Are you a parent looking for the best banks in Nigeria to open a savings account for your kids and children in 2023? Finding the right financial institution to entrust your child’s future savings can be a challenge.
In this blog post, we will provide you with an overview of the top banks in Nigeria that offer savings accounts for kids and children in 2023. We will discuss the features of each account, the eligibility requirements, and more. Let’s get started!
Access Bank Early Savers Account
Access Bank offers a unique savings account designed for kids and teenagers called the Early Savers Account. It’s a savings account that is specifically designed to cater to the savings needs of children and teenagers between 0 and 18 years old. The account allows for saving of as low as N100, with no minimum opening balance required.
With the Access Bank Early Savers Account, kids get access to exciting benefits, including a customized debit card with their name on it, access to a personal online account, and free internet banking. Additionally, children under 13 years of age are not required to carry the card around for security reasons.
Access Bank Early Savers Account also comes with a savings target feature that allows parents to set savings goals for their children, which the kids can monitor themselves. Furthermore, this account enables children to learn financial management from a young age, with access to financial literacy tools and educational materials.
Parents can open an Early Savers Account for their children at any Access Bank branch across Nigeria with valid identification documents, proof of address, and the child’s birth certificate or a passport photograph. Access Bank Early Savers Account is a great way for parents to inculcate a saving culture in their children from an early age, and it’s definitely worth considering when choosing a savings account for your kids.
Zenith Bank Children’s Account
Zenith Bank offers a children’s savings account designed to help parents cultivate good financial habits in their kids. With the Zenith Bank Children’s Account, children can save for their future and also learn how to manage money responsibly.
To open a Zenith Bank Children’s Account, the child must be below 18 years old and the parent or guardian must provide valid identification and proof of address. The account can be opened with a minimum balance of N1,000 and it comes with no account maintenance fees.
With the Zenith Bank Children’s Account, children can earn interest on their savings, withdraw cash using an ATM card issued to them, and enjoy other benefits like a customized debit card and access to educational resources on financial literacy.
Also, the Zenith Bank Children’s Account is a great option for parents who want to start teaching their kids financial responsibility from an early age. The account offers attractive features, benefits, and ease of use, making it a top contender among the best banks in Nigeria for kids’ savings accounts.
UBA Kiddies Account
The UBA Kiddies Account is another popular choice for parents in Nigeria who are looking to open a savings account for their kids. This account is specially designed to teach children the value of saving money and to help them develop good financial habits from an early age.
With the UBA Kiddies Account, children can start saving with a minimum opening balance of just N1000. This makes it accessible for parents of all income levels. The account also offers competitive interest rates, allowing children to earn interest on their savings and watch their money grow over time.
Parents can open a UBA Kiddies Account for their children by visiting any UBA branch with the child’s birth certificate or a valid form of identification. The account also comes with a customized debit card for the child, which can be used to make withdrawals and monitor their savings.
One unique feature of the UBA Kiddies Account is the Junior Rendavous (JRS) program, which is a platform that provides children with exciting opportunities to learn, have fun, and develop their talents. Through the JRS program, children can participate in educational and entertaining activities, competitions, and events that promote financial literacy and personal development.
Furthermore, the UBA Kiddies Account offers a comprehensive savings solution for children, combining attractive interest rates, accessibility, and valuable learning opportunities. It’s definitely a top contender among the best banks in Nigeria for kids’ savings accounts.
FirstBank KidsFirst Account
FirstBank is another bank in Nigeria that offers a savings account for kids and children. Their KidsFirst account is specially designed to help children save money while teaching them valuable financial skills.
This account is available to children from 0 to 12 years old and can be opened with just N1000. It offers an interest rate of 2% per annum on the balance of the account, which is credited monthly. Account holders are also issued a free debit card for transactions, and the card can be used on all ATMs and PoS terminals in Nigeria.
Parents can monitor their children’s savings by linking their own accounts to the KidsFirst account. They can set up automatic transfers to the account to encourage regular savings and budgeting.
To make the account more exciting for children, FirstBank offers fun activities, games, and educational materials on their online portal. This is an excellent way to engage children and teach them about saving money, budgeting, and other financial skills.
