To instil good saving habits among children, especially those who are less well-off, a new savers programme was launched on Saturday by the North East Community Development Council (CDC) and POSBank.
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.
Mayor for North East District Teo Ser Luck said: "Thrift is a necessary value that is best inculcated from young... It is never too early to start saving - a little a day, goes a long way."
The programme will be rolled out across the district in the coming weeks. Application forms can be obtained at customer service counters of the community clubs.
Mr Derrick Goh, Head of POSBank, said: "We are pleased to support North East CDC in their efforts to encourage thrift. Through this partnership, we hope children will view saving as a fun and rewarding process."