Financial Services StartUp Franc Launches Child Accounts
Financial Services StartUp Franc Launches Child Accounts. South African financial services startup Franc has launched child accounts in order to teach children the importance of saving and investing at an early age. The company hopes this will give parents a tool to use to make their children interested in financial literacy so that they can use the information when they are older.
In an interview on 702 with Motheo Khoaripe, CEO of Franc Thomas Brennan said, “Parents would need to go into the Franc app and create an account for themselves, and through the app they can create an account for their child. The child can access their own account – the monies invested are in their name.”
Franc is a startup that helps everyone invest like a pro. The company offers ssers access to a leading cash (money market) fund offering higher interest rate returns than a bank savings account and an equity fund that tracks the best of the stock market. There are no minimum requirements or restrictions and no paperwork.
Khoaripe continued to say, “They can interact with their money, they can transact, they can deposit more… They can transfer their funds between the cash and the equity, and obviously they can withdraw if they have reached the target they were saving towards. Parents are setting up accounts for their children literally from six months old all the way to 16 and 17 years old.”
