Why my Child gets all the spare change in the house?

How many of us still mainly use physical cash nowadays? With credit cards and other forms of cashless payments, it is not uncommon to just carry some cash and no coins. Perhaps only the previous generation, like my mum, still do carry a purse to keep spare change. When we do and receive back the change, do you find it a chore to keep the coins on yourself?

Coin Deposit Fees: S$0.015 per piece (total fee rounded to the nearest one cent)
Coin deposit fee is automatically waived for:
POSBkids Account until the child turns 16 years old, for the first 1,000 pieces deposited per calendar month*.

I opened a POSB Kids savings account soon after my child was born. Do you know that children savings account usually have a waiver on coin deposits fees up to a certain limit?

I started to introduce a savings habit in the family for my child. All spare change goes to her! Number One, depositing of coins into her savings account is fee-free. Number Two, it gets rids keep stock of coins lying around the house and wondering when we will next use them. Number Three, as part of her financial education I plan to inculcate the value of money and savings from young. Coming up with a guide to educate young children on financial education is part of my plans.

I consistently collate coins from lunch meals, family outings, groceries shopping and bank in periodically. Sometimes, I also use this avenue to fully cash in on old 5 cents and 1 cent coins which present a chore to use in quantity.

Slowly but surely over the course of 1.5 years, the sum is beginning to add up. I have been keeping track, and it seems that a good $349.40 has accumulated!

Of course I recognise that the interest rate for the savings account is a measly 0.05%, and the money saved is channeled to her Regular Savings Plan (RSP) for accumulating capital gains from young. The investment or trading account is a joint-junior account and will be transferred to her proper when she turns 18.

Do you accumulate your coins too or leave them lying around?


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