Do you want to teach your child good banking habits and you want to Put them on their way to financial independence by teaching them early why and how they should save money ? then you should know the best kids savings accounts offered by banks in Nigeria
From a very tender age, kids are beneficiaries of cash gifts from generous relatives. Sometimes, we even get jealous and wish we could swap places. Don’t let your child grow to be a spendthrift, teach them the art of saving with their very own account.
Opening a children account for your youngster can give them a head start on aspects of personal finance and make concepts such as savings, budget and financial goals become more real, practical and exciting to them.
Taking advantage of kid early savings allows parents to save for the future of their wards. This type of account is designed to enable parents/guardians to save for their children under 18 years of age, whilst also developing a savings culture in them.
Teaching children the value of savings early can help them develop SMART financial habits for life.This have relevant enhancements including appropriate parental guidance and financial discipline for children as they grow into adulthood.
Below are some of the best savings accounts for kids in Nigeria
1. Access Bank { Early Savers Account for Kids & Teens}
Access bank have Early Savers Account for Kids & Teens. The account is designed for children below the age of 18 years, including unborn children. The account is opened and operated by parents(in trust) for their children till they become adults. it attracts an Interest rate of 4.05% p.a.
2. EcoBank {Junior Saver Account }
The Ecobank Junior Savers Account is designed for children from 0-12 years old
3. FirstBank {KidsFirst}
The First bank KidsFirst account is designed for children between the ages of 0-12. With this account, your child also gets to enjoy fun activities such as cool treasure hunts, cinema events and much more all year round, courtesy of FirstBank.
Once the child becomes 13 years old,The KidsFirst account is automatically converted to a MeFirst Account (FirstBank’s account for teenagers).
4. Fidelity Sweet Account
The Fidelity Sweet Account gives your kid a great head start to their financial journey with a Fidelity SWEETA Account. It’s never too early to start saving for the future.you can get loyalty cash reward of N150,000 “School Fees Support” you get the Opportunity to attend the annual SWEETA party
5.First City monument Bank Kids Account
The FCMB Kids Account is designed for kids between ages 0 to 17.The account is a naira denominated account with Opening balance of ₦5,000 it also has a Minimum operating balance of ₦2,000
6.Globus bank {GlobusKiddies Account}
The GlobusKiddies Account has a Minimum opening balance of NGN1, 000.00 (One Thousand Naira Only) it has a Competitive interest rate of 4.05%. Allows lodgments of cheques, drafts and dividends into the account, subject to a maximum of N100, 000 per instrument.
7.Guaranty Trust Bank { Smart Kids Save (SKS)}
The Gtbank Smart Kids Save account is designed to enable parents/guardians save for their children under 18 years of age, whilst also developing a savings culture in them.
The Guaranty Trust Bank Smart Kids Save (SKS) account is available in two categories:
SKS (0 – 12 years)- Smart Kids Save account Available to all children between the ages of 0 to 12 years
SKS Teen (13 to under 18 years)* The SKS Teen account is an additional account opened when the Smart Kid is/becomes 13 years and older.
8. keystone Bank future account.
The keystone Bank future account is designed for Children from 0-17 years old are eligible. Also, Only parents and legal guardians can open this account for their kids.
9. Polaris Bank { Polaris Rainbow Savings Account}
The polaris bank Rainbow Savings Account is for Kids (0 – 12 years old), with parents/guardians as the trustees of the account until the child is 18 years old. The account is designed to create banking awareness amongst children in a fun manner from an early age. The Account is opened in the child’s name and operated by the parent/guardian
The account will Automatic migration to Polaris Young Achievers Account at age 13, with SMS/Email notifications to parents/guardians.
10.Providus Bank {FutureProvidus Account}
The FutureProvidus Account fromm Providus bank is designed for kid from age 0-17. ths type of account Attractive interest rates and Account holders have access to ProvidusBank events for children. Accounts can be opened online where guardian/parents have an existing account with ProvidusBank
The account have an opening balance of N10,000.Debit Cards can be issued on request from parents/guardians
11.Stanbic IBTC Bank {CHESS Account }
The stanbic IBTC bank CHESS Account is Available for kids between ages 0 and 17 yrs with Interest rate of 1% above the average savings account. The Chess account from stanbic IBTC bank have Opening deposit of N2 000 and Minimum N5 000 daily balance
12. Standard Chartered Bank Nigeria { My Dream Account}
The Standard Chartered Bank My Dream Account is designed to help parents save for their children at an early age. The Account is opened in child’s name. However, the parent/guardian will be responsible for running the account until the child turns 18 years
It have Zero minimum opening balance.You only have Maximum of 4 withdrawals per month. IT’S Available in local and foreign currencies . My Dream Account IS SO Attractive with 4.20% interest rate on Naira dominated accounts
Documents Required for Standard Chartered Bank { My Dream Account}
1.Passport photo (One each for parent and child)
2. Valid ID card for parent and child (International Passport, Driver’s license, National ID, Permanent Voter’s Card)
3.Utility bill for address verification
4. Birth Certificate (In lieu of child’s I.D)
13. Sterling Bank {I Can Save}
With Sterling bank I Can Save account you can Starting them young through savings with Minimum account opening balance of ₦2,000 but Average balance of ₦50,000 and above attract additional interest of 1% p.a…. Account is operated by parent/guardian on behalf of minor.
