Polaris Rainbow Savings Account is a specialized savings account for Kids (0 – 12 years old), with parents/guardians as the trustees of the account until the child is 18 years old. The account is designed to create banking awareness amongst children in a fun manner from an early age.
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
- Competitive interest on savings
- Automatic migration to Polaris Young Achievers Account at age 13, with SMS/Email notifications to parents/guardians.
- Debit card issuance
- 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 Opening Documentation
- One recent Passport photograph of parent and One Recent Passport photograph of child
- Bank Verification Number (BVN)
- Proof of age document of the child (Int’l Passport, Birth Certificate, Notification of Birth)
- 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.)
- Resident permit (for expatriates)
