This account offers young people an opportunity to learn from a young age how to manage their own finances. Given how important financial skills are to navigating life, most children in our nation do not get this education early enough in life.
The Savvy Teens account is a FREE account with nil service fees, a Zimswitch debit card (free) or MasterCard debit card will be issued on the account.
The account is easy to open, manage and does not carry any monthly service charges.
Guardians can start saving for their children from an early age, while older children can open accounts under the supervision of their guardians and get a debit card.
Account Opening Requirements
- Parent’s ID.
- Parent’s proof of residence.
- Child’s birth certificate (or ID for 16 year olds).
|Target Group||13 - 17 years|
|Currency||All Approved Currencies|
|Minimum Monthly Balance||$5|
|Maximum Balance||No Limit|
|Deposit Frequency||No Limit|
|Cash Deposit Fee||FREE|
|Withdrawal Frequency/ Conditions||1 free withdrawal a month|
|Withdrawal Fees||Above free withdrawal. 0.05% of amount, minimum of $1.|
|Interest Payment Frequency||Quarterly|
|Monthly Maintenance Fee||Nil|
|Delivery Channels||Branch, Internet Banking, POS, ATM, EcoCash Banking Services|
- Other Features
- Account opened in the name of the child and operated by Parent/Guardian. Parent/Guardian may choose to grant the child the authority to operate the account by indemnifying the Bank against any losses resulting from this arrangement.
- eAlerts to Parent/Guardian/Child.
- EcoCash Banking services.