A bank account for children is a type of account that is designed for children below 18 years to instill the habit of saving from an early age and help parents plan for their child’s future. These accounts are a great way to get children into the habit of managing money from an early age.
These bank accounts are structured as either current accounts or savings accounts. The biggest difference is that most of the accounts do not offer credit facilities.
What to Look Out for When Opening a Bank Account for Children
- Little to no minimum balance requirement to enable you to save small sums of money without worrying about falling short if you ever withdraw the amount from the bank
- No monthly maintenance fees or transaction fees that take away from the minimum balance
- Online account management so as to keep track of the money in a convenient way
- A high interest rate to enable substantive gains in the future
Opening Requirements
- Birth certificate of the child
- Passport picture of child
- Personal details of parents, such as their physical address, email address, telephone number and identification card
- An initial deposit
Some of the Junior Accounts in Kenya are:
- Fidelity Commercial Bank Superstar Kids Savings Account
- Smart Kids Save (SKS) Account-GT bank
- Bank of Africa 123 Cool Kids Savings Account
- Spire Kids Account- Spire Bank
- Teen Member Account – Equity Bank
- Smart Account Savers SASA- Gulf African Bank
- Young Community Savers Account- First community Bank
- Credit Bank Kiddy Account
- Trans-National Bank Angels Account
- Vision Account – National Bank
- Junior Eagle Club Account – Barclays Bank Kenya
- Young Movers Saving Account – NIC Bank
- Young Savers Account -I&M Bank
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