Stanbic CHESS account is a unique savings product that is designed to make every Naira count for you and your child. As a parent or guardian, you understand the importance of providing your child or ward with the best education possible. However, the cost of education can be quite high, and it can be challenging to plan for the expenses that come with it.
This is where the CHESS account comes in. It offers a flexible savings plan that lets you save towards the education of your children and wards. With the CHESS account, you can be assured that you are making the right investments towards securing their future.
Stanbic CHESS Account
Stanbic CHESS Account allows you to save money regularly while earning attractive returns on your savings. The CHESS account allows you to make withdrawals to meet your cash flow and timing needs, making it a convenient option for parents and guardians.
Features of Stanbic CHESS Account
The features of this Account are outlined below.
- A minimum opening and daily balance of N5,000.
- Withdrawals are restricted to once every three months. There is a loss of 1% interest if there is more than one withdrawal during this period.
- There is free insurance policy cover in case of accidental death /permanent disability of parent /guardian (paying ten times the balance in the account, subject to a maximum of N5,000,000).
- You receive lodgments of cheques and dividend warrants into the account.
- It is a savings account with a lot of benefits for the account beneficiary.
Stanbic CHESS Account Benefits
Here are the benefits of Stanbic CHESS Account
Affordable: The account is affordable as you need a low opening balance.
Mobility: The app is downloadable, so there is no need to go to a branch.
Inclusive: CHESS account is available for kids between ages 0 and 17 years.
Independence: You get a MasterCard debit card
What Do You Get when you Open a Stanbic CHESS Account
You get the following when you open a Stanbic CHESS Account.
- An account to manage your child’s savings for educational fees, extra classes, or just learning about money.
- Interest rate of 1% which is above the average savings account.
- Forfeiture of 1% interest for more than 1 withdrawal in a quarter and forfeiture of savings rate if you withdraw more than 4 times in a month
- You receive a MasterCard debit card for easy access to your money
- There is 24/7 Access to the customer care center via phone, email, and social media.
- You get full digital banking access – internet, app and USSD
- Payment of cheques and dividend warrants when KYC requirements have been met
What is the Cost of Opening a Stanbic CHESS Account
- An opening deposit of N2000
- A minimum daily balance of N5000
How to Open Stanbic CHESS Account
To open this account, you will need to visit a branch location close to you. However, you will need the following requirements.
- A minimum opening balance of N2 000
- An application form
- Your child’s birth certificate
- Two recent passport photographs of your child
- Two recent passport photographs of you (parent)
- A valid ID of the you (parent)
- Two reference forms to enable cheque payments (Optional)
Conclusion
This account is a dedicated savings scheme that helps you plan for the education of your children and wards. By investing in this product, you can be confident that you are making the right decisions towards securing a brighter future for your loved ones.