Hey all
Just a quick one. I want to open a bank account for my new born son to save money. It seems few and far between in HK.
Has anyone opened a savings account for their kids in HK.
Any advice is welcome
Cheers in advance
Hey all
Just a quick one. I want to open a bank account for my new born son to save money. It seems few and far between in HK.
Has anyone opened a savings account for their kids in HK.
Any advice is welcome
Cheers in advance
I looked at it too but decided to use my current account as his account, I’m using my savings account for 99% of the time anyway.
BEA has a kid's account with education plans and insurance options:
https://www.hkbea.com/html/en/bea-pe...id-master.html
HSBC Premier offers a "Junior Pack", but you can't do anything with it except time deposits. Children's accounts are not popular in HK because there's no gift/inheritance tax so no benefit from a financial planning standpoint.
https://www.hsbc.com.hk/personal/hsb...nior-pack.html
Cheers all. I looked at some too and thought surely there is something that encourages parents to open an account for their kids, with interests....unfortunately not. Unlike England where every bank will offer something.
Cheers anyway
Interest earned in any of the fixed deposit accounts in HK, does match inflation - and most of these accounts are designed to be lead generation vehicles for the bank, to allow them to sell you expensive products "because you need to plan for the kid's education..."
We settled with Dah Sing Bank’s thomas and friends account. Minimum deposit and maintaining balance is 10K HKD. You can withdraw over the counter with a 20hkd fee.
They we’re easy to talk and discuss with all the things. Well atleast the branch we went to, it was in wan chai gloucester road near Physical, Mtr exit C, just below the foot bridge crossing from mtr to Wanchai Immigration building.
Just ask all the questions you want. Interest rate is low as all the banks are the same.