Nurturing a savings culture in children at a tender age is very crucial and has a great impact on their lives as they grow up because not only will they end up being financially stable and independent, but will also know how to manage finances.
This is why having practical lessons in place that showcase the importance of saving; helps the children develop a solid savings culture that will be helpful in the future as far as financial decisions are concerned.
The Co-operative Bank’s Jumbo Junior Account is a transactional account designed for children below the age of 18 years that teaches children the joy of savings and financial security.
The account brings a bag of interesting goodies for the kids such as automatic membership to the Jumbo Junior Club, whose members are gifted with a new, funky Ele-bank on opening a new account.
Club members also receive a free birthday card on their birthday anniversaries and the account allows discounted bank cheques for fee payments to the child’s school. This means a little bit more savings in the long run.
“What’s more interesting is that the Jumbo Junior bank account attracts interest payable at 3 percent, annually.
That certainly beats interest terms for lots of other accounts,” states the lender.
Requirements for opening the account are;
- Parent’s or the guardian’s original ID card, plus a copy.
- The copy of the child’s birth certificate.
- A minimum account opening, or operating balance at only Sh500.
- A copy of the parent’s or guardian’s KRA Pin.
- The account has a debit card on offer – optional – at an additional Sh600 only.
