The Junior Savings Account is a specially designed savings product that helps children and teenagers develop strong money habits from an early age. It provides a safe and structured way for parents and guardians to save on behalf of their children while teaching the value of saving, planning, and financial responsibility.
What are the Requirements For Opening a Junior savings Account at Matibabu?
- The parent/guardian must be a member of the SACCO
- Provide a copy of the child’s birth certificate
- Account opening fee of KShs 500
- Minimum monthly savings is KShs 1,000
- Minimum interest earning balance is KShs 10,000
- Mode of payment is through Checkoff, paybill or Bank standing order
What are The Benefits of the Junior Savings Account?
- Interest is calculated on prorata basis and ploughed back to the total funds
- Free piggy bank on account opening
- Parent can request for free cheques to pay school fees once per year
- Upon attainment of 18 Years, the child’s membership account can be openned and funds transferred from the Junior Savings Account.
- The parent can use the savings in this product as collateral, provided the funds will not be withdrawn before the loan is fully repaid.
- Members will be able to introduce their children to a savings & investment culture.
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