The focus of this product is the building up of long term and cheep deposit liabilities. The school fee for a four year academic program in a Nigerian University is estimated at between N1million – N1.5million. This product is aimed at assisting parent/guardian to save the future school fees payments of their children/wards much more conveniently.

The Child Savings Scheme will target pupils from the Primary and Secondary school levels as well as those in the Tertiary institutions.

Features:

• Account will be opened in the name of the child
• Age qualification: 18 years and below
• Interest rate per annum is 1% higher than the normal savings account (subject to money market conditions)
• Minimum balance retainable in the account is N20,000.00

Benefits:

• Account with an average daily balance of at least N50, 000.00 over a year period shall qualify for raffle draw. The prizes to be won include laptop computer, television set (14”), bicycle, weekend holiday excursion to any resort of customers choice within the country. Prizes will be awarded according to predetermined average daily balances.
• Minimum opening deposit is N5, 000.00; however, each account opened with a deposit above N20, 000.00 will attract gifts.
• Any account with an average daily balance of at least N1million over one year period will automatically receive a gift in addition to qualifying for the raffle draw.
• If an account average daily balance increase by at least N100, 000.00 at the end of every month, the branch will credit the account with a bonus equal to 1% of that increase.