Sagicor Bank encourages parents to save early for children’s education

Sagicor Bank fêted children last week Friday at its May Pen branch during the launch of the institution’s Star Savers account – a savings account aimed at encouraging saving among children up to 18 year old.

Sagicor Bank is positioning the account as an avenue through which children and families can save towards higher education.

The children whose parents opened accounts on Friday received early Christmas gifts, courtesy of Sagicor Bank, and enjoyed the children’s village outfitted with rides and other recreational activities.

Michael Willacy, vice-president – retail, corporate, and SME banking, Sagicor Bank, noted that research has shown that saving for their children’s education is one of the most common savings goals for parents and that the Star Savers account is the perfect tool to help them to achieve that goal.

“With this particular account, one of our main objectives is to encourage parents to have their children develop the habit of saving from an early age and saving towards a specific goal, which will give them something tangible to work towards. The Star Savers account is the right account for our little ones to prepare for and be able to accomplish their dreams,” he said.

SLB APPLICATIONS

Willacy noted that each year, applications to the Students’ Loan Bureau (SLB) for funding increase by approximately 6,000. He added that through saving early, parents can mitigate the need for student loans.

“The Sagicor Bank Star Savers account is a way for families to comfortably secure funding for higher education in the future for their children,” he said.

With a Star Savers account, children at the age of 12 will be able to own a debit card and have electronic access to their accounts.

To open a Star Savers account, parents or guardians are required to have the following documents: a government-issued ID, proof of address, proof of income, and the child’s birth certificate.