Here is the updated list of Best banks in Nigeria to open savings account for kids and Children in 2023
Opening a savings account for your child is a great way to teach them the importance of saving money and financial responsibility.
In this post, we will be discussing the Best banks in Nigeria to open savings account for kids and Children in 2023.
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List of Best Banks In Nigeria To Open Savings Account For Kids and Children in 2023
According to our research, the following banks are the top 10 Best banks in Nigeria to open savings account for kids and Children in 2023
1. Guarantee Trust Bank (GTBank):
GTBank is one of the leading banks in Nigeria with a reputation for innovative banking solutions, and its Smart Kids Save (SKS) account is no exception.
The SKS account is one of the Best banks in Nigeria to open savings account for kids and Children in 2023 designed to enable parents/guardians to save for their children under 18 years of age while also developing a savings culture for them.
The account is available in two categories: SKS (0 – 12 years) and SKS Teen (13 to under 18 years).
The minimum opening/account balance is N1,000.00, and it offers competitive interest rates at 1.15% (the more you save, the more you earn).
The account also allows lodgments of cheques, drafts, and dividends into the account, subject to a maximum of N1,000,000 per instrument
2. First Bank:
First Bank offers two types of accounts for children: KidsFirst and MeFirst.
KidsFirst is a savings account for children below the age of 12 years, while MeFirst is a savings account for teenagers between the ages of 13 and 17 years.
The minimum opening balance for both accounts is N1,000.00, and they offer competitive interest rates.
The accounts also come with a debit card that can be used to withdraw cash from ATMs and make online payments
3. Zenith Bank:
Zenith Bank offers the Zenith Children’s Account (ZECA), which is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates. The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments
4. FCMB:
FCMB offers the Kids Account, which is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates.
The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments
5. Access Bank:
Access Bank offers the Early Savers Account, which is a savings account for children below the age of 16 years, including unborn children.
The account can be opened in trust for a child by the parent/guardian who will be the primary account holder with the responsibility of running this account
Until their child attains adulthood and can solely operate their own accounts or possibly move to other age-appropriate products.
The account has a minimum opening balance of N1,000.00 and allows deposits of dividend warrants up to N10,000.
It is one of the Best banks in Nigeria to open savings account for kids and Children in 2023 as it allows direct debit instruction
6. Unity Bank:
Unity Bank offers the Unity Kids Savings Account, which is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates.
The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments
7. Polaris Bank:
Polaris Bank offers the Rainbow Account, which is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates.
The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments
8. Stanbic IBTC:
Stanbic IBTC offers the CHESS account, which is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates.
The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments
9. Heritage Bank:
Heritage Bank offers one of the Best banks in Nigeria to open savings account for kids and Children in 2023 known as Happy Kiddies Account
It is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates.
The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments.
10. Keystone Bank:
Keystone Bank offers the Kiddies Account, which is designed to help parents/guardians save for their children’s future.
The account can be opened with a minimum of N1,000.00, and it offers competitive interest rates.
The account also comes with a debit card that can be used to withdraw cash from ATMs and make online payments.
What to Consider When Opening Best Banks In Nigeria To Open Savings Account For Kid and Children in 2023
When opening a savings account for your child, it is important to consider the following factors
- Interest rate:
The interest rate determines how much money you will earn on your savings. Look for a bank that offers a competitive interest rate.
- Minimum balance:
Some banks require a minimum balance to open and maintain a savings account.
Make sure you choose a bank that has a minimum balance requirement that you can meet.
- Fees:
Some banks charge fees for maintaining a savings account. Look for a bank that has low or no fees.
- Accessibility:
Choose a bank that has a wide network of ATMs and branches so that you can easily access your funds.
- Online banking:
Online banking makes it easy to manage your savings account from anywhere. Choose a bank that has a user-friendly online banking platform.
Final Note
Opening a savings account for your child is a great way to teach them financial responsibility.
The banks listed above are some of the Best banks in Nigeria to open savings account for kids and Children in 2023
When choosing a bank, consider the interest rate, minimum balance, fees, accessibility, and online banking platform.
Remember to start small and encourage your child to save regularly.
Happy saving!
