able to detect photocopies (esp those without bar codes). He still tried just in case it went through. But as he expected, the document (Kelvin's birth certificate) was not detected. We were not able to open the account on our first visit. But the relations manager gave us his name card, scribbled words and dates on it, and assured us that if we come back within the week and present his name card, we will get priority in the queue. Good customer service there I should say.

The following day, we went back to OCBC, brought along all documents including originals. As instructed, I gave his name card to the customer relations officer at the entrance, and immediately we were attended to by the relations officer. I submitted the required documents then waited while he processed the application for Mighty Savers. It took some time since the documents needed to be scanned and verified. After the application has been processed and approved, we were given the passbooks for the kids, then were sent to the cash deposit machine to make our first deposits to their accounts.

Kelvin's and Ira's Young Savers Passbooks

We choose the OCBC Mighty Savers Programme as it caters to the needs and ages of the boys. The perks:
  • Special "fast track" children's queue during Sunday Banking 
  • no monthly account fee or service charge
  • Mighty Savers stickers and card game
  • regular fun games, stories, contests and activities in Playtime!
Mighty Savers Stickers and Card Game
  • teaches children to save in a fun and engaging way
  • one sticker is awarded to the boys whenever they save $1
  • upon saving $20, they would have completed one card (20 stickers total)
  • bring the completed card with 20 stickers to any OCBC branch, bank in the boys' savings  in exchange for a Mighty Savers Encouragement Gift (of low monetary value) and a new set of savings card and stickers
  • a special badge is earned for the 3rd, 6th and 9th completed card
Isn't that a great way for the kids to learn to save money??? My boys were pretty excited about the rewards programme that they were very eager to give me their dollars when we got home. They wanted to complete the card and get their next gift. I have a feeling we will be frequenting OCBC Compasspoint Branch from now on.
a travel journal and a wristband
- this month's gifts for new sign ups

for initial deposit of $1,000 and above, 
OCBC gives out this Ancient 7 Wonders Storybook, 
which my boys chose over the New 7 Wonders DVD

More perks...

If we deposit $2,000 and above within 2 months from our boys' birthdays, they give away a limited edition Mighty Savers Medallion.

I also love the Stories and Activities, as well as the Financial Games found online. It's really a fun way for the kids to learn about saving.

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