Savings Accounts For Kids in Nigeria

‘Children are the future of tomorrow’. We all quote this saying but not many of us take any appropriate action into making sure that the futures of our children are secure. We do not have to wait till the kids grow up and are ready for University before thinking of making them financially aware and responsible.

A good way to start is to open a savings account for your child as soon as you can. Many banks in Nigeria now offer Savings accounts for kids. We have compiled this information from the websites of some major banks and made it easy for you to choose.

GTBANK SMART KIDS SAVE

This enables parents/guardians save for their children between 0 and 17 years. It is categorised into SKS (0 to 17) and SKS Teen (13 – 17).

Features:

  • Minimum opening balance of N1000
  • Allows cheques, drafts and dividend deposits into the account, maximum of N100,000
  • Tiered interest rates from 2.5 to 3% per annum
  • Invite to Fun events for kids
  • Gifts when hit milestones
  • At 13, the Teenager can get a Mastercard at the parent’s request.
  • At the age of 18, the kid can have the account converted into a regular savings or current account

Documents Required:

  • 1 passport photograph of child and signatory
  • Valid ID for signatory such as Driver’s licence, National ID, Utility Bill
  • Copy of child’s certificate

For more information: http://gtbank.com/personalbanking/products/savings-and-investments/smart-kids-save-account

ZENITH’S CHILDREN ACCOUNT

This also enables parents/guardians save for their children between 0 and 17 years.  They have the 0-12 and 13-17 accounts.

Features:

  • Zero opening balance
  • Option of Standing order credit
  • Invite to the annual Zenith Children’s Parade
  • Participation in the Children’s Day Scholarship raffle draw
  • Cheque, draft and dividend lodgements
  • Customised Teen card (for 13-17)
  • Invite to Fun events for kids
  • Gifts when hit milestones
  • At 13, the Teenager can get a Mastercard at the parent’s request.
  • At the age of 18, the kid can have the account converted into a regular savings or current account

For more information, visit the nearest Zenith Bank branch: https://www.zenithbank.com/zeca.aspx

FIRSTBANK KIDSFIRST ACCOUNT

First Bank provides the KidsFirst account for children aged 0-12 years, teaching them to save and spend responsibly, and also enjoy fun activities.

Features:

  • Minimum opening balance of N1000
  • Automatic transition to MeFirst (13-17) account when the child turns 13
  • Gift and scholarships on account opening
  • Cheques & Dividends lodged into account up to N200,000
  • Online Banking

For more information: https://www.firstbanknigeria.com/products/personal-banking/savings-accounts/kidsfirst/

FIRSTBANK MEFIRST ACCOUNT

First Bank provides the MeFirst account for teenagers aged 13 – 17 years, teaching them to save and spend responsibly, and also enjoy fun activities.

Features:

  • Minimum opening balance of N1000
  • Prepaid card on which parents can load weekly/monthly allowances
  • Automatic transition to XploreFirst (18 to 24) account when the teenager turns 18
  • Gift on account opening
  • Cheques & Dividends lodged into account

For more information: https://www.firstbanknigeria.com/products/personal-banking/savings-accounts/mefirst/

DIAMOND BANK DIAMOND FUTURE

This is a structured flexible target-plan scheme that allows parents save towards their kids’ futures.

Features:

  • Minimum opening balance of N1000
  • Cheques and dividends lodgements
  • Access to parenting tools
  • Credit interest payable on a monthly basis
  • 13th Month reward on consistent savings over a 5 year period

Documents Required:

  • Completed Application Form with parent’s details
  • 2 completed signature specimen cards
  • Birth certificate or International passport of child
  • ID of parent/guardian

For more information: http://www.diamondbank.com/personal/kids-teens/diamond-future/

DIAMOND BANK COOL-TEENS

This is a savings account for teenagers, aimed at teaching them financial planning and management.

Features:

  • Minimum balance of N500
  • Educates on financial planning
  • Free debit card
  • Parents/Guardians have access to account
  • International spending
  • Credit interest payable
  • Teens can choose one of two trendy card designs with their name on it
  • Access to occasional discounted events and tickets

Documents Required:

  • Completed application form with parent’s details
  • 2 completed Signature Specimen cards
  • 2 recent passport photographs of parent and child
  • Parent’s ID

For more information: http://www.diamondbank.com/personal/kids-teens/diamond-cool-teens/

FIDELITY BANK SWEETA

This account is designed for kids 0 – 17.

Features:

  • No minimum opening balance
  • Allows cheques and dividend deposits into the account
  • Gift on birthday
  • Debit card from age 15.
  • Standing order available
  • Invitation to SWEETA end of year party
  • Interest on credit

For more information: https://www.fidelitybank.ng/retail-banking/savings-account/

ECOBANK JUNIOR SAVER ACCOUNT

This account is designed for kids 0 -12 years. There is not a lot of specific information on the benefits but go to https://www.ecobank.com/personal-banking/everyday-banking/savings-accounts/junior-saver for more information or get in touch with their team members on the website above.

 

SKYE BANK RAINBOW SAVINGS ACCOUNT

For children between 0 and 17 years.

Features:

  • Minimum opening balance of N1000
  • Special interest rate of up to 1% above normal savings rate
  • Welcome gift for accounts opened with a minimum of N50000
  • Standing order available
  • Kid can get a debit card at the parent’s request.
  • Opportunity to participate in competitions

Documents Required:

  • Completed application form
  • Signature mandate card
  • 2 passport photographs of child and signatory
  • Valid ID for parent such as Driver’s licence, National ID
  • Copy of child’s certificate (optional)
  • Current utility bill (e.g. Water, PHCN)

For more information: https://www.skyebankng.com/retail-banking/savings-accounts/skye-rainbow-savings-account#account-opening-requirements

WEMA BANK ROYAL KIDDIES ACCOUNT

This account not only allows kids to save and learn money management, but also offers life assurance benefits in case of death or disability in the family. It is for kids younger than 12 years old.

Features:

  • Minimum opening balance of N2000
  • Welcome pack on opening account
  • 1% interest rate above normal savings rates
  • Withdrawal limit of once a month or interest is forefeited
  • Cheques and dividends lodged
  • Standing order allowed
  • Eligibility for the annual Wema Educational Award for 10 account holders
  • Life insurance policy for parent/guardian for 10 times the account balance, up to a maximum of N10,000,000
  • Email/SMS transaction alerts
  • Virtual card available on request

Documents Required:

  • Completed application form2
  • 2 passport photographs of parent
  • Valid ID for signatory such as Driver’s licence, National ID
  • Copy of child’s certificate
  • Utility bill e.g. PHCN or Water bill

For more information: http://www.wemabank.com/individual/accounts/for-young-people/royal-kiddies-account/

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