OCBC Officially Launches MyOwn Account for Kids Between 7 and 15, Targeting 100,000 New Accounts Within One Year

OCBC officially launched the OCBC MyOwn Account recently, a unique bank account designed for children and teenagers between the ages of seven and 15.

Launched on 20 October at the OCBC Wisma Atria branch, the new account allows young users to manage their funds through the OCBC app within limits set by their parents.

Since the announcement of pre-registrations in September, the bank has already received 8,000 pre-signups, reflecting strong demand. OCBC aims to reach 100,000 new accounts within a year.

Ms. Sun Xueling, Minister of State at the Ministry of Home Affairs & Ministry of Social and Family Development, OCBC Group CEO Ms. Helen Wong and Mr. Sunny Quek, OCBC’s Head of Global Consumer Financial Services, were at the event to officiate the launch.

Empowering Financial Literacy

OCBC MyOwn Account is designed to foster financial independence and literacy for young users. Building on OCBC’s Mighty Savers programme, which has helped over 200,000 children since its inception in 2007, MyOwn Account further reinforces OCBC’s commitment to educating children on money management and digital banking.

“OCBC MyOwn Account enables kids and teenagers to learn good financial habits through hands-on experience,” shared Ms. Wong. “We believe this balance of independence with parental oversight will give children the confidence to manage their finances responsibly.”

Parents play a critical role in supervising account activities. The account allows parents to set daily transaction limits and monitor their child’s activities through the OCBC app, offering peace of mind and ensuring safe spending.

Disney-Themed Cards and Financial Literacy Content

In collaboration with Disney, MyOwn Account holders can access exclusive themed debit cards featuring Disney and Marvel characters. Additionally, OCBC Wisma Atria has set up three themed photo zones focusing on key financial literacy concepts: saving, spending, and digital banking safety. These zones will remain open until 30 November 2024.

To engage younger users, OCBC has introduced comics featuring characters from Disney’s Wreck-It Ralph, with lessons on saving and budgeting. Parents and educators can access these free resources via the OCBC website or app.

Rewards for Early Account Holders

MyOwn Account customers are eligible to receive limited edition OCBC pins by performing actions such as opening an account, depositing at least S$500, or referring friends. New OCBC 360 Account customers opening MyOwn Accounts for their children will also receive a one-year Disney+ Premium subscription.

For more information, visit OCBC MyOwn Account.