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SavvyKids

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 Kids account offers young people an opportunity to learn from a young age how to manage their own finances. 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

KYC Requirements

  • Parent’s ID.
  • Parent’s proof of residence.
  • Child’s birth certificate (or ID for 16 year olds).

Account Features

Account Type Savings
Target Age Group 0 -12 years
Currency All Approved Currencies
Minimum Monthly Balance $5
Maximum Balance No Limit
Deposit Frequency No Limit
Cash Deposit Fee FREE
Stop Orders and Direct Debits Applicable
Withdrawal Frequency/Conditions 1 free withdrawal per quarter
Withdrawal Fees Above free withdrawal, 0.05% of amount, minimum of $1.
Interest Rate
  • Paid to accounts who save for 3 months without withdrawing.
  • 2% per annum
  • Debit interest- PLR plus margin of 10%.
Interest Payment Frequency Quarterly. 
Withholding tax 15%.
Monthly Maintenance Fee Nil.
Delivery Channels Branch, Internet Banking, EcoCash Banking Services

NB: Free account with nil service fees. Withdrawals are limited to over the counter at Steward Bank Branches.

Other Features.

  • Account opened in the name of the child and operated by Parent/Guardian.
  • eAlerts to Parent/Guardian.
  • EcoCash Banking services (for deposits only).

Download Application Form  Apply Online

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