SCHOOL FEES ACCOUNT
Are you one of those parents or guardians who has always dreaded that time of the year when you have to pay school fees?
The Y-Save School fees Account grants you an opportunity to let your children’s present and future dreams come alive.
This account is for members who would like to put aside some of their savings specifically for educational purposes for themselves or their dependents.
Categories of School Fees Product
Short Term School fees Account:
This account is always ongoing and withdrawals can be made whenever there is a need for school fees. This account makes termly school fees payments stress free.
The Y-Save Short Term School fees Account earns an interest of 7% PA compounding interest.
Medium Term School fees Account:
The withdrawals on this account can only be made after saving on the account for a minimum of 5 years. This account also favours the parent who would like to start saving for their children while they are still infants.
The Y-Save Medium Term School fees Account earns an interest of 8% PA, the interest compounding interest.
Long Term School fees Account:
The withdrawals on this account can only be made after opening the account for a minimum of 15 years. This account helps a parent save up for their children’s tertiary education.
The Y-Save long Term School fees Account earns an interest of 12% PA on compounding interest.
- All Y-Save account holders qualify to open the school fees accounts.
- The account is opened under the parent’s name.
- A member can open the account for one or many children or for the member themselves.
The Benefits Include
- It’s easy to open
- it’s Affordable.
- No account maintenance or monthly charges.
- Saves the hustle of queuing up in the banks.
- Encourages disciplined savings towards school fees.
- No minimum deposit amounts.