Opening a bank account for your child in Kenya is a smart financial move, fostering savings habits and financial literacy early on. Several Kenyan banks offer specialized accounts tailored to children and minors, each with unique features and benefits. This guide provides a detailed overview of some of the best options available, helping you choose the right account to set your child up for financial success.
The KCB Cub Account is designed for children aged 0-17 years. It requires a minimum opening balance of KES 500 and offers attractive interest rates. Parents or guardians manage the account until the child reaches 18 years. Features include access to educational resources and opportunities to participate in KCB-sponsored events for children.
Equity Bank's Junior Account is for children under 18. It allows parents to save for their children's future. The account offers competitive interest rates and requires a low minimum opening balance, typically around KES 500. It also comes with benefits like school fees payment options and access to Equity Bank's digital banking services.
The Co-operative Bank Jumbo Junior Account targets children and young savers. It encourages regular savings with a minimum opening balance of KES 500. The account earns interest on deposits and provides opportunities for financial education through Co-op Bank's initiatives. Parents can easily manage the account and track their child's savings progress.
Standard Chartered's SmartStart Account is designed to help parents save for their children's future. It offers tiered interest rates based on the account balance. While specific details may vary, these accounts typically require a minimum opening balance and provide access to financial planning tools.
Diamond Trust Bank (DTB) offers the Young Savers Account to encourage children to save. This account typically comes with a low minimum opening balance and attractive interest rates. Parents or guardians manage the account on behalf of the child until they reach a specified age.
I&M Bank's Junior Account is designed for children, helping parents save for their education and other future needs. It offers competitive interest rates and a manageable minimum opening balance. The account also provides access to I&M Bank's branch network and digital banking platforms.
Family Bank offers a Junior Account that encourages parents to save for their children's future. Details regarding minimum balance and interest rates can be obtained directly from Family Bank. It aims to provide a safe and secure savings option for children.
National Bank provides the Kiddie Account for children, helping parents save for their education and other future needs. The account typically features a low minimum opening balance and earns interest on deposits. Parents manage the account until the child reaches the age of majority.
Prime Bank offers a Junior Savings Account that encourages parents to save for their children's future education and other needs. The account generally has a low minimum opening balance and earns interest on deposits. Details can be obtained directly from Prime Bank.
Credit Bank offers a Junior Account tailored for children, allowing parents to save for their education and future needs. The specifics of the account, including minimum balances and interest rates, are available directly from Credit Bank.
HF Group offers savings accounts for children, helping parents save for their education and future needs. Specific details can be obtained directly from HF Group.
NCBA Bank provides specialized junior accounts for children. Parents or guardians typically manage the account, and it earns interest on deposits. Contact NCBA directly for current rates and details.
Stanbic Bank offers savings accounts for children, designed to help parents save for their future financial needs. Contact Stanbic Bank directly for account details.
Consolidated Bank provides junior account options, enabling parents to save towards their child's future goals. It's recommended to contact the bank directly for the most up-to-date terms and conditions.
Kingdom Bank has junior accounts to facilitate savings for children's education. Contact the bank directly for specifics.
