The Adults alone are not the only ones who should learn to put some money to save, kids need to be taught by their parents, there are best bank to open savings account for children for better financial journey to be known by their parents.
Given them, everything doesn’t necessarily mean, you don’t need to keep or teach them how they can be saving money received from family and relations, this may help safeguard their future against unexpected financial crisis.
Opening a kid bank account will help your child have some money in the bank and it can turn millions in the years to come.
You may be confused about which accounts to open for your child, this article we help you choose one of the best bank accounts for your kids.
It is an interesting journey while trying to open an account for the kid, the excitement, the amusement, and joy will likely want to make them do anything, however, it is necessary to know that a kid’s bank account cannot be opened, and here are some of the thing to consider.
The age of the kid: the minimum age to open a kid account varies from bank to bank, this has to be determined, check for one that suits your child’s age.
Is it accessible: The account should be able to be accessed by the kids at legal age and also before the legal age, the parent should have direct access to the kid’s bank account.
When the account is accessible to the parents, this is not to take some money out but to be able to decide on what to open to the account at any time.
A fixed savings account should be considered and go for banks with Incentives for kids, like end-of-the-year parties, gifts, loans for the children’s education.
Regulations: The kid bank account that does not have any minimum balance requirement is better considered, zero monthly maintenance fees, free online account management; and high-interest rates are things to check before deciding to open the child account.
Best Bank To Open Savings Account For Child
Here are the most popular bank account packages for children in Nigeria and you can choose from the list.
1. Fidelity Bank: SWEET ACCOUNT
Sweet kid account is good for teenagers, who are between the ages of 0-17, with no minimum amount, the account can be opened with any figure you have.
The bank account comes with the end of the year party and gifts for your child on birthday packages and offers a good interest rate.
You can visit the bank to learn more before you open this kid account.
2. Early Savers Account
Early Savers account was created for the children by Access Bank, kids who are below the age of 18 years are eligible for the account and its benefits.
The parents are put in control of the account for the child until such a kid is old enough to operate it.
A deposit of
N5,000 is expected to use for the opening of this account, as for the benefits, it offers an interest rate of 3.9% p.a, access to educational loans and gifts items and it has no monthly maintenance fee.
You can visit accessbankplc.com to learn more.
3. MeFirst account
The Mefirst account is designed for the kids by First Bank, children who are between the ages of 13 – 17 years are free to open this account.
A minimum of
N1, 000 is needed to open this account, these kid’s bank account comes with a debit card, gift items, and other benefits offered.
If you want to know about this account visit firstbanknigeria.com
4. FCMB Classic Savings Account
FCMB’s classic savings account is for the kids and teens who are craving to do more with their kid account, as this account has a lot of amazing benefits.
A minimum of
N 5, 000 is needed to open the account, it has an attractive interest, with ATM/Debit Verve Card issuance and third-party counter withdrawals is enable with this kid account.
If you want to get more information on this account visit fcmb.com today
KidsFirst is another kid’s account from the First bank for children between the ages of 0-12.
The name of the kid will be used to open the account with a minimum deposit of
N1, 000, the account will be operated by the parents.
It offers online banking, gift items, and scholarship, visit firstbanknigeria.com to know more about this account.
6. Smart Kids Save (SKS)
Smart Kids Save is kids account by GTBank, for children between ages 0-17, this account allows the parent to help their kids save for the future, it comes with annual raffle draws, where prizes can be won, and it offers an attractive suitable for kid interest, with other amazing benefits.
If you want to know more about this kid account visit gtbank.com for more information.
7. Royal Kiddies Account
Royal Kiddies Account is for children between the ages of 0-12 years, this account comes with life assurance benefits in case of death or permanent disability in the family.
This account can be open with a minimum of
N2, 000, to learn more about this account visit wemabank.com for more information.
8. Zenith Children’s Account (ZECA)
ZECA was created for kids through Zenith bank for children between the ages of 0-18 years, the goal is to allow parents their kids to save for education and the future.
The opening of this account is free and it can be opened at birth, it has a competitive interest rate, with a full invite to Zenith Children’s Parade and more other benefits can be gotten. For more details visit zenithbank.com
9. Rainbow Savings Account
Rainbow Savings Account was created by Skybank for children between the ages of 0-18 years old, this account can open with a minimum of
It comes with an attractive interest rate, debit card (on demand), and much more, If you want to know more visit skyebankng.com for more details
10. U-Care Savings Account
This account was designed by UBA for the parents who are ready to save for their children’s education,
N2, 000 is needed to open the account.
It offers a competitive interest, it allows direct online school fees payment with some other attractive benefits, to know more about this account visit ubagroup.com for more details.