9 Best Banks in Nigeria to open Savings Account for Kids and Children in 2023

Starting early is important when it comes to saving for your child's future. By opening a savings account for your child when they are young, you can help them develop good financial habits and teach them the importance of saving money.

There are many different banks in Nigeria that offer savings accounts for kids and children. When choosing a bank for your child's account, it is important to consider factors such as interest rates, fees, ATM access, and customer service.

In todays post, we will look at 9 Best banks in Nigeria to open savings account for kids and Children in 2023

What to look for in a savings account for children

Here are some things to look for in a savings account for children:

●        Interest rate: The interest rate on the account is important because it will determine how much money your child earns on their savings. Look for an account with a high interest rate, but be sure to compare the rates of different banks before choosing one.

●        Fees: Some banks charge fees for things like ATM withdrawals, monthly maintenance, and online banking. Be sure to compare the fees of different banks before choosing one.

●        ATM access: Make sure the bank you choose has ATMs that are convenient for you and your child to use.

●        Customer service: If you have any questions or problems with your child's account, you will want to be able to get help from a friendly and knowledgeable customer service representative.

●        Features and benefits: Some banks offer additional features and benefits for their children's savings accounts, such as educational materials, ATM cards, and savings goals. Consider which features and benefits are important to you and your child when choosing an account.

●        Minimum opening deposit: Some banks require a minimum opening deposit for their children's savings accounts. Be sure to check the minimum deposit requirements before choosing an account.

●        Age requirement: Some banks have an age requirement for their children's savings accounts. Be sure to check the age requirement before choosing an account.

List of 9 Best Banks in Nigeria to open Savings Account for Kids and Children

Here are 9 of the best banks in Nigeria to open a savings account for kids and children in 2023:

First Bank – KidsFirst

FirstBank KidsFirst is a savings account for children between the ages of 0 and 12. It is designed to help children learn about money management and save for their future.

Here are some of the features of FirstBank KidsFirst:

●        No monthly maintenance fee: There is no monthly maintenance fee for KidsFirst accounts.

●        Free debit card: KidsFirst account holders receive a free debit card that can be used to withdraw money from ATMs and make purchases.

●        Online banking: KidsFirst account holders have access to online banking, which allows them to check their balance, transfer money, and pay bills.

●        Educational resources: KidsFirst account holders have access to educational resources about money management and financial literacy.

●        Rewards program: KidsFirst account holders can earn rewards for saving money, such as toys, books, and other prizes.

To open a KidsFirst account, you will need to provide the following:

●        Your child's birth certificate

●        Your child's passport-sized photograph

●        Your valid identification

●        A utility bill or other proof of address

You can open a KidsFirst account at any FirstBank branch.

Guaranty Trust Bank – Smart Kids Save (SKS)

Guaranty Trust Bank (GTBank) offers the Smart Kids Save (SKS) account to children under the age of 18. It is intended to teach children about money management and to encourage them to save for the future.

Here are some of the SKS account's features:

●        There is no monthly maintenance fee.

●        Debit card for free.

●        Banking over the internet.

●        Educational materials.

●        Programme of rewards.

To open an SKS account, you must submit the following information:

●        The birth certificate for your child.

●        A passport-sized image of your child.

●        Your official identification.

●        A utility bill or other kind of identification.

Access Bank – Early Savers Account

An Access bank Early Savers account is a type of savings account that is specifically designed for children under the age of 18, including unborn children.

The account is opened and managed by the parents (on trust) for their children until the children reach the age of majority in an effort to foster responsible financial behaviour and financial literacy in the children.

An initial deposit of N1,000 is required to open the account, and the annual percentage yield on the account is 5.40%.

Zenith Bank Children's Account (ZECA)

Zenith Bank, one of Nigeria's leading financial institutions, offers a specialized savings account for children called Zenith Bank Children's Account (ZECA). This account is designed to introduce children to the world of banking and foster a culture of saving from a young age.

This account comes with a personalised debit card, which enables children to make withdrawals and purchases while also giving parents the chance to monitor their kid's spending habits and keep an eye on how much money their child is spending.

It is also possible for parents or guardians to set up standing instructions or make deposits into the account by using any of the channels provided by Zenith Bank, such as Internet banking, mobile banking, or any of their branches.

Fidelity Bank Sweet Account (SWEETA)

Fidelity Sweet Account (SWEETA) is a specialized savings account designed for children aged between 0 and 17 years. This account offers numerous benefits, including a loyalty cash reward of N150,000 known as "School Fees Support," aiming to assist parents in paying their children's educational expenses.

One of the key features of SWEETA is the School Fees Support scheme, where Fidelity Bank provides financial assistance to parents for their wards' school fees. This initiative lightens the financial burden on parents and ensures that children have access to quality education.

SWEETA can be opened with any amount, making it accessible to all families. Account holders enjoy a range of perks, such as free back-to-school packages, an education endowment program that can be up to 10 times the account balance or a maximum of N1 Million, and the opportunity to participate in monthly and quarterly competitions.

In addition, SWEETA offers exciting opportunities for teenagers. Once account holders reach 16 years of age and maintain a minimum monthly balance of N200,000, they become eligible for vacation jobs. This empowers young individuals to gain valuable work experience and develop essential skills while continuing to save for their future.

Union Bank – Kiddies Account

The Union kiddies account is a savings account for children between the ages of 0 and 12. It is designed to help children learn about the importance of saving money and start building good financial habits early on.

The account offers a number of features that can help children save money, including:

●        A free debit card: Children can use their debit card to make purchases and withdraw money from ATMs.

●        A competitive interest rate: Children will earn interest on their savings, which will help their money grow over time.

●        Rewards program: Children can earn rewards for saving money, such as toys, books, and other prizes.

●        At the end of every 12-month period, children who have saved a minimum of ₦20,000 monthly will win exciting prizes.

Union Bank also has the UnionLegend account for teenagers between the ages of 13 and 18. This account offers similar features to the Union Infinity account, but it also includes some features that are specifically designed for teenagers.

Sterling Bank – I Can Save

The I Can Save account at Sterling Bank introduces young customers to the concept of saving.

You can deposit checks and dividend warrants as long as you maintain a daily minimum balance of N1,000. The starting deposit is N2,000.

 In addition, individuals who earn straight A's in at least eight subjects in the SSCE or Cambridge O' Level in a single sitting will receive a bonus of N250,000.

Ecobank – Kid’s Account

The Ecobank Kid's Account is a savings account that can be opened for children as young as 0 years old and as old as 17 years old. It is a safe and secure account that has a number of features that can assist youngsters in learning about money management and saving for their future. 

UBA – Kiddies Account

The UBA Kiddies Account is specifically designed for children aged between 0 and 12 years. With this account, parents or guardians can manage their child's savings and introduce them to the concept of money management from an early age. The account is available in two variants: Full and Lite, catering to different preferences and needs.

The Kiddies Account enables parents to start saving for their children as soon as they are born, fostering a culture of saving and financial responsibility as they grow older. It serves as an educational tool, allowing parents to teach their kids about the value of money and the importance of savings.

On the other hand, the UBA Teens Account is tailored for teenagers between the ages of 13 and 17 years. Similar to the Kiddies Account, parents or guardians manage the account on behalf of the child. The Teens Account also offers two variants: Full and Lite, providing flexibility and options based on individual requirements. 

FAQS

Which bank is the best for children?

The best bank for children is a matter of opinion, but some of the most popular banks for children in Nigeria include: First Bank – KidsFirst, Guaranty Trust Bank – Smart Kids Save (SKS), Zenith Bank Children's Account (ZECA), Union Bank – Union Infinity, Sterling Bank – I Can Save, etc.

Can I open a savings account for my future child?

Yes, you can open a savings account for your future child. However, you will need to provide the child's birth certificate and other documentation when you open the account.

Can a 2 year old have a savings account?

Yes, a 2 year old can have a savings account in Nigeria. In fact, many banks offer savings accounts specifically designed for children. These accounts typically have low or no monthly fees, and they may offer rewards programs or other benefits.

To open a savings account for a 2 year old, you will need to visit a branch of the bank and provide the following documentation:

●        The child's birth certificate

●        A valid ID for the parent or guardian who will be opening the account

●        A utility bill or other proof of address

What age can a child open a bank account in Nigeria?

The age at which a child can open a bank account in Nigeria varies from bank to bank. However, most banks allow children to open accounts as young as 0 years old.

Can I withdraw money from my child savings account?

If you are the custodian, you have access to the savings account as well as full signature privileges to the account. You have the ability to examine and sanction any and all alterations, withdrawals, deposits, and other account activity.

Can I open a bank account for a 4 year old?

Yes, you can open a bank account for a 4 year old. However, you will need to provide the child's birth certificate and other documentation when you open the account.

 

Conclusion

Opening a savings account for your child is a great way to teach them about money management and financial responsibility. It can also help them save for their future goals, such as their education, business, or even career.