This account is designed to provide a savings facility for parents/Guardians to save for their children who have not attained the age of 18 years.
The account will cultivate and encourage the culture of saving and financial awareness in your child. It will also help you to plan for your child’s future financial needs.
Features and benefits:
- The account will be in the name of the child but the parent is the sole operator of the account until the minor attains 18 years.
- No account opening fee
- Minimum interest earning balance is Ksh. 2,000
- No minimum account balance
- Minimum monthly contribution amount Kshs.500
- Standing orders from parent account to child account.
- Direct/mobile cash deposits
- Limited withdrawals allowed. Maximum of 3 every year.
- The rate of interest will be based on amount and time of deposit;the higher the amount and the longer the period,the higher the rate.
- The account attracts no monthly charges or account maintenance fees.
- Withdrawal fees shall be in as stipulated in the Fosa Tariff Guide.
- Children receive a free birthday card every year
- No ATM service on this account