The prices of goods and services these days are only growing with time, as such it would be wise to start saving.
Savings shouldn’t just be for adults but should also include children.
A savings account for your child’s education will go a long way in paying for tuition fees, stationary, uniforms, etc., all of which can add up to an excess of K50,000.
Here are three financial Institutions that offer kids savings products.
PNG Microfinance Ltd
According to the PNG Microfinance Limited website the Students Savings Account offers to its customers:
- Simple account opening requirements
- Unlimited deposits & withdrawals
- Low minimum balance requirement
- No Monthly fee
- No hidden charges
- Interest paid monthly
For more information check out the PNG Microfinance Limited website: www.pml.com.pg
Bank South Pacific
BSP offers a Kids Savings Account for children under the age of 15. Kids Savings Accounts are opened with a minimum initial deposit of K2 but there are no monthly fees nor are there any maintenance fees.
Additionally, depositing at any branch or via BSP’s Mobile and Internet Banking is free.
Children between the ages of 11 and 15 can open their own Kids Savings Accounts in their own names. Whereas children under the age of 11 need their parents or guardians to act as custodians of their child’s account.
NASFUND Contributors Savings & Loan Society Limited PNG (NCSL)
The KSA is a trustee account that can be accessed by the child when he or she attains the age of 18.
This isn’t an exhaustive list, and one might find other options available.
Whether you choose to open a kids savings account today or tomorrow, it doesn’t hurt to start.