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Thursday, January 31, 2008

My Child's College Fund : Skim Simpanan Pendidikan Nasional

At the end of February, I will be a father to my newborn child. My life gets really excited recently and words can’t describe how happy I am to wait for the exhilarating moment. My wife and I have been preparing a lot of things especially our child’s college fund. After I’ve done some research, I think it is for the best to put the college fund in SSPN (Skim Simpanan Pendidikan Nasional). SSPN is backed up by Malaysia government and it offers a lot of benefits to our child’s future.

SSPN fund objective is to introduce a savings scheme with tag ‘Savings Towards Higher Education’ and they provide special financial incentives plus insurance coverage. Their major concern is the lower income people and depositors can put their money as low as RM 20 for saving. SSPN fund is introduced by The National Higher Fund Corporation and their function is to collect deposit, design and offer savings schemes.

Before I decide which is best for me, I create a few choices of college funds provided throughout the country. I also stopped by the CIMB Bank branch to get a consultation for our child’s college saving but there’s not many benefits that they offer. The monthly premium is quite high and it’s not easy for me to commit.

As for my opinion, SSPN is the best choice for children at this moment. I may switch to better saving scheme if my income increases in future.

Further readings >

Skim Simpanan Pendidikan Nasional is a college fund


Nadlique 2/01/2008 11:26 PM  

Congratulations for the baby! :)

Hmmm, don't mind if I ask, what's the rate of return for SSPN? I heard it's around 3%.

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