With the culture of savings being a known contributor to national development, it is no small secret parents/guardians should encourage their kids, hence future generations, to save money. Speaking to Sallieu Sesay, Head of Marketing and Corporate Communications, UBA, he said the UBA Kiddies Account enables parents/guardians to open a savings account for kids between 0 and 13 years old.
Sesay said UBA believes in the future and empowerment of young people, their development and creating equal opportunity for children in Africa and the world, citing these as reasons for establishing the Kiddies Account. “This culture of empowering future generation is why UBA’s Kiddies Account is the best and first choice parents can make. If you fail to invest in kid’s future they will end up destroying your investment,” he said, adding that the minimum opening and operating balance is Le200,000.
Listing the benefits of the account apart from inculcating a culture of savings in future generations, he said there is no limit on the maximum cumulative balance and credit interest rate will be the prevailing interest rate on savings account payable monthly. Other benefits include withdrawals three times a month guarantee no charged interest; deposit of other banks cheques is allowed; no withdrawal or deposit limit; outside or within bank funds transfer is accepted; free SMS alerts; mobile banking; free online and mobile banking.
Speaking at the recent launch of the UBA Kiddies Account, the Head of Retail Banking Joseph Kemoi disclosed the promotional benefits attached to operating this account, including earning a 13th month reward, 10% of the monthly savings plan over 12 consecutive months, maintaining a minimum of between Le5 million and Le10 million over 13 months with no withdrawal. “This account has a chance to partake in the scholarship scheme through a raffle draw having maintained a standing instruction of minimum of Le10 million for six consecutive months. A one-year scholarship will be awarded to five lucky kids whose parents make savings for them for up to Le5 million at any school of their choice, and Le250,000 will be credited to the kids’ accounts for 3 months. The annual interest of 3.75% would be payable on monthly basis.”
He said parents can open the account with Leo and UBA Mobile and then visit any of their branches, do all necessary activities to regularise the account and make an initial deposit of Le200,000. Meanwhile, Sesay said parents/guardians need the following documents to open the account: birth certificate of child; two passport pictures of parent and child; national ID/passport, valid voter ID or utility bill (EDSA/GUMA) showing proof of address.
“What does it mean? A parent/guardian should start building a future for their children. No child is too small to have savings account and it behoves parents to create this platform for their children’s wellbeing. I want to encourage members of the public to visit any branch to open this account.” The bank also operates the NextGen account for students in Senior Secondary School, tertiary institutions or a National Service Corps between 18-25 years, with the same requirements as the Kiddies Account. Benefits include no monthly charges, free SMS alerts, no card maintenance fee and no bank charges. NextGen Account holders only pay transaction fees.
By Jerry Kai-Lewis