1. The children savings account is designed to provide a savings facility for parents to save for their children below 18years.
2. The account is opened in the child’s name, however, the parent has the sole mandate to operate it
3. Child Account will earn interest rate at rates equivalent to that of Sacco deposits.
4. Partial periodic withdrawal is acceptable
5. On attainment of 18 years this account can be converted to main account.
Advantages of children savings
1. Can help your children achieve future financial goals e.g. education
2. Healthy Relationships with Money- Teaching children to be comfortable handling and talking about money
3. Learn to Set Goals
4. Teach children Financial Responsibility
5. Learn to Invest- keep track of their money and how to set and achieve goals.
6. Stepping stones as they approach adulthood
Requirements for opening children account
1) Birth certificate of the child
2) Passport picture of child
3) Personal details of parents- member number
4) An initial deposit