GTBank Kids Account
GTBank offers a savings account specifically designed for kids and children called the GTBank Kids Account. This account is tailored to meet the financial needs of children and help them develop good money management skills from an early age.
With the GTBank Kids Account, children can start saving with a minimum opening balance of just N1,000. The account also offers competitive interest rates, allowing children to earn interest on their savings and watch their money grow over time.
Parents can open a GTBank Kids Account for their children by visiting any GTBank branch with the child’s birth certificate or a valid form of identification. The account comes with a personalized debit card for the child, which can be used to make withdrawals and monitor their savings.
Additionally, GTBank provides a platform called “Smart Kids Save” which offers interactive games, educational materials, and fun activities to engage children and teach them about financial literacy.
Fidelity Young Investors Savings Account (FIYISA)
If you are looking for a savings account that allows your child to learn the art of investment, then Fidelity Young Investors Savings Account (FIYISA) is a great option. This account is specially designed for children aged 18 and below, and it comes with a lot of benefits that help your child to save and invest wisely.
FIYISA has a minimum account opening balance of ₦2,500, which makes it affordable for parents who want to give their children a good start in the world of finance. The account comes with an attractive interest rate of 3% per annum, which is higher than most regular savings accounts in Nigeria.
In addition, Fidelity Bank offers financial education to young savers through its “Get Alert in School” program. The program is designed to educate students on personal finance, entrepreneurship, and money management skills. This helps children to understand the value of money and how to save and invest for the future.
Another benefit of FIYISA is that it comes with a debit card, which allows your child to withdraw money from ATMs and make purchases at stores. However, as a parent, you can set limits on how much your child can withdraw or spend per day.
Stanbic IBTC KidsFirst Account
If you’re looking for a bank account that can help teach your child good financial habits from an early age, then the Stanbic IBTC KidsFirst Account is definitely worth considering. This savings account is designed specifically for children under the age of 18, and offers a range of benefits and features that can help your child learn the value of money and savings.
Some of the benefits of the Stanbic IBTC KidsFirst Account include a competitive interest rate, which means that your child’s savings will grow more quickly over time. In addition, there are no account maintenance fees or minimum balance requirements, so it’s easy to get started and keep the account open.
Another great feature of the Stanbic IBTC KidsFirst Account is that it comes with a free debit card, which your child can use to withdraw money from an ATM or make purchases online. This can help your child learn about responsible spending and budgeting, while also giving you the peace of mind of knowing that they are using a safe and secure payment method.
What is the best bank in Nigeria 2023?
It is difficult to predict which bank will be the best in 2023 as the banking industry is constantly evolving. However, based on the current market trends and customer reviews, Access Bank, Zenith Bank, UBA, FirstBank, GTBank, Fidelity Bank, and Stanbic IBTC are some of the best banks to consider for opening a savings account for kids and children.
Can I open a savings account for my future child?
Yes, most banks offer savings accounts for minors, which can be opened by parents or guardians on behalf of their children. It is a great way to teach children about money management and saving from a young age.
Which bank is best for minors to open savings account?
Each bank has its own advantages and features that make it the best choice for a savings account for minors. However, some of the most popular ones are Access Bank Early Savers Account, Zenith Bank Children’s Account, and UBA Kiddies Account.
Which bank has kiddies account?
Most banks in Nigeria offer kiddies accounts, but some of the popular ones include Access Bank, Zenith Bank, UBA, FirstBank, GTBank, Fidelity Bank, and Stanbic IBTC.
Which bank has the best children’s account in Nigeria?
The best children’s account in Nigeria may vary based on individual preferences and requirements. However, some of the top-rated children’s accounts include Access Bank Early Savers Account, Zenith Bank Children’s Account, and UBA Kiddies Account. It is recommended to compare the features, benefits, and requirements of different accounts before choosing the best one.
When it comes to securing the financial future of your child, opening a savings account for them is one of the best ways to start. In Nigeria, several banks offer savings accounts for kids and children, with features and benefits that make them worthwhile.
Access Bank’s Early Savers Account is a great option for parents looking to save for their children’s education, while Zenith Bank’s Children’s Account comes with a free debit card and rewards for consistent saving. UBA Kiddies Account and FirstBank KidsFirst Account also offer attractive interest rates and educational resources for children.