This account as the name depicts is a savings account operated with the view of saving money to attract interest to enable the payment of one’s child/ward’s school fees. Withdrawal is once yearly.
- A minimum amount of GHS 100.00 is required to open an account
- Unlimited number of deposits.
- Any withdrawal by the guardian, before six months of account operation, shall attract a fee of GHS 10.00 per transaction.
- Beneficiary of the Kiddie Account should be a minor (less than 18 years of age)
- The account would be held in trust for the minor by the guardian
- On attainment of 18+ years, the guardian could write to indicate the handing over of the account to the beneficiary.
- No bank charges and account maintenance fee
- Interest payable on minimum balance of GHS 500.00
- Savings can be used as security to apply for loans from the bank
- The account attracts a higher interest