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 FirstBank 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 FirstBank 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 FirstBank branch
- References are not needed for this account
- A debit card is only issued to the parent/guardian if they request for one
- The Young Super Save account is automatically converted to a Savings Account