Best Savings Accounts for Children in Kenya 2025
Discover the best savings accounts for children in Kenya. Compare top banks’ features to help you start saving for your child’s future today.
Saving money for children is a wise decision that every parent should embrace. In Kenya, banks provide different types of savings accounts that enable parents and guardians plan for the future of their children. These accounts help parents to be financially prepared for their children’s future. When things go wrong financially, savings can restore normalcy and peace of mind. Children’s savings accounts play the role of insurance to your kids, bailing out parents in times of emergencies. In this article, we will explain why it is important to save money for your child, features to look for in a children’s savings account and finally the best children’s savings accounts available in Kenya.
Why It’s Important to Start Saving Early for Your Child
Helping Your Child Learn About the Value of Money
Generally, children believe that money is for buying sweets and snacks. However, you can help them understand the importance of money by creating savings accounts and involving them in saving money. Since children learn by imitating what parents are doing, they can understand the value of money by saving consistently. Instead of buying snacks and other things, they will save any coin they come across. This is a money skill that will help them in the rest of their lives.
Giving Your Child a Head Start with Financial Knowledge
Saving money is a financial skill that challenges even the grownups. However, is the easiest skill that even children can learn. Exposing children to this knowledge early makes them build financial knowledge that will help them make good money decisions in future. They will be able to set financial goals, manage their money and avoid debt. They will also learn to solve serious money decisions by themselves.
Preparing for Important Future Costs
Children’s savings account can accumulate money to cater for future important costs such as school fees and medication. Also, the money can be used for children’s empowerment or support in life such as starting a business or a project that could impact their lives positively. During emergencies, savings account provides any needed money. This saves people from taking on debt or selling family property.
What to Look for When Choosing a Children’s Savings Account
Choose an Account with a Good Interest Rate
Interest is the return or the amount of money you earn on your savings. Interest rate is an expression of returns in relation to savings or investments in percentage form. Interest rate shows how much money you are making from your savings accounts. A high interest rate means that your children’s savings will grow faster over time while a low interest rate means that the savings will grow slowly. For faster growth of your savings, go for a high interest savings account.
Make Sure There Are No Hidden Fees
Although not all, some banks charge hidden fees on savings accounts. These charges reduce the interest or the value of the children’s savings accounts over time. As a precaution, look for an account that has low or no monthly fees so that the whole of your interest earned goes directly to the savings account.
Check How Easy It Is to Access the Account
To manage the savings account effectively, should be easily accessible. A digital savings account can be easily accessed either through mobile apps or internet platforms. These accounts allow users to deposit money, withdraw money or monitor their savings accounts anytime. For online savings accounts, make sure that the bank has a reputable customer service or a nearby branch for any support.
Look for Special Benefits Like Education Rewards
Some banks offer extra rewards if you use the savings for your child’s school fees or education. These bonuses can help you save more money and even encourage you to keep the money long enough for important future needs.
Top 5 Children’s Savings Accounts in Kenya (2025)
1. KCB Cub Account
The KCB Cub Account is available to children from the age of 1 to 12 years. The account comes with zero monthly charges and interest rates range 4% to 7% depending on the deposit sizes. The minimum balance to open the KCB Cub Account is ksh 1,000. The KCB bank does not charge any fees on transferring money into the savings account each month; this is an opportunity to save money.
To open the account, you need to have a colored passport size photo of the parent or the guardian, birth certificate of the child and identity card or passport copy of the parent or the guardian.
2. Equity Bank’s Junior Member Account
The Junior Member Account is available to minors below the age of 17 years. The account comes with benefits such as zero opening and operating balances, free withdrawals and internal transfers, mobile banking is available and the account does not have limits on how much can be withdrawn. The Junior Member Account allows one withdrawal every three months and free deposits. The interest on the account is paid quarterly.
To open this account, you will be required to provide Parent’s/ guardian Original and copy of national ID and Original and photocopy of child’s Birth certificate/Birth notification. Guardians have to provide proof of legal guardianship i.e. letter of administration.
