Introducing children to the world of banking is an essential step toward fostering financial literacy and responsible money management skills. In Uganda, financial institutions offer a range of specialized banking products tailored for young savers.
This article delves into a comparative review of banking products for children in Uganda, highlighting their features, benefits, and how they contribute to shaping a financially savvy future generation.
| Bank | Account Name | Account Features and Benefits | |
| 1 | ABSA Uganda | Junior Savings Account | Tiered quarterly interest on your deposits One free withdrawal per quarter Bonus interest if no withdrawals are made in a quarter No ledger fees Interest earned daily paid quarterly Free internet banking Free cash deposits Free eStatements Access to mobile banking |
| 2 | Bank of Africa | Tots 2 Teenz | Save in both local and foreign currencies Interest rates paid on your savings monthly Zero monthly account management fees Free health checkups for the child (once a year) Free money box at account opening Up to UGX 25 million Life insurance cover for the parent 1 free over the counter withdrawal per quarter Opening balance – UGX 20,000 |
| 3 | DFCU Bank | Young Savers Account | Multi-currency option including UGX, USD, EUR or GBP Opening Balance: UGX. 50,000 I free over the counter withdrawal per month Extra income earned from interest Access to e-statements Facilitation of joint operation through joint accounts. |
| 4 | Diamond Trust bank | Kids Winner Account | 3% per annum interest rate for balances above UGX 1 Million. zero monthly administrative charges Mobile app access for parent or guardian free of charge. Zero charges on piggy bank coin deposits |
| 5 | Equity Bank Uganda | Junior Account | Opening balance – UGX 20,000 Zero minimum balance zero maintenance fees zero deposit charges Zero ledger fees 3 free withdrawals per annum Get 1 free statement per quarter Interest offered on savings Access to Educatio Loans |
| 6 | GT Bank | Smart Kids Save | Zero opening and minimum balance Zero monthly service fee Unlimited withdrawals over the counter Zero withdraw charge over the counter Interest rate of 3% per annum on average credit balance Access to GTBank Debit MasterCard Free Internet banking, Free email alerts & USSD banking (*237#) One free banker’s cheque per quarter One free statement per month Account available also in USD currency |
| 7 | KCB Bank | KCB Cub Account | Zero operational fees Free inter-account transfers 4 free withdraws per year Opening Balance: UGX 50,000 |
| 8 | Post Bank | Early Start Account | Free SMS alerts Attractive interest of up to 6% p.a Builds a child’s saving culture at an early age. 1 free bank draft per term. Complimentary piggy bank No account management fees. 4 Free Over the Counter withdraws. No below minimum balance charge. Opening Balance-Ugx. 25,000 |
| 9 | UBA Bank | Kiddies Account | Opening balance – UGX 25,000 Zero Monthly management fees Free Cash deposit fees Free Cash withdraws 13th-month reward if the amount is not withdrawn for 12 months. |
Introducing young savers to the concepts of saving, budgeting, and even investing will lay a foundation for a generation that is equipped with the skills to navigate the complexities of the financial world. As Uganda’s financial landscape continues to evolve, children’s banking products remain a vital tool in building a financially empowered future.
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