This is a savings account for children opened and operated by the parents while the child is less than 18 years. It aims at accumulating savings and also to inculcate a saving culture in children.
Features
- Initial deposit of GH¢30
- Interest earning threshold of GH¢300
- Interest is calculated daily and applied quarterly
- Free banker’s draft issuance for child/ward’s school fees
- Half yearly statement facility
- 1 withdrawal allowed every quarter but not more than 50% of the account balance
- Account can be used as collateral for a loan facility
- Interest is tiered and 200bp above the FBNBank normal savings rate
- Standing order is set up to facilitate monthly deposit into Young Super Save account
- No ATM Card issuance on the account
- Beneficiary Child takes over account upon attaining eighteen (18) years
Benefits
- It provides a savings vehicle for accumulation of funds towards future expenditure for the child
- Encourage savings culture in children
Required Documentation
- 2 Passport size photographs
- Valid Photo ID (Voter’s ID, Driver’s License, Passport, National Identification card)
- Proof of address; Utility Bill
- Complete FBNBank Account opening form
Who can Apply?
- Children between 1-18 years whose Parents/Guardians are employees of reputable companies
- Children between 1-18 years whose Parents/Guardians are self-employed individuals with regular earnings
To open a Young Super Save account
- Download an Individual Account Opening Form
- Complete the form and with the accompanying documents, submit at the nearest FBNBank branch
1) Do I need references for a Young Super Save Account?
- References are not needed for this account
2) Is it mandatory to have a Debit Card for the Young Super Save Account?
- A debit card is only issued to the parent/guardian if they request for one
3) What will happen to the Young Super Save Account when the child becomes 18 years old?
- The Young Super Save account is automatically converted to a Savings Account
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