3. Co-operative Bank Youth Account
The Co-operative Bank Youth Account is designed for students and young adults between the age of 18 and 35 years. The account supports their financial goals by provision of avenues to save money. The Youth Account has many benefits including access to loans for youth in business, E-Credit for salaried youths and free monthly e-statements. Online payments and account management via the mobile app are also available. To open this account, you will be required to have an original ID Card and a copy of KRA PIN.
4. Standard Chartered Safari Junior Account
Safari Junior Account facilitates saving money for children through provision of benefits that promote a savings culture. The account demands a minimum deposit of ksh 2,000 and it comes with zero monthly fees, one free withdrawal per month. Other benefits include free monthly e-Statements, online banking and e-Alerts. The account aims to help children develop good financial habits and secure their future. To open this account, you need to provide original / copy of National ID or valid passport and one passport size photograph.
5. Family Bank’s Junior Saver Account
The Family Bank’s Junior Saver Account is also known as Mdosi Junior Account. It aims at building financial discipline and knowledge in children and is available to kids below the age of 12 years. The account has a number of benefits such as free standing order from the parent’s Family Bank account to the child’s Mdosi Junior Account and a free banker’s cheque to pay for the child’s school fees. It also comes with a free photo of parent/guardian taken at any Family bank’s branch.
The account has zero monthly fees. The good news is that Family Bank is now offering children an opportunity to learn the discipline of saving by providing a free Home Bank. Apart from saving for the children’s future, they also stand a chance to learn useful skills that will change their lives. To open the account, you need to provide original and copy of parent/guardian’s National ID or valid passport and original/copy of child’s birth certificate or birth notification.
How to Open a Savings Account for Your Child in Kenya
Gather the Necessary Documents Before You Visit the Bank
To open a savings account for your child, you will need to provide the bank with some important documents. The documents include your child’s birth certificate, your national ID or passport, and passport photos for both you and your child. Some banks may also ask for your proof of residence or KRA PIN.
Check If You and Your Child Are Eligible
The first rule is on the child’s age, and it varies across banks as some accept children below the age of 12 while others have set the maximum age at 17 years. Some banks also ask that the parent or guardian already has an account with them. To be sure with everything, reach the customer support of the bank of your choice for any inquiries. You can also call the bank or check online to see the requirements and rules before visiting the branch.
Follow the Easy Account Opening Steps
Once you have all the documents, go to the bank and ask to open a children’s savings account. The bank staff will give you a form to fill out. After submitting the form and documents, you will need to make a small opening deposit. Once the account is active, you can start saving right away.
Why Saving Plans Help Children Learn Responsibility
Teaching Good Habits Through Regular Saving
Children learn very fast when they are part of the process. When you involve them each month and make them understand that you are saving money for them, they will start taking savings seriously. Over time, they will make savings a habit and grow up knowing how to plan and manage their money.
Helping Children Set Goals and Make Smart Choices
A savings account helps children learn how to set goals, like saving for a toy, a school trip or even a bicycle. They also learn that they can’t always get what they want right away and that waiting and saving pays off in the long run.
Encouraging Children to Be Involved in Their Finances
Involving your children in saving money by going to the bank with them or making mobile deposits together motivates them to save money on their own. It also gives them confidence in making important money decisions as they grow.
Final Thoughts: Take the First Step to a Brighter Financial Future
A savings account for your children acts like an insurance cover, it handles future money needs and emergencies of children such as education and medical care. Also, the savings accounts provide avenues through which the children can empower themselves financially. Children can use these savings to start businesses and projects in future. The account enhances the security of the savings and even grows the money through provision of high interest rates.
Children’s savings accounts provide financial education and literacy to children. They learn real world and practical lessons in money management when they are involved in the process of saving money. These accounts also enable children to build good money habits as they save money regularly. They grow up as financially responsible adults, capable of managing any amount of money.
As a parent, the first step is to open the account and start saving any amount of money each month. Ensure that the child is involved in the process since it provides a practical money learning experience to children.