The Emerald Children’s Savings Account (ECSA) is meant for individuals who wish to keep money away for the future needs, education and welfare of their children. This account takes care of all expenses that has to do with the bearer. The following are the importantr information noteworthy of the ECSA:
Characteristics of the ECSA
1. Funds can only be used for confirmed expenses for the bearer
2. Drawing is open to any concern of the bearer
3. The ECSA attracts 2% interest monthly
4. It qualifies the child for scholarships and giveaways carried out by the cooperative.
5. The ECSA is a lifetime account.
6. It metamorphose from ECSA to SSSA and then conclude with the School Fees Account (SFA)
7. Does not access loans unless it has matured to the SSSA or the SFA (parents can have their personal accounts to access loans).
8. Drawings is only possible with receipts of incured expenses for the child.
9. Request for withdrawal can be placed from any location and request granted without physical presence at the Emerald Head Office.
10. Closure of account is only possible after a period of 1 year.
11. Registration is N1,000 (All interest attracting accounts cost N1,000 for registration).