As I clock into the office, arriving at a desk filled with work that I actually enjoy doing (no sarcasm detected here, I promise), I can’t help but still wish I had it a little bit easier.
And by ‘easier’, I mean I wished my parents had set up a savings account for me so that they deposited some money when I was still a kid so compounding interest could work for me, no matter how little.
Well, maybe that is because they didn’t know about Maybank Yippie/-i Savings Account then, the same one that has recently gotten even easier to open, now via the MAE app!
If you’ve never heard of this amazing savings account that is perfect for parents and/for their children (newborn to age 18), you’ll be thanking me (and signing up for an account) by the end of this article!
Benefits of the Maybank Yippie/-i Savings Account
Of course, convenience is not the only draw for parents to open this particular children’s savings account.
Did you know that you can open this account with a minimum deposit of only RM1?
Anyone could afford that—and everyone should be able to afford to invest in their child’s financial future!
Plus, the money is not just sitting there waiting for inflation to stomp away its value. The RM1 to the first RM50,000 saved in this account will bring in up to 2.4%* profit rate per annum. This rate varies depending on overnight interest rate (OPR). T&C apply.
That’s not all! You and our child will enjoy free Personal Accident Takaful Coverage (PATC) of up to RM100,000 according to three categories, subject to the account balance (minimum of RM1,000 in account).
Yes, it is a no-hassle, only-under-10-minute-of-your-time process** that has the potential to set your child toward financial success.
All you have to do is:
- Launch the MAE app and go to ‘Apply’ on the bottom right corner.
- Under ‘Accounts’, select ‘Yippie-i Account’ or ‘Yippie Savings Account’.
- Verify your information and fill in your child’s particulars.
- Take a photo of your child’s original birth certificate.
- Activate the account by transferring money in—and voila, it is done. Super convenient and quick!
And here’s the best part: you can do it anywhere!
*All interest / dividend rates quoted may change without prior notice. Please contact the nearest Maybank branch for the latest rates.
**Only applicable for existing Malaysian Maybank customers with a Current/-i or Savings/-i account holder with a Malaysian child. For those who are not Maybank customers yet and want this privilege to be extended to your children, just apply for a savings account via the MAE app first and then you can apply for a Maybank Yippie/-i Account.
Build Your Child’s Wealth Now!
Here’s How You Can Access Maybank Yippie/-i Savings Account Through Junior
Don’t worry, the balances will not mix up with yours as the Yippie/-i Account is only linked to your M2U ID—your child’s account balances will be separated from yours.
With Junior, you will be able to top up your child’s account easily. You can also set up recurring deposits from your account to your child’s so you won’t forget to contribute to your child’s future. As per custom, you will be able to view all the transactions and download account statements as needed.
For more information on Yippie/-i Account, click on maybank.my/applyyippie.
Creating wealth for the next generation is easier than you think. Apply via the MAE app now!
If you’re not currently a Maybank customer, fret not. You can easily apply for a Savings/-i or Current/-i account on the MAE app.
One more exciting benefit is that your child will get cash rewards when they achieve excellent grades for their PT3, SPM, STPM and degree-level subjects when they have a minimum account balance of only RM500.
Now, if that is not motivation to hit the books, I don’t know what is!
Planting the Seeds of Financial Literacy
We often hear people say, “Bad habits die hard” but I would like to think that the opposite is true too—good habits die hard, but they need to be cultivated at a young age.
Opening a Yippie/-i Account for your child contributes to a child’s financial growth and security—but I would like to share other intrinsic values your child can possess through this account opening that, might I remind you again, just takes 10 minutes*, from wherever you are.
- The Saving Habit – Your child’s Yippie/-i Account is accessible with Junior on your app. When you deposit money into their account, they can see how much they have saved. This is a learning opportunity for them as you can teach them about goal setting and goal tracking, fostering a sense of accomplishment and responsibility.
- The Budgeting Habit – By involving your child in age-appropriate budgeting, you can help them understand the value of money. Therefore, if they want a new Bluey soft toy, well, you may consider asking them, “Is it within your budget?” before showing them their Yippie/-i Account balance. This may sound a little harsh but stay put, it is all about the learning process.
- The Learning Habit – They pick up values quickly and as both of you (parent and child) consistently invest in their Yippie/-i Account, they will naturally be inclined to make smart financial choices, which can be applied when they get pocket money.
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