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- The parent can use the savings in this product as collateral, provided the funds will not be withdrawn before the loan is fully repaid.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.