This article will, therefore, enlighten you on best kids saving accounts in Kenya and which best suits your needs.
When you have a family, especially children, saving tends to be a little more complicated. In this line, financial institutions have developed some of the best junior accounts in Kenya.
These junior savings accounts come in handy for children’s future upkeep in terms of school fees and any fallback money they would need.
This kids savings accounts offer you, the parent/guardian, an avenue to save for your child’s future and inculcate in them a savings culture
Best kids saving accounts in Kenya
Here are some of the best banks to open savings account for your child.
1.123 Cool Kids Savings Account – Bank of Africa
You can open the account with as little as Ksh 500 and also keep a minimum operating balance at the same Ksh 500.
The bank offers the account holder one free bankers cheque per term.
If you want to get the cool hippo bank for your child, you will have to cough up Ksh 700.
An advantage of this account is that you can gain access to the Soma Loan, which will help you finance education activities for your children.
Interest is only paid to balances above Ksh 5000.
This account does not attract any ledger fees.
2. Young Savers – I&M Bank
Young Savers is a children’s account with a minimum balance of Ksh 1,000 with up to 6 withdrawals allowed in a year.
For this account, you are not entitled to a cheque book nor an ATM card.
The young savers’ account doesn’t also attract any ledger fees or account maintenance charges.
You will not incur any transaction charges for this account.
You are entitled to a young savers membership card which gives discounts in many shops and other outlets.
50% additional interest payable at the end of the year on average yearly balance for withdrawals between 1 – 6 within the calendar year.
An advantage this account offers is a bonus interest of 1% which is paid out at the end of the calendar year on the average yearly balance if no withdrawals are made.
Interest is also payable on the minimum monthly balance (accrued monthly and paid quarterly)
Your children are eligible for this account up to the age of 17 years.
3. Young movers savings account – NIC Bank
Your children are eligible for this account if they are aged 18 and below.
You require an opening balance of Ksh 2000 for this account while the minimum interest-earning balance should be at Ksh 5000.
This account does not attract any ledger fees as well as no charges for incoming local transfers.
The account entitles you to four free withdrawals per annum.
You are also entitled to four free Bankers’ Cheques per annum.
Only the parent or guardian has the sole mandate to operate this account.
To open up this kind of an account, you need a minimum opening balance of Ksh 500.
The catch for this account is that you will need a monthly contribution of Ksh 500 which can be effected via check-off or direct deposit to any of the SACCOs or their mobile platform.
For this account, you will earn interest monthly at 6% p.a. Minimum interest-earning deposit is Ksh 5000.
If you ever need a school fees loan, this account can be used as collateral.
Partial withdrawal is acceptable while regular withdrawal from the account is permitted after every four months
This account does not attract any ledger fees.
5. Jumbo Junior Account – Cooperative Bank
This account is designed for children below the age of 18 years for the safekeeping of money.
With this account, you have automatic membership to the Jumbo Junior Club which entitles you to a free ele-bank and a birthday card every anniversary.
An advantage for this account is that you get discounted bank cheques for fees payment.
The interest payable for this account is at 4% while the minimum opening balance is Ksh1,050.
The minimum operating balance for this savings account is Ksh 500.
6. Junior Member Account – Equity Bank
This is probably one of the best kids saving accounts in Kenya because you only need an account operating and opening balance of Ksh 200.
This Equity junior account entitles you to free internal standing orders with two free withdrawals in a year.
On request, customers will be issued with an identification card.
You are not required to pay any account maintenance balance or monthly charges.
After opening an account, you get a free financial education booklet as well as free financial education during Junior Member open days.
7. Cub Account – KCB Bank
The cub account or KCB jumbo junior account is designed for children below the age of 18 years for the safekeeping of money.
After opening an account, you are entitled to a free banker’s cheque per term to pay school fees as well as a free-standing order per month.
The children who have this account get a free cubby kit to enable them to start saving at home.
You get to enjoy an interest rate of 5% p.a. on your savings as well as a free life insurance cover.
All you require for this account is an opening balance of Ksh 1,000.
8. Junior Eagle Account – Barclays Bank
For this Junior eagle account, you will earn interest of 7% per annum and have access to fun and developmental activities centred on science, art, sports, travel and technology.
The account is a free savings account, which means there are no charges attached.
Once opened, you will be linked to the banks educational and medical solutions which offer long-term investment options for your child’s future.
That’s it for today, I hope by now you know which is the best bank for junior account that you can open for your child.