Savings Products for Minors
COK offers two attractive saving instruments for minors. These instruments were developed to encourage savings by, or for and on behalf of, persons aged 1 day to 1 day below 18 years, and to provide a medium for these persons to save. The programmes were uniquely designed and marketed for children from infancy through to High Schools, creating an opportunity at the earlier years to partner with parents and teachers in promoting and encouraging thrift in their children and creating an opportunity for the children to grow in greater independence and fiscal responsibility. These children and teenagers are not considered members, as the adult account holders are classified as deposit holders. The account that is available to these categories of savers is the Share Account. This account earns a quarterly interest, where the rate payable is usually tied to that of the adult Golden Egg Account. A passbook is maintained on this account, which is updated on request. The passbook is not required for a transaction to be carried out on the account.