Kids, students accounts increased

Bank South Pacific’s Sumatin (student) accounts and Kids accounts throughout the country have a current total balance of K32.6 million compared to K15.3 million in 2016, says chief executive Robin Fleming.
Fleming, pictured, told The National that this was currently from the 170,505 Sumatin accounts and 74,406 Kids accounts throughout the country.
Fleming said developing a savings pattern and culture was important, hence, the focus on developing these at a young age.
BSP has developed fee free products specifically for children and students.
These are the Kids and Sumatin (student) account products.
Fleming said since Jan 2016, the total number of Sumatin accounts had increased from 88,347 to 125,845 in Jan 2017.
There were 152,153 Sumatin Accounts in Jan last year and currently there are 170,505 Sumatin accounts opened throughout the country.
Fleming said over the same period (2016-2019), Sumatin accounts’ balance had increased from K9.1 million to K16.9 million.
“In addition to being fee free, BSP pays a higher rate of interest on these accounts as an incentive to save with rates from 1.3 per cent for balance above K10 to 1.6 per cent for balances above K1000,” he said.
Fleming said Kids’ accounts have increased from 30,197 in Jan 2016 to 48,377 in January 2017.
There were 60,730 Kids’ accounts in Jan 2018 and currently there are 74,406 Kid’s accounts open throughout the country.
Fleming said Kids’ account balances over that time (2016-2019) had increased from K6.2 million to K15.7 million.
“Again, BSP pays a higher rate of interest on these Kids’ accounts with interest rates ranging from 1.5 per cent with a balance above K10 to 2 per cent for balances over K1000.
“Having the products fee free is a great encouragement.
“The higher interest rate also shows the benefit to kids and students of saving with a bank.
“Our BSP staff have been out at universities in recent weeks assisting students to open accounts, and give them information on our banking products and how to benefit from the higher interest rates, as well as accessibility with mobile banking.”