Equity Bank Kenya has two savings accounts available for kids and teen members to prepare them for financial independence by helping them learn money behaviors and habits like smart spending, borrowing, and saving early. It gives them a strong start.
Setting long-term financial goals and modeling good money management habits sets kids up for a future of financial success: Studies say money habits are set by age 7, and you should start talking to kids about money as early as 3.
The two Equity Bank’s savings accounts for kids and teens in Kenya are;
1. Junior Member Account
Help ensure your children are moving in the right direction financially by opening an Equity Bank Junior Member Account opened by you, the parent or guardian, on behalf of all the kids through age 17. Both the adult and the child co-own it.
The Junior Member Account opening balance is Ksh200. It also has a Ksh200 minimum operating balance, accepting free cash deposits and standing orders into the account.
This Equity Bank savings account for kids has no debit card, but it accepts mobile and online banking with no access charges and free withdrawal and internal transfers.
For your kid to earn its interest rate of 4-8%, paid every quarter, their Junior Member Account should have at least Ksh10,000 or more saved already in the account. These savings are withdrawable for free twice a year, and then a charge of Ksh100 applies for each additional withdrawal.
This savings account becomes dormant after a year of inactivity but attracts no reactivation fee. When you want to close a Junior Member Account, the closing fee is Ksh300.
2. Teen Member Account
With the Equity Bank Teen Member Account, young savers learn to manage their money and grow their savings.
Teens below 18 years old typically don’t have a large balance to start their savings journey, but thanks, the Teen Member Account opening and operating balance of Teen Member Account is only Ksh200 and has no maintenance fees.
The Teen Member savings account is available with a parent or guardian as a co-signer, but it operates under the teen’s name. It has similar features as the Junior Member Account, paying reasonable interest rates of between 4% and 8%.
When you open it, your teen will receive free financial education every quarter and will gain free entry to Teen Member open days for enhanced financial literacy.
READ: Equity Bank ATM Withdrawal Charges in 2024
