Developed for the children of the members of the SACCO. Anyone who is a child of a member and is below 18 years of age can be opened up the account.

Features

• Money saved on this account can be accessed when the child reaches 18 years. This account earns an interest of 12% PA, and the interest compounding itself annually until the expiry period.
• There are no monthly account maintenance fees
• Make free deposits without limit
• Free monthly Statements
• Provides for saving for each child on separate accounts. This will be done by creating sub accounts for each child.
• Savings should be made for at least 5years.

Requirements

• The Parent/guardian will be required to complete and sign a children’s account opening form
• The parent/ guardian will cease being a trustee when the child makes 18 yrs.
• When the child becomes of age (18yrs), they will have the option to become full members of the SACCO or have access to their money and withdraw.
• Come with one (1) passport size photo for the child, if not yet born, Photo should be provided when child is born.
• The account will be in the child’s name with the parent(s) or guardian as trustee (s)
• In case the parent/guardian dies before the children are 18 years, the next of kin of the child and the parent will take charge to running the account.
• NOTE: Where a member wishes to withdraw from this account and withdraws below 6 years, the interest earned will be calculated at 10% per annum.