Opening a savings account for your kids is the best way to help them learn about money and how to cultivate the habit of putting extra cash aside for rainy days. Many banks in Nigeria offer these accounts for children. These accounts have features to make it easier for kids to understand how to save money and how to handle finances. Let’s look at the best banks in Nigeria for opening savings accounts for kids and children in 2023.
Best banks in Nigeria to open savings account for kids and Children
First Bank – KidsFirst Account
First Bank is a trusted name in Nigeria’s banking industry, and their KidsFirst account is a top choice for parents looking to teach their children financial literacy. This account is designed to encourage children to save while giving them access to their funds. With a personalized debit card, kids can make withdrawals and deposits at any First Bank ATM, promoting responsible money management skills from a young age. Moreover, First Bank offers competitive interest rates, ensuring that your child’s savings grow steadily over time. Account holders are also eligible for exciting rewards and prizes through the FirstBank KidsFirst Savers Club.
Guaranty Trust Bank (GTBank) – Smart Kids Save (SKS) Account
GTBank is known for its innovative and customer-friendly products, and the Smart Kids Save (SKS) account is no exception. This account is designed for children aged 0-17 years and offers numerous benefits to teach them about money management. SKS provides a competitive interest rate, free banking services, and a Parent-Child Account Link to monitor and manage your child’s savings easily. GTBank also offers financial education materials, including interactive online games and e-books, to help children understand money and savings better.
Access Bank – Early Savers Account
Access Bank’s Early Savers Account is designed to cultivate a savings culture in children from a young age. It can be opened with a minimal deposit of just N1,000, making it accessible to parents of all income levels. The account earns a competitive interest rate, comes with a personalized debit card, and provides educational tools and resources to teach children about money and savings. Interactive online platforms, financial literacy workshops, and games help kids learn about budgeting and saving.
Zenith Bank – Children’s Account (ZECA)
Zenith Bank offers the Children’s Account (ZECA), which aims to teach children the importance of saving and financial responsibility. This account can be opened with a minimum balance of N1,000 and comes with a personalized debit card with spending limits. Zenith Bank provides educational materials and resources to help parents teach their children about money management and savings, ensuring they learn valuable financial skills from a young age.
Fidelity Bank – Sweet Account (SWEETA)
Fidelity Bank’s Sweet Account is an excellent choice for parents looking to introduce their kids to the world of saving and financial responsibility. This account provides children a personalized ATM card, competitive interest rates, and various financial literacy programs and workshops. Fidelity Bank’s customer service is well-known for its excellence, and they extend this level of service to their Sweet Account customers as well.
Union Bank – UnionInfinity Account
Union Bank offers the UnionInfinity savings account for children, designed to help kids develop a solid financial foundation and save for their future. Competitive interest rates and access to financial literacy resources make UnionInfinity a top choice. It also comes with a dedicated mobile banking app, allowing children to access and manage their accounts efficiently and develop digital banking skills early on.
Stanbic IBTC – Little Star Account
Stanbic IBTC Bank’s Little Star account is designed to teach kids about the importance of saving money and help them develop healthy financial habits from a young age. The report offers an attractive interest rate, a free debit card, and access to fun and interactive online platforms. The bank also organizes regular workshops and seminars for Little Star account holders, fostering a sense of community and shared learning.
United Bank For Africa (UBA) – Kiddie Account
UBA offers the Kiddie Account, a special savings account for kids designed to teach them the value of saving and developing good financial habits. This account can be opened with as little as N500, making it accessible to parents who want to start saving for their children’s future. It comes with a free debit card and competitive interest rates and allows parents to monitor and control their children’s spending through the UBA Mobile Banking app.
Ecobank – Ecokids Account
The Ecokids Account by Ecobank is an excellent choice for parents looking to open a savings account for their children. This account is designed to encourage children to develop savings habits and learn the importance of financial responsibility. Children can start saving from as little as 500 Naira, and the account offers competitive interest rates. Unique features like a dedicated online platform help children track the progress of their savings.
Diamond Bank (Now Access Bank) – Little Diamond Account
Diamond Bank, now known as Access Bank after a merger in 2019, offers the Little Diamond savings account for children. This account is designed to help kids develop good savings habits and financial literacy skills from a young age. With competitive interest rates, free personalized debit cards, and access to digital banking platforms, it provides a reliable and trusted platform for children to learn about saving and money management.
Which bank offers the best children’s savings account in Nigeria?
The best children’s savings account in Nigeria is the Zenith Children’s Account (ZECA) offered by Zenith Bank. This unique savings account allows parents to save for their children’s future in Naira or US Dollars. It is designed to teach children about savings from a young age, making it a top choice for parents looking to instill financial responsibility in their kids.
At what age should a child have a savings account?
In Nigeria, a child can generally have a savings account at any age. The best savings accounts for kids typically earn interest and have no monthly fees. A parent or guardian will likely need to open the tab on the child’s behalf, and the report can be opened as soon as the child is born.
Can I open a bank account for my child in Nigeria?
Yes, you can open a bank account for your child in Nigeria. To open a UBA Kiddies Savings Account, you will need the child’s birth certificate or international passport, one passport photograph of each of the parent/guardian and child, and the parent’s valid ID, such as a National ID, Driver’s License, Permanent Voters card, or International Passport.
At what age can a child open a bank account in Nigeria?
Children in Nigeria can generally open a bank account at any age. For example, the Guaranty Trust Bank (GTBank) Smart Kids Save (SKS) account is available for children from 0 to 17 years old. A parent or guardian can open the account, transitioning to an SKS Teen account for teenagers aged 13 and older.