Top 9 Tanzanian Banks Offering the Best Children-Saving Accounts

Let’s talk finance today…Growing up most of our parents did not equip us with the financial basics, stuff like saving, budgeting, and all the finance bits.

What Mama Taught Me …

Well, my mom taught me a little bit about budgeting when she gave me pocket money for school, or sometimes she would take me with her to the ATM or bank when she needed to withdraw some money. I also saw her document expenses in a little notebook ( now I have this app I use to do that ). But that was it.

You can also read :

10 APPS YOU SHOULD HAVE ON YOUR iPhone

I personally opened my first bank account when I was in High School, a CRDB Account, they had their marketing people in the school and that is when I seized the opportunity. I got another chance to open an NMB Account when I was in JKT, but never got a chance to use it.

You can also read :

The Ultimate Checklist: What to Bring when you want to report to JKT after high school.

But now I know Better …

But now am a grown-up and I am more knowledgeable about finances, have listened to lots of podcasts, read lots of finance books, attended meetings, etc. And I think we need to use what we know as an advantage to equip our children with financial knowledge so that they can grow up with that knowledge embedded in them as a part of their lifestyle.

One other thing I don’t really remember seeing my parents saving for my school fees, all I remember is that my parents looked for school fees when it was time to go to school which was a bit challenging sometimes.

But now I know better, it is best if you save for your kids as earlier as possible. Open them a savings account while they are still young so that when it is time to start going to school you already have the school fees part sorted.

Save School Fees For Your Children when they are still infants…

When your child is a few months old, do intensive research on what school you would want them to attend, then ask for the annual school fees. This will help you know what amount you should save per month, just divide the total fees by 12 months then start saving.

You can even request a Standing Order from your bank. So when the child starts school you won’t have any headaches, and keep that continuous to cater for all the school years.

Standing Order — an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization. — Oxford Dictionary

Good luck!

So here are some bank accounts that you can open to save for your kid(s) ;

1. CRDB — Junior Jumbo Account

Features

• The freedom and flexibility of selecting the type of currency to save (TZS, USD, EUR, GBP)
• Initial Opening Balance — TZS 20,000 | USD, EUR, GBP) 20
• Earns interest on deposits
• No Joint Account operation. Only one account is allowed per child.
• Customers are limited to only four (4) withdrawals per year.
• No operational fees(monthly fees, or withdrawal fees)
• The account is for children below 18 years
• Child’s Birth Certificate
• Two passport-size photographs; one of a child and one of a parent/guardian
• Parent/Guardian valid ID (NIDA ID, Voters ID, Passport, Driver’s license, Zanzibar ID)
• Invest /deposit a fixed, small amount(Minimum balance — TSH 10,000)
• Make deposits for a period of 3 / 5 / 7 years in both TSH and USD and earn competitive interest
• Age criteria: 18 years and below
• Birth Certificate of the child
• 3 passport-size photographs of the child
• Two withdrawals per year
• Interest ( TZS 5 % pa , USD 1 % pa)
• Free Internal Transfers
• No monthly fees
• Minimum opening balance: TZS 50,000 /USD 250
• Subsidized (discounted) banking fees
• No monthly maintenance fees
• Competitive interest rate
• Exclusive to children under the age of 18
• Child’s birth certificate (mandatory)
• Two recent full-color passport-sized photos of the child and parent or guardian
• Valid identification document ( Passport, Driver’s license, National identity card, Voter’s identity card)
• Residential address verification for parent or guardian
• Valid passport, resident or work permit for non-citizens
• No limit/restrictions on withdraws
• Interest is offered on a tier basis on the average balance
• Free inter-transfer and standing order with a Stanbic account (from parent to child account)
• Debit card to be offered to those with age above 12 years (upon request from parent/guardian)
• 1 passport-size photograph.
• Introduction letter from your employer/ Ward Clerk
• 2 passport-size photographs
• Valid ID (National ID, Passport, Work/Resident permit for non-Tanzanians)
• Original Birth certificate.
• Passport if the child is non-national of TZ.
• 1 Passport Photo.

Originally published at https://www.hellenlifetalks.com.