Stockholm
7 May, Tuesday
-0°C
top 10 Best Kids Savings Accounts In Kenya

top 10 Best Kids Savings Accounts In Kenya

This article is about the top 10 Best Kids Savings Accounts In Kenya. Children’s savings accounts offer parents the opportunity to save for their children’s future. These accounts, from the top licensed commercial banks in Kenya, can relieve parents of financial burdens that may arise in the future for reasons such as paying school fees and other basic needs.

Best Kids Savings Accounts In Kenya

These are some of the top kids saving accounts in Kenya.

Chartered Bank Safari Junior Savings Account

Standard Chartered Bank offers a convenient and secure junior savings account that is affordable to open with as little as Ksh 2,000. This account offers free withdrawals, free statements and quarterly interest. The interest offered will vary from time to time based on applicable law.

Requirements

  • Provide the child’s birth certificate.
  • Original/copy of the DNI or passport of one of the parents or legal guardian.
  • A passport-sized photograph.

KCB Puppy Account

The KCB Cub account allows you to save for the future you dream of for your little one. The interest earned is up to 5% on annual savings. There are no monthly fees charged to this account.

Requirements

  • Parent/guardian Kenyan identity card/passport.
  • Passport quality photograph of parent/guardian.
  • Child’s birth certificate.
  • Starting balance of Kshs 1000.

HF Group Junior Treasury Account

This is a children’s savings account designed to allow parents and guardians to save for their children.

Characteristics

Free deposits.

  • No fees for maintaining the account.
  • Amounts of Ksh 5,000 and above start earning attractive tiered interest.
  • 1 free bank check per quarter.
  • 1 withdrawal per quarter.
  • Free treasure to save at home.
  • Annual Treasure Fun Days.
  • Access to insurance solutions.


Requirements

  • Identity document and two recent passport-sized photographs of parents/guardians.
  • KRA PIN certificate of parent/guardian.
  • A copy of the child’s birth certificate.

Junior member account: Equity Bank

This is a convenient and convenient account that offers financial literacy to students and is ideal for children under the age of 18 with Equity Bank.

Characteristics

  • A withdrawal every three months
  • Free cash deposits
  • No initial balance
  • No minimum operating balance.
  • The account will become inactive in one year, but there will be no activation fee. The account can be assigned to mobile banking.
  • Source bank provided upon depositing Ksh 1000 into the account. Interest bearing amount: 10,000 Kenyan shillings.


Requirements

Original and copy of the parents/guardians’ identity document.

Original and photocopy of the child’s birth certificate/notification.

Mdosi Junior Account – Family Bank

The Mdosi Junior account is an ideal option for children under 12 years of age and is managed by a parent or guardian under Family Bank.

Characteristics

  • 3 free withdrawals per year.
  • Interest bearing balance of Kshs only. 5,000.
  • Loans up to 90% of the account amount.
  • There are no accounting fees.

Requirements

  • Original and copy of the parent/guardian’s identity card or passport.
  • Original and copy of the child’s birth certificate, birth notification, medical card, baptismal card.
  • Starting balance of Kshs 200 or Kshs 1000 (to enable your child to start using Henry or Hannah Hippo Bank immediately).

Vision Savings Account – National Bank of Kenya

The account’s attractive fees ensure this is the best savings account for kids with National Bank of Kenya.

Characteristics

  • Free collection at your branch.
  • Annual interest rate on savings of 5%.
  • Free bank check.
  • Minimum opening balance of Ksh 500.
  • Minimum operating balance of Ksh 500.


Requirements

  • Original and copy of the guardian’s identity card/passport.
  • Birth certificate/birth notification of the child.
  • 1 passport-sized photograph of the guardian/parent.
  • Guardian/parent PIN certificate.
  • Proof of address/source of funds.

NCBA Youth Savings Account

The account is free to open, and parents can give their kids a boost with free fund transfers from their NCBA account.

Characteristics

  • Minimum operating balance of Ksh 2,000.
  • Earn interest on amounts above Kshs 5,000.
  • Free transfer to your current account via online and mobile banking.
  • Unlimited credits from cash deposits, fund transfers and standing orders.
  • Free quarterly electronic statements.
  • Interest on the credit is calculated daily and paid to the account quarterly.

Jumbo Junior Account – Cooperative Bank

This is a transactional account designed for children under 18 to hold money under Coop Bank.

Characteristics

  • Automatic membership to the Jumbo Junior Club which entitles you to a free birthday card on your child’s birthday anniversary and free e-banking when you open a new account.
  • Bank checks with discount for the payment of commissions.
  • Interest payable at 3%.


Requirements

I original from the parent or guardian

Youngstar Account – ABC Bank

The Youngstar account is designed to meet your child’s needs. With just Kshs 1000, you can open a Youngstar account for your child.

Characteristics

  • Opening and minimum balance of Kshs 1,000.
  • Free deposits into your account.
  • Standing orders from any ABC bank account.
  • One free withdrawal per month.
  • Free electronic bank statements.
  • Competitive interest earned.

Absa Junior Savings Account

Characteristics

  • Competitive interest rates starting from 7% annual interest.
  • Access to fun and developmental activities focused on science, art, sports, travel and technology.
  • Tax free.
  • Free piggy bank when you deposit funds into your Absa junior account.
  • Exclusive access for Absa junior members with discounts and offers on events.

Access to long-term educational savings policies and health insurance.

Requirements

  • Original birth certificate or adoption papers if the child is adopted.
  • Parents’ identity card/passport.
    Parents’ KRA PIN.
error: