The Junior Savers Account is a savings account designed to provide a savings facility for parents to save for their children who have not reached 18 years of age. The account helps parents to guarantee a secured future for their children.
Features
- Minimum monthly contribution of Kshs. 500
- No maximum limit on savings
- Annual interest is computed as 70% of the prevailing Central Bank Reference rate plus a premium of 0.2% annually. This means that the current effective rate is 7.2%
- Account tagged to a parent/guardian account
- Account converts to full membership after saver attains 18 years of age
- 4 withdrawals annually
- The account attracts no monthly charges or account maintenance fees
- Children receive a birthday card during their birthdays