OCBC to offer digital accounts, debit cards for kids and teens

Kids and teens aged 7-15 years old can open their own digital bank accounts.

OCBC is launching digital bank accounts and offering debit cards for children and teens aged between 7 and 15 years old.

Available from 20 October 2024, the OCBC MyOwn Account will enable the young adults to operate their own bank accounts digitally via the OCBC digital app, within boundaries and controls set by their parents.

The account is registered solely under the child’s name, although parents will have to be the ones to open the account.

Account holders will also be given their own debit card, and they can choose a design from a range of options.

Once the account is opened, parents can also download the OCBC Digital app to a separate smartphone and their child can create their own username and password to access their bank account digitally. 

Parents will be able to use their own OCBC apps to monitor their child’s account activities, including fund transfers, payments, ATM deposits, withdrawals, and credit-card usage.

Services enabled in the account include scan-and-pay merchant QR code payments via PayNow; contactless cards via their debit cards; and access to exclusive in-store and online deals from select merchants.