How To Open Equity Bank School Fees Account
Opening a School Fees Account with equity bank will facilitate saving for your child’s school fees and guaranteeing their access to a good education. In this article, I will share how you can open a school fees account with Equity bank.
What You Require to Open a School Fees Account with equity bank
To open Equity school fees account you will need to have the parent’s or guardian’s original ID and a copy will be required to open the account, which will be in their name. The account may be opened with prior savings for one or multiple children.
How To Open Equity Bank School Fees Account
- Visit your nearest Equity bank branch
- Present the required documents and fill out the application form
- The bank will then process your application and you can start banking with us.
5 Great Features You’ll Love About the Equity Bank School Fees Account
- You need an account operating and opening balance of only KSh 100.
- You are entitled to four free withdrawals in a year.
- This account comes with free internal standing orders.
- You get 3 free bankers cheques in a year for school fees payment.
Why you need to open a School Fees Account for your child
Opening a School Fees Account for your child can offer several advantages and help you manage their educational expenses effectively. Here are some reasons why you might consider opening such an account:
- Financial Planning: A School Fees Account allows you to plan and save for your child’s education systematically. You can set aside a portion of your income specifically for educational expenses, ensuring that you are financially prepared when the time comes.
- Budgeting: By segregating educational expenses in a separate account, you can create a clear budget for tuition fees, textbooks, uniforms, extracurricular activities, and other school-related costs. This helps you avoid overspending or dipping into other savings.
- Ease of Tracking: Having a dedicated account makes it easier to track your child’s educational expenses. You can monitor how much you have saved and how much you need for upcoming school fees and related costs.
- Avoid Financial Stress: Educational expenses can be significant and often come at specific times of the year. A School Fees Account ensures that you have the necessary funds readily available, reducing financial stress when school fees are due.
- Interest Earnings: Some banks or financial institutions offer interest-bearing School Fees Accounts. This means that your money can grow over time, providing a bit of extra financial support for your child’s education.
- Separate from Everyday Expenses: Separating educational expenses from your regular checking or savings account helps prevent unintentional spending of the funds earmarked for your child’s education.
- Tax Benefits: In some regions, contributions to education savings accounts may be tax-deductible or tax-advantaged, providing additional financial incentives for saving for your child’s education.
- Teaching Financial Responsibility: Involving your child in the process of saving for their education can be an excellent way to teach them financial responsibility. You can involve them in setting goals, making contributions, and understanding the value of education.
- Emergency Fund Protection: By having a separate School Fees Account, you can protect your emergency fund from being used for non-emergency expenses. This ensures that you have funds available for unexpected financial challenges.
- Peace of Mind: Knowing that you have a dedicated account for your child’s education can give you peace of mind, knowing that you are proactively planning for their future and providing them with educational opportunities.
- Planning for Higher Education: If you are saving for college or university education, a dedicated account can help you save over the long term, reducing the burden of student loans and ensuring your child has access to quality higher education.
In summary, opening a School Fees Account for your child can help you plan, save, and manage educational expenses effectively, reduce financial stress, and ensure your child receives the best possible education without compromising your financial stability.
