Savings accounts are a great way to help teach children about money management and personal finance. If you are a parent living in Nigeria, you may be wondering which banks offer the best savings accounts for kids and children in 2023.
In this blog post, we will explore some of the best banks in Nigeria that offer savings accounts for kids and children, as well as the features and benefits of each.
With this information, you can make an informed decision about the best bank to open a savings account for your child in 2023.
First Bank – KidsFirst
One of the best banks in Nigeria to consider when opening a savings account for your kids or children is First Bank with their KidsFirst account.
First Bank understands the importance of teaching children financial literacy from a young age, and their KidsFirst account is designed with that in mind.
With the KidsFirst account, children are encouraged to save while also having access to their funds. The account comes with a personalized debit card, which allows children to make withdrawals and deposits at any First Bank ATM.
This helps children develop responsible money management skills from an early age. Furthermore, First Bank offers competitive interest rates on the KidsFirst account, ensuring that your child's savings grow steadily over time. Additionally, account holders are eligible for exciting rewards and prizes through the FirstBank KidsFirst Savers Club.
To open a KidsFirst account with First Bank, parents or guardians will need to provide necessary documentation such as valid identification and proof of address. The account can be opened in person at any First Bank branch.
Overall, First Bank's KidsFirst account is a fantastic choice for parents who want to instill a sense of financial responsibility in their children. It offers convenience, competitive interest rates, and valuable learning opportunities for young savers.
Guaranty Trust Bank – Smart Kids Save (SKS)
Guaranty Trust Bank (GTBank) is known for its innovative and customer-friendly products, and their Smart Kids Save (SKS) account is no exception.
Designed specifically for children between the ages of 0-17 years, the SKS account offers numerous benefits and features that make it an excellent choice for parents looking to teach their kids about money management.
With the SKS account, children enjoy a competitive interest rate on their savings, helping their money grow over time. In addition, GTBank provides free banking services for the account, which means no charges or fees for withdrawals, transfers, or even a debit card. This ensures that your child's savings remain intact without any unnecessary deductions.
Another exciting feature of the SKS account is the Parent-Child Account Link, which allows parents to monitor and manage their child's savings easily. Parents can conveniently transfer funds to their child's account and also set spending limits on the linked debit card, promoting responsible spending habits.
GTBank understands the importance of financial literacy, and with the SKS account, they provide financial education materials such as interactive online games and e-books to help children understand the concept of money and savings better.
Access Bank – Early Savers Account
Access Bank offers the Early Savers Account, which is specifically designed for kids and children. This account aims to cultivate a savings culture in children from a young age, teaching them the importance of saving and financial responsibility.
One of the key features of the Early Savers Account is that it can be opened with a minimum deposit of just N1,000, making it accessible for parents of all income levels. The account also earns a competitive interest rate, ensuring that your child's savings grow over time.
Furthermore, Access Bank provides a personalized debit card for the Early Savers Account, allowing children to make transactions and withdrawals under parental supervision. This feature promotes financial literacy and responsibility, as children learn how to manage their money wisely.
In addition to the financial benefits, Access Bank also offers educational tools and resources to help children learn about money and savings. These include interactive online platforms, financial literacy workshops, and games that teach kids about budgeting and saving.
By choosing Access Bank's Early Savers Account, you can give your child a head start in financial literacy and equip them with the skills they need to make wise financial decisions in the future. It's a great option for parents who want to instill the value of saving from an early age.
Zenith Bank – Children's Account (ZECA)
Zenith Bank offers the Children's Account (ZECA) as a savings option for kids and children. This account is designed to teach children the importance of saving from a young age and instill good financial habits in them.
The ZECA account can be opened with a minimum balance of N1,000 and comes with a personalized debit card that has spending limits to help parents control their child's expenses.
One of the standout features of the ZECA account is the attractive interest rate offered by Zenith Bank, which helps grow the savings over time. In addition, the bank provides educational materials and resources to help parents teach their children about money management and savings.
Parents can easily open a ZECA account for their children by visiting any Zenith Bank branch or using the bank's online account opening platform. The process is simple and requires basic documentation such as the child's birth certificate, parent's identification, and proof of address.
With the Zenith Bank Children's Account, parents can rest assured that their children are not only learning the value of money but also saving for their future. This account is a great option for parents looking to secure their child's financial future and promote a healthy saving culture.
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Fidelity Bank – Sweet Account (SWEETA)
Fidelity Bank offers an excellent savings account for kids called Sweet Account (SWEETA). This account is specially designed to teach children about financial responsibility and the importance of saving from a young age.
With the Sweet Account, kids are provided with a personalized ATM card, which allows them to make withdrawals and track their savings progress. The account offers an attractive interest rate, encouraging kids to save even more.
Fidelity Bank also organizes various financial literacy programs and workshops to educate children on the value of money and how to manage it wisely.
Parents or guardians can easily open a Sweet Account for their kids with a minimum deposit amount. The account can be opened online or by visiting any Fidelity Bank branch. This makes it convenient for busy parents to open an account for their kids without any hassle.
Fidelity Bank is known for its excellent customer service, and they extend this level of service to their Sweet Account customers as well. The bank offers dedicated customer support for any queries or concerns regarding the account.
Overall, Fidelity Bank's Sweet Account is a fantastic option for parents looking to introduce their kids to the world of saving and financial responsibility. It offers a safe and secure way for kids to start their financial journey and build a solid foundation for their future.
Union Bank – UnionInfinity
Union Bank offers a savings account for children called UnionInfinity. This account is specifically designed to help children develop a strong financial foundation and save for their future. With UnionInfinity, parents can open an account for their children and teach them the importance of saving from a young age.
One of the standout features of UnionInfinity is its competitive interest rates. This means that the money saved in the account will grow at a faster rate compared to regular savings accounts. This can provide a great incentive for children to save and watch their money grow over time.
Another great feature of UnionInfinity is the access to financial literacy resources. Union Bank provides educational materials and workshops for children to learn about money management and financial responsibility. These resources help children develop a healthy relationship with money and set them up for financial success in the future.
Furthermore, UnionInfinity comes with a dedicated mobile banking app, allowing children to access and manage their accounts easily. This helps them develop digital banking skills early on, preparing them for the increasingly digital world of finance.
In summary, UnionInfinity from Union Bank is an excellent savings account option for children in Nigeria. With its competitive interest rates, financial literacy resources, and convenient mobile banking app, UnionInfinity provides a solid foundation for children to learn about saving and money management. Parents can confidently choose Union Bank to help their children build a brighter financial future.
Stanbic IBTC – Little Star
Stanbic IBTC Bank offers an exciting savings account option for children called Little Star. This account is designed to teach kids about the importance of saving money and help them develop healthy financial habits from an early age.
One of the standout features of the Little Star account is the attractive interest rate offered, ensuring that your child's savings grow steadily over time. The account also comes with a free debit card, enabling kids to learn about responsible spending and budgeting.
Stanbic IBTC goes above and beyond by providing educational materials and resources for children, including fun and interactive online platforms. These resources aim to teach kids about financial literacy, money management, and entrepreneurship, preparing them for a successful future.
Furthermore, the bank organizes regular workshops and seminars for Little Star account holders, where they can learn valuable financial skills in a fun and engaging way. These events also serve as opportunities for kids to interact with other young savers, fostering a sense of community and shared learning.
Parents can easily open a Little Star account for their children with minimal requirements. Stanbic IBTC also offers a dedicated customer service team that is available to assist with any inquiries or concerns.
Overall, Stanbic IBTC's Little Star account is an excellent choice for parents who want to give their children a head start in financial education and responsible saving.
With its comprehensive features and commitment to empowering young savers, this bank truly stands out as a top choice for kids' savings accounts in Nigeria.
United Bank For Africa (UBA) – Kiddie Account
The United Bank for Africa (UBA) offers a special savings account for kids called the Kiddie Account. This account is specifically designed to teach children the value of saving and help them develop good financial habits from a young age.
One of the key features of the UBA Kiddie Account is that it can be opened with as little as N500. This low minimum opening balance makes it accessible to parents who want to start saving for their children's future without breaking the bank.
Additionally, the account does not attract any monthly maintenance fees, ensuring that the savings grow without any unnecessary deductions.
The UBA Kiddie Account also comes with a free debit card that can be used by children above the age of 7. This allows kids to start learning about money management and independence in a controlled and safe environment.
Parents can easily monitor and control the spending of their children through the UBA Mobile Banking app, giving them peace of mind.
Furthermore, the UBA Kiddie Account offers competitive interest rates, helping the savings grow at a faster pace. This means that children can see the impact of their savings and are motivated to continue saving for their goals.
Ecobank – Ecokids Account
The Ecokids Account offered by Ecobank is a great option for parents looking to open a savings account for their children in Nigeria. