How the Scholar account can help millennials make sound financial decisions

A bank account has been proven to be one of the key drivers in a financial journey where you can save and transact money.  It is even more advisable for millennial students to start a journey towards financial freedom early in life and having a safe and reliable financial partner to guide you through this path is an added advantage.  This is why Family Bank, through the Scholar Account is the perfect solution for any student in tertiary learning institutions above the age of 18 who seeks to not only make sound financial decisions but also achieve financial freedom while still in school.

Family Bank’s Scholar Account comes with a number of long-term benefits to students including:

Access to a debit card- The debit card provided allows you to withdraw money from your account, which means you will have control over how your money is spent and you can transact conveniently. A debit card encourages you to spend money sparingly and gives you the chance to know how much money is left on your account after every transaction.

Reduces cash transactions- Innovations are propelling the world towards a cashless society, and that is what the Family Bank Scholar Account is doing. The Scholar account helps you as a student conduct cashless transactions without having to experience the trouble of safeguarding your liquid cash. The debit card and mobile banking app, Pesapap, offered by Family Bank comes in handy when making payments, and the account also allows you to pay your fees through cheques.

Helps cultivate good saving habits- Free cash deposits are aimed at encouraging you to deposit your money into the Scholar account. This gives you a chance to save your money and develop a saving culture, which is a key element in financial literacy. Saving money at a young age helps you develop good financial habits that you will need later in life.

Easy access to HELB loan- The Scholar account allows you to access your HELB loan funds that can be disbursed into the account. The loan disbursed into the account will help you conveniently and hassle-free fund your tuition fees and school upkeep.

Insurance- The personal accident benefit that comes with having a Scholar account gives you the chance to understand the importance of insuring your future so that when accidents occur, you are covered. Having insurance helps you prepare for unexpected events that may cause you to dig deep into your pockets and lead you to debt.

Track your spending- The Scholar account helps you keep track of your spending habits using the receipts of your debit card transactions. You can check your account balance at any time making it easy to know the status of your account. This will help you know when to cut down on your spending and also push you into having a reasonable budget.

To open a scholar account, you require a passport size photo (taken at the branch), original ID or passport and a copy, admission letter or college ID, and an opening & minimum balance of 200/=. For more information on Family Bank Scholar Account, visit https://familybank.co.ke/accounts/scholar-account/