SACCO JUNIOR ACCOUNT
by admin
It is a savings account designed to provide a savings facility for parents to save for their children who have not reached the majority age. The account helps parents to plan for their children’s education through savings accumulation for a long period of time.
  • The account operates in the following manner:
  • The member opens an account for children; the account will be in the name of the child/children but operated by the member.
  • The minimum monthly saving is Ksh.200, mainly through check-off but any other mode is also acceptable, e.g. lump sum, direct deposit to the SACCO account or through pay bill.
  • Withdrawal from the account is done once every year
  • Withdrawal before the year is over may be permitted at a charge of Kshs.500 per withdrawal
  • Minimum interest earning balance is Kshs.3000
  • The account attracts no monthly charges.
  • Children will receive birthday wishes every year.
When you can give each coin/shilling a specific purpose and attach a real outcome to the reason for your saving, you’re more likely to actually achieve success.