Polaris Young Achievers is a specialized savings account for teenagers between the ages of 13 - 17 years, with parents/guardians as the trustees of the account until the child is 18 years old. The account is designed to drive financial literacy and money management skills.
Features/Benefits
- Account is opened in the child’s name and operated by the parent/guardian
- Minimum opening and operating balance of N1,000.00
- Default savings interest rate of 3.75%
- Maximum of 4 withdrawals monthly; Interest forfeiture if withdrawal exceeds four (4) times in a month
- Automatic migration to Polaris Young Achievers Account at age 18, with SMS/Email notifications to parents/guardians.
- Debit card issuance
- Issuance of prepaid cards with trendy designs through which parents/guardians can load weekly/monthly allowances for the teenagers
- Opportunity to participate in Young Achievers events
- Lodgement of cheques/dividend warrants (in Child’s Name) of up to N2million
- Access to consistent saving with standing instruction from benefactor account
- Access to e-channel platforms
- Account can be opened online.
Account Opening Documentation
- Account is opened in the child’s name and operated by the parent/guardian
- Minimum opening and operating balance of N1,000.00
- Default savings interest rate of 3.75%
- Maximum of 4 withdrawals monthly; Interest forfeiture if withdrawal exceeds four (4) times in a month
- Automatic migration to Polaris Young Achievers Account at age 18, with SMS/Email notifications to parents/guardians.
- Debit card issuance
- Issuance of prepaid cards with trendy designs through which parents/guardians can load weekly/monthly allowances for the teenagers.
- Opportunity to participate in Young Achievers events
- Lodgement of cheques/dividend warrants (in Child’s Name) of up to N2million
- Access to consistent saving with standing instruction from benefactor account
- Access to e-channel platforms
- Account can be opened online.
- Valid means of identification (Int'l passport, Driver’s license, National ID, Voter’s card)
- Proof of address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
- Proof of age document of the child (Int’l Passport, Birth Certificate, Notification of Birth).
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