This is a Trust account and an interest-bearing savings account for children aimed at encouraging parents to save for the children as well as to inculcate in children the habit of saving.

Target

Children from age 0 to 17 years

Features

Initial minimum opening deposit of GHS 50

Highly competitive applicable interest rate [ 5%pa]

Deposit build up in the account can be driven by standing order or direct debit instructions from parent's account to the child's/ beneficiary’s LACO-kid Account

Minimum amount transferable under a direct debit or standing order instruction

One withdrawal per month

Withdrawals forfeits interest

Benefits

Encourages Parents to save for their children

Children are also encouraged to save at an early age

Funds in the LACO-Kid Account can be used as collateral for credit facility from the Bank including school fee loans

Series of promotions including periodic raffles/ with chances of wining prices/ awards to travel on educational/vacation trips within Ghana.

End of year/Anniversary attractive presents example birthdays

Educational Club memberships for account beneficiaries.