School Fees Account

School fees Account

Are you one of those parents or guardian who has always dreaded that time of the year when you have to pay school fees? The Y-Save school fees account guarantees that you or your children’s present and future dreams can come true therefore open a School Fees Account for your child and guarantee their education to the top.
This account is for members who would like to put aside some of their savings regularly specifically for educational purposes for themselves or dependents. This account has three categories.
Short Term: Withdrawals can be made whenever there is a need for school fees. It earns an interest of 7% PA
Medium Term:: Withdrawals can only be made a minimum of 5 years after opening the account. This account earns an interest of 8% PA, the interest compounding itself annually until the expiry period.
Long Term: Withdrawals can only be made a minimum of 15 years after opening the account. This account earns an interest of 12% PA and the interest compounding itself annually until the expiry period.

The benefits include

  • Easy to open
  • Affordable.
  • No account maintenance balance or monthly charges.

The account holder is saved the hustle of queuing up in the banks as the office makes the payments for the school fees payments on behalf of the members, as long as the bank slips are handed in at least two weeks before beginning of term, and if there are sufficient funds on the members account to meet the school fees obligation.
It encourages disciplined savings towards school fees.

Eligibility

  • All account holders qualify to open the school fees accounts.
  • The account is opened under the parent’s name.
  • One can open the account for one or many children or for the member themselves.