The National Bank of Kuwait has launched a completely online subsidiary bank, especially for Kuwaiti youth and is designed to inculcate banking as well as saving habits in them. The special app has all the makings of a mobile bank, especially for the youth of Kuwait.

Youth saving accounts and how they are different

This youth savings account is well designed to receive the student allowances of Kuwaiti youth, and this savings account in Kuwait thereafter helps students uniquely manage their savings and spending. Everything in this app is designed to provide Kuwaiti youth the thrill of operating a bank account in the way youth love.

Everything about this youth savings account app is unique.

The app can be downloaded and easily installed on a smartphone.

Account opening is very easy and can be done in minutes. An applicant just needs to mention his or her civil ID details and the name of the college or the university where he or she is studying and get the endorsement from the university so that the grant or allowance will be initiated. They will need to mention the youth savings bank account so that allowances or grants will start being credited into the account.  

Even Expatriate youth living in Kuwait can avail this facility, provided they have a civil ID.

Once the civil ID is provided, applicants can take a selfie and upload it as a photo ID. The account is opened, and once the allowances begin coming in, the account can be operated in its unique way.

Once the account is operative, the users can use the account. The accounting app is designed to let users pay for services such as gyms, health centers, sports facilities, educational recreation, and libraries. The youth are skilfully and cleverly led towards such constructive activities, and they are even offered rewards, cash backs, and discounts that will develop saving habits and intelligent buying.

These youth savings accounts come with a card that the youth can use to pay for restaurants, airlines, hotels, and shopping. There are more incentives in shopping for clothes and apparel for simple and healthy living, such as sports shoes and tracksuits.

These offers and discounts develop intelligent shopping habits, and the youth are drawn towards products and services that offer more cash-backs and incentives such as discounts. The incentives offered are more for healthy food such as salads, and these develop habits that indirectly lead Kuwaiti youth to live, eat and wear healthy and even visit health centers and gyms for the high amount of incentives offered through their account app.

One of the best features of this kind of savings account in Kuwait is the constant offers and tips for savings and investment that the youth receive in their banking app. The youth keep getting messages and alerts advising investment in government and other schemes. These schemes are designed for small monthly savings that the youth can set aside from their monthly allowance and are designed like systematic Investment or monthly recurring deposits. These have a lock-in period; the youth account holders can save a little every month and watch their savings grow steadily.

The youth savings account doubles as an investment, savings, and career guidance app. There are even tips and alerts on entrepreneurial ideas, and the account holders receive alerts about special entrepreneurial and business development training sessions, and there are rebates and discounts on these fees. Profits from these investments are distributed and credited into the accounts of the youth, and this motivates them to invest a little more every time and also motivates them to curb their spending.

These youth savings account services are available to Kuwaitis who travel to other countries for higher studies. The MOHE (Ministry of higher education in Kuwait) provides allowances to Kuwaiti youth studying in other countries, and they can open and operate their youth savings account in other countries as well, and the account also handles international currency. The app provides discounts on air tickets, and the youth can avail of rebates on airline tickets to travel back home. The card that comes with this account can access 650000 ATMs located across the world.

There are special draws for savings in these youth savings accounts. Many of these savings account in Kuwait offer monthly draws among youth, saving at least 50 KD (Kuwaiti Dinars) every month. Winner gets cash prizes that are deposited in their accounts. This is a very good incentive and is one of the many initiatives launched by the 10 major banks of Kuwait to encourage savings.

The apps of these Youth savings accounts are designed like online shopping sites and look very attractive. Youth like them and are drawn to explore them further. They are designed to carry out banking activities in a fun way that makes them financially savvy. This is a great legacy of the Kuwaiti initiative to educate their youth and make them financially strong.

This simple guide serves to make people aware of the youth savings account in Kuwait and the brilliant way that youth are led through the otherwise complicated world of banking and personal finances. If the youth can be taught to manage and live on their monthly allowances and grants, they will develop lifelong habits of living comfortably within their means.