Diamond Trust Bank Uganda has relaunched its flagship children’s savings product, the Kids’ Winner Savings Account, adding a life assurance component aimed at protecting families against unexpected shocks.
The upgraded account, developed in partnership with Jubilee Life Insurance, combines long-term savings with insurance benefits to support children’s education and financial security.
The product allows parents to save money in trust for children below 18 years, while earning annual interest. It requires a minimum opening balance of Shs50,000 and offers up to four free withdrawals a year.
To qualify for the insurance cover, account holders must maintain a monthly balance of at least Shs300,000 and make at least one deposit each month.
DTB said the relaunch is designed to promote disciplined saving while providing a financial safety net for families.
The bank’s chief executive, Godfrey Sebaana, said the initiative reflects DTB’s goal of integrating savings with protection.
“As parents, our greatest ambition is to ensure that our children’s potential is not limited by unforeseen circumstances,” Sebaana said.
“By combining the growth of savings with the certainty of protection, we are providing a shield that helps secure a child’s education and future.”
He added that the product would also help instil financial literacy among young people from an early age.
Under the insurance package, families can access a range of benefits tied to their savings.
These include education protection of up to four times the average quarterly balance, subject to a cap of Shs10m in the event of natural death and Shs5m in cases of disability.
The cover also provides retrenchment support equivalent to twice the average monthly savings for up to three months, capped at Shs5m.
Additional benefits include hospital cash of Shs30,000 per day for admissions longer than three days and a last expense benefit of Shs500,000.
Eugine Mutekhele, acting chief executive of Jubilee Life Insurance, said the partnership strengthens efforts to protect families’ long-term ambitions.
“Our purpose is to safeguard the ambitions that families work hard to build. By integrating life assurance into this account, we are offering stability and a secure foundation for the next generation,” Mutekhele said.
DTB said the enhanced account underscores its commitment to financial inclusion and long-term planning, encouraging parents to invest in their children’s future while managing risk.
