Published On: Mon, Aug 15th, 2016

Accounts that save you from school fees wahala

In about a month time, primary and secondary schools across the country would be resuming from long vacation. The hearts of many parents are skipping because they don’t know how they would be able to

pay their wards school fees when schools resume for the new session.

This has been the routine most parents go through every term. The situation is even worsened by the present economic crunch in the  country.

To help parents overcome this challenge, different banks have designed  accounts that would enable parents save for children’s schools before  they need it. Some of these products are reviewed:

Fidelity Bank SWEET ACCOUNT (SWEETA)

Sweet Account is a product from Fidelity Bank designed to help  guarantee your child’s future. It is meant for children between the  ages of 0-17. It gives your ward the chance of sharing from the bank’ over N50million School Fees Support in Loyalty Rewards every year.

Benefits:

You can open the Sweet account with any amount for your child and earn  interest on credit balance.

With the Sweeta, you can deposit of cheques and dividend warrants that  are issue in the name of the child on his name the account is opened.

Your get a special gift on his or her birthday and is eligible to attend Sweeta end of year party.

You can place a standing instruction on this account.

Requirements

Birth certificate of the child on whose name the account is to be opened  Passport photographs of the child and his parents/guardians  Identification cards of the parents/guardians like international

passport, voter’s card or driving licence and utility bill.

Sterling Bank I Can Save Account

The “I can save account” is tailored towards encouraging children to save from the tender age, so that these savings could become handy when their schools have to be paid.

Features/Benefits

You can lodge cheques and dividend warrants bearing the name of the child into the “I can save account”.

You are given a debit card immediately after opening this account.

It comes with very attractive interest rates.

It has minimum opening and daily balances of N2,000 and N1,000 respectively and an average balance of N50,000 and above attracts additional interest of 1 per cent p.a.

Your child stands a chance of getting a N250,000incentive if he or she is able to at least 8 subjects at one sitting in SSCE/Cambridge  O’levels (subject to maintenance of average balance of N50,000 over 12

months).

You could also get School fees credit facility if your salary account is with the bank. And the bank extends exclusive invitation to children who hold this account to attend its special organized events  and parties.

Account is operated by parent/guardian on behalf of the minor.

Requirements

Completed account opening form

International passport, Driver’s  license, National ID card or Voter’s card

1 passport photograph each for parent/guardian and child

2 satisfactory references

A utility bill issued within the last 3 months

Union Bank has a range of products targeted at children of different  age groups. So, no matter the age of your child, the bank has a product that meets his or her needs.

UnionKids

A savings account designed to help parents save for children between 0 and 12 years.

Before the recent instruction from the Central Bank of Nigeria that bank customers should be free open an account without any money, N2,500 was required for the opening of Unionkids account and a daily

minimum operating balance of N1,000 is needed.

This account comes with an attractive interest rate which is limited monthly withdrawals. You forfeit the interest if you make up to three withdrawals within a month.

UnionTeens

It is a savings account designed for teenagers between 13 and 17 years.  It also requires an opening balance of N2,500 and a daily minimum operating balance of N1,000.

And like UnionKids, this account comes with an attractive interest rate which is limited monthly withdrawals. You forfeit the interest if you make up to three withdrawals within a month.

UnionVibe

This is a savings account specifically designed for young people between 18 and 28 years.

It can be opened with N2,500 and the condition that apply for interest for Union Kids and UnionTeens accounts, also apply for this account.

Earn interest with limited monthly withdrawals (interest will be forfeited after 3 withdrawals)

UnionVide requires a daily minimum operating balance of N1,000 and a maximum daily operating balance of N1 million.

The account holder gets a MasterCard debit card for worldwide ATM withdrawals and online transactions, which enables you to enjoy a safe and convenient 24/7 online and mobile banking with UnionOnline and UnionMobile.

GTBankSmart Kids Save

The Smart Kids Save account is designed to enable parents/guardians save for their children aged between 0 – 17 years, whilst also developing a savings culture in them.

The Guaranty Trust Bank Smart Kids Save (SKS) account is available in two categories:

SKS (0 – 17 years)

SKS Teen (13 – 17 years)

Children who these accounts are opened for have access to the Smart Kids Save website (www.gtbank.com/sks) where the Smart Kid has access to exciting games, educational support for homework and study and other fun activities.

A SKS account can be upgraded to SKS Teen account when the child is 13 years old and above.

Features & Benefits

Before the recent instruction from the CBN that bank customers should be free open an account without any money, a minimum opening/account balance of N1, 000.00 required to open  required to open the SKS account.

You get a free branded gift item if you open a SKS account with a minimum of N10,000 and the bank also gives gifts items when milestone points are achieved.

This account comes with competitive tiered interest rates (the more you save, the more you earn).

Interest Rates

When you save below N1 000 000, you get 2.5 per cent interest per annum. And if you save up to between N1 million and N5 million, you are given 2.75 per cent annum. While N5 million and above attracts 3 per cent per annum.

SKS allows lodgements of cheques, drafts and dividends into the account, subject to a maximum of N100,000 per instrument Periodic lodgments can be made into the account through Standing

Order/automated direct debits.

Complimentary invite to SKS Fun events SKS can be converted into a regular savings or current account, with the young saver as an authorized signatory.

This is however only after the Smart kid saver has attained the age of 18 from the age of 13, an SKS Teen account will be opened for the  teenager which comes with a free Trendy Teen MasterCard (issued upon Parent’s request) so the child can learn to manage money responsibly.

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