Savings covers children

The National Business

NASFUND Contributors Savings and Loan Society Limited has included infants into its product for children savings – the Kids Savings Account.
NCSL said the decision was based on its market findings which showed most parents were keen to open savings accounts for their  children aged below three years.
The initiative to teach a savings culture in young people is promoted by the Bank of Papua New Guinea and supported by Nasfund Contributers Savings and Loan Society Limited.
“NCSL developed the Kids Savings Account with the objective of creating a savings culture among children and getting them to know banking and money management at an early age so that they will become financially responsible in future,” a NCSL statement said.
“The Kids Savings Account product is a trustee account and can be accessed by the children when they reach the legal age of 18 years.”
Early withdrawals of funds under this new product will be considered for the following cases:

  • Trustee seeking funding assistance to further the child’s education and related expenses;
  • emergency medical purposes for the child; and,
  • Funds saved under Kids Savings Account will not be considered as security for any borrowing from other financial institutions.