Current Affairs News | Banks Rush into the New Year's Money Market

This article is reprinted from: Elderly Daily

During the Spring Festival, managing New Year’s money has become a focus for parents. Many banks have launched exclusive savings and wealth management products for minors to capture this emerging market. State-owned banks, joint-stock banks, and city and rural commercial banks are all taking action, offering low-threshold, customized solutions to meet family wealth management needs.

Industrial and Commercial Bank of China (ICBC) has launched the “Parent-Child Exclusive Account,” supporting children to independently plan their funds, with parents able to oversee the account. It also offers fund pools tailored to different needs; Huaxia Bank’s “Sunshine Growth Plan” provides two savings modes; Guangfa Bank’s “Freedom Card” gives children their own accounts; China Merchants Bank has launched the “Jin Xiao Kui Manager” section, offering diverse investment options; city and rural commercial banks focus on customization and low thresholds, such as Guangxi Beibu Gulf Bank’s “Dream Savings No. 1” starting at 50 yuan, and Dong-E Farm and Rural Bank’s New Year money-specific fixed deposit.

Some banks’ children’s savings products offer notable interest rate advantages, even surpassing similar adult products. Guangxi Beibu Gulf Bank’s children’s savings products have a maximum annual interest rate equal to the premium adult version. Beijing Rural Commercial Bank’s “Sunshine Baby Card” exclusive savings product offers higher interest rates for children depositing 1,000 yuan compared to adults depositing 200,000 yuan.

Experts advise parents to choose reputable institutions, prioritize parent-child joint accounts, and balance safety with financial literacy education. Banks should improve risk control and product systems to build a “savings + education” service loop.

CCTV