Minor Savings Account

Minors Account is a transactional savings account, designed to be operated by children, educating them on the art of handling their own banking at an early age. The account is opened on their behalf by their legal guardian / parent. The legal guardian deposits the money into the children's account or the children can deposit their pocket money and transact later using an ATM / Debit card or through branch withdrawal slips. Minors accounts come in three distinct segments:

  • 0 to 8 years (Smart Starter)
  • 9 to 12 years (Kool Kid)
  • 13 to 17 years (Smart Teen)

 

Qualifying Criteria

  • Children under the age of 18years
  • Able to meet USD 100 minimum balance
 
 
  • Familiarization with banking at a tender age
  • Earns interest on a transactional savings account!
  • Children above the age of 9 have a special dispensation to transact on their own
  • Accounts for children below nine will be conducted by the legal guardian.
  • Credit Interest are paid on balances above a certain threshold
  • Interest calculated on monthly average balance and applied monthly
  • Account can be accessed 24/7 on our ATMs
  • No account maintenance fees.
  • Tiered interest rates, the higher you save, the more you earn
Smart Starter Kool Kid Smart Teen
Age 0-8years 9-12years 13-17years
ATM/Debit Card No Yes Yes
Minimum Balance US$100 US$100 US$100
Independent Transactions No Yes Yes
Interest rate 4% 4% 4%
No. of Free withdrawals per month 2 4 4
Fees per transaction above the number of free transactions per month US$1 US$0.50 US$0.50
 

To Apply for Minor Savings Account

Simply bring the following to any of our branches:

  • Positive Identification through either, National ID, valid passport or valid driver's license of parent or guardian
  • Birth Certificate or positive ID of child
  • Proof of residence - Of parent or legal guardian
 

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