Parents and guardians make an effort to secure the future of their kids (s). It’s for this reason that many opt to save some money for themselves. Here is a list of the best junior accounts in Kenya.
Equity Junior Account
This Junior Member Account is provided by Equity Bank Kenya.
Requirements :
Parent’s/guardian’s Original and copy of national ID. (Guardian to provide proof of legal guardianship i.e. letter of administration)
Original and photocopy of child’s Birth certificate/Birth notification
Benefits :
One withdrawal every three months (quarterly)
The account does not have a debit card
The account can be mapped to mobile phone banking
Home Bank provided upon depositing Kshs 1000 in the account
Interest earning amount Kshs. 10,000
The interest rate on money saved is paid every quarter
No opening/ operating balance
Free E-Statements
One free withdrawal a month
Free home bank upon depositing with Ksh. 1000
Jumbo Junior Account
A Co-operative Bank Junior account is one of the best savings accounts for kids.
Requirements :
Parent’s or guardian’s original ID and copy.
Copy of the birth certificate of the child.
Minimum opening/operating balance of Kshs 500.
Debit card (optional) at Kshs 600.
Copy of KRA PIN
Benefits :
The interest of up to 3%
Discounted bank cheques for fee payment.
Safari Junior Account
This junior account is provided by Standard Chartered Bank and savings get interest of up to 4.23% per annum.
Requirements.
Original / copy of National ID or valid passport of a parent or legal guardian opening account on behalf of a minor.
Copy / Original Birth Certificate of minor
In-Branch: One passport-size photograph
Opening balance KSH 2000
Benefits :
Free withdrawal once a calendar month.
Interest is calculated daily and paid quarterly.
Free quarterly eStatements
KCB Cub Account
This junior account is provided by Kenya Commercial Bank and earns an interest of up to 5% on savings per annum.
Requirements :
Kenyan ID or Passport of the parent/guardian.
Quality passport photo of the parent/guardian.
Child’s birth certificate.
Benefits :
Opening balance – Kes 1000.
Zero monthly fees.
123 Cool Kids Savings account
Provided by Bank Of Africa
Requirements :
Certified copy of the birth certificate of the child
1 Passport size photograph of the child and the parent’s/guardian’s
Certified copy of passport/ID of parent/guardian
Benefits :
The opening balance is KSH 500
Minimum operating balance of KSH 500
One free Bankers cheque per term
Access to school fees loan (Soma Loan)
Interest up to 3% is paid on a balance above KSH 5,000
No ledger fees.
Youngstar Account
This junior account is provided by the African Banking Corporation.
Benefits :
Opening & Minimum Balance of KSH 1,000
Free Deposits to the Account
An account is also available in USD, GBP, EURO, and S.A Rand
Youngstar Card for the account holder
Good interest earned on savings.
Absa Junior Savings Account
Requirements :
Original birth certificate or adoption papers if the child is adopted.
Parent’s ID/Passport.
Parent’s KRA PIN.
Benefits :
Competitive interest rates start from 7% interest per annum.
No charges.
Free piggy bank when you fund your Absa junior account.
Exclusive access to Absa junior partners with discounts and offers on events.
Access to education policies for long-term savings and medical insurance
Vision Saving
This junior saving account is provided by the National Bank.
Requirements :
Original and copy of guardian’s National ID/Passport
Birth certificate/notification of the birth of a child
PIN Certificate of guardian/parent
Proof of address/ source of funds (refer to AML document)
Opening Balance KSH 500
Benefits :
Minimum operating balance of KSH 500
The interest of 5% p.a on savings.
Junior Treasure Account
Account provided by HF Group.
Requirements :
ID card and two recent passport-size photographs of parents/guardians.
KRA PIN certificate of parent/guardian.
A copy of the child’s birth certificate.
Benefits :
No account maintenance fee.
Amounts of Kshs 5,000 and above start earning attractive tiered interest.
1 free banker’s cheque per quarter.
1 withdrawal per quarter.
Free treasure piggy house for savings at home.
Annual treasure fun days.
Access to insurance solutions
Mdosi Junior Account
Family Bank offers these savings accounts to their junior clients.
Requirements :
Original and copy of parent/guardian’s ID or passport.
Original and copy of child’s birth certificate, birth notification, clinic card, and baptism card.
Opening balance of Kshs 200 or Kshs 1,000 (for your child to start using Henry or Hannah Hippo Bank immediately).
Benefits :
3 free withdrawals per year.
Interest earning balance of only Kshs. 5,000.
Loans of up to 90% of the amount in the account.
Zero ledger fees
Junior Savings Account
Account operated by NCBA
Benefits :
Minimum operating balance of Kshs 2,000.
Interests on amounts over Kshs 5,000.
Free quarterly e-statements.
Credit interest is calculated daily and paid to the account on a quarterly basis.