14. Kiddies Account – SunTrust Bank
Whether you’re a parent, relative or friend, you can save for a child that’s special to you
Open Kiddies Account with SunTrust Bank for N1,000 There is Special Birthday gifts for Account Holders
You can choose to save by standing order, transferring the amount you want into the account each month or by making a lump sum payment. There’s no maximum balance.
15. Union Bank UnionInfinity and UnionLegend account
The UnionInfinity and UnionLegend have both been designed to cater to the needs of parents who not only want to save for their children’s future but also teach their kids to save.
The UnionInfinity account is designed for kiddies ages 0-12 while the UnionLegend account, is for teenagers (ages 13 -18)
The UnionInfinity account has Competitive Interest Rates: Enjoy an interest rate of up to 4.2% when you save in Naira and 1% when you save in dollars.At the end of every 12-month period, kids who have saved a minimum of ₦20,000 or $200 monthly will win exciting prizes
The UnionInfinity and UnionLegend accounts offer up to 3.75% interest rate and come loaded with lifestyle benefits such as discounts at bookstores, game arcades, cinemas etc. and milestone rewards when the kids hit their savings targets.
16. UBA Kiddies and Teen Account
The UBA Kiddies Account is designed for Children between the ages of 0 – 12 years. Parents or guardians will manage the account on behalf of the child. This account is available in two variants – Full and Lite.
The kiddies Account allows parents to start saving for their kids as soon as they are born, and as they grow older, educate them about money and savings.
On the other hand, UBA Teens Account is for Teenagers between the ages of 13 – 17 years. Parents or guardians will manage the account on behalf of the child. This account is available in two variants – Full and Lite.
This account exists to serve that purpose. To give them some freedom with money, so they can dream, learn and develop into the right kind of adult
Features & Benefits
• Earn 13th Month Reward : 10% of the monthly savings plan done over 12 consecutive months having maintained a Standing Instruction of minimum of ₦5,000.
• A chance to partake in the scholarship scheme through a raffle draw having maintained a Standing Instruction of minimum of ₦10,000 for 6 consecutive months.
• Annual interest of 4.20% (payable monthly)
17. Unity Bank {Unity Kids Account}
The Unity Kids Account is savings account targeted at kids and Teenagers below 18 years of age. It offers parent and guardian the opportunity to set aside funds for their children. it Attracts interest rate and it can be Converts automatically to major when the child turns 18 years
18. Wema Bank { Royal Kiddies Account or Children Account }
The Wema bank Royal Kiddies Account or Children Account is a special account that enables children get an early start to financial freedom at WEMA Bank and it is designed for children between ages 0 to 12 years.
Account is operated by the parent/guardian who may or may not have an account with Wema Bank. it has a Minimum opening balance of N2,000 with Competitive interest rate of 5.2% and it have Limited withdrawals – Maximum of 1 withdrawal/month to qualify for interest payment
19. Zenith Bank { Zenith Children’s Account (ZECA)}
The Zenith Bank Children’s Account is a unique savings account designed to allow parents save (in Naira or US Dollars) for their children’s future and teach them about savings from a tender age
Features
1. An account specifically for children between the ages of 0-12yrs
2.Zero account opening balance
3. Interest rate at 1.15%
4. Standing order credit option
5. Cheque, draft and dividend lodgement
6. Invitation to the annual Zenith Children’s Parade
REQUIREMENTS to open Kids account with Nigeria bank
To open any kids or children account with any Nigeria bank you need to provide the following documents
1.Account opening form duly completed
2.One recent clear passport photograph of Guardian/Parent and child
3.Birth Certificate of Child
4.Identification of signatories (Driver’s License, International Passport,
5.National Identity Card or Voter’s Card)
6.Residence permit (where applicable)
7.Public Utility Receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill)
