Under the WeCare@North East Young Savers Programme, North East CDC will give a $10 cash credit for first-time POSBank account applicants aged seven to 12 and from low-income families in the district. This could benefit about 17,000 children, if they are first-time account applicants.
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Here is the full press release:
North East CDC and POSB launch "WeCare@North East Young Savers Programme" to promote good saving habits among children
Up to 17,000 children from low-income backgrounds to get $10 cash credit each from North East CDC if they are first-time account applicants
The North East Community Development Council (CDC) and POSB have launched the WeCare@North East Young Savers Programme, which aims to instil desirable saving habits in children, especially those who are less well off.
The programme was announced by Mr Teo Ser Luck, Mayor for North East District, at the Sengkang Community Club (CC) this morning.
It will be rolled out to all 18 divisions in the North East district in the coming weeks.
Under this programme, each child aged from seven to 12 years old who comes from a low-income family within the North East district, and who does not have an existing POSB account, will receive a $10 cash credit from North East CDC upon successful opening of a POSBKids account, as a form of encouragement.
Application forms can be obtained at the customer service counters of the CCs.
Some 17,000 children in the district who fit the income criteria could potentially receive the $10 credit, if they are first-time account applicants.
To drive home the message of saving up from young, eye-catching POSBKids account standees with the programme information and POSB's Smiley Squirrel mascot will be placed at high-traffic flow areas within the CCs in the North East district. Children in this programme will also receive the iconic Smiley Squirrel coin bank as part of the account opening. The Smiley Squirrel coin bank was first introduced in the 1970s and is one of the most popular series of coin banks.
Said Mayor Teo: "We are delighted to have POSB's strong support in this meaningful initiative. Thrift is a necessary value that is best inculcated from young. It is a valuable life skill that will benefit us throughout the different stages of our lives. It is never too early to start saving-a little a day, goes a long way."
Mr Derrick Goh, Head of POSB, said: "For generations, POSB has been inculcating the virtue of savings among Singaporeans. We are pleased to support North East CDC in their efforts to encourage thrift. Smiley has always appealed to children and through this partnership, we hope children will view savings as a fun and rewarding process. We are working closely with North East CDC to introduce additional programmes to promote regular savings amongst the young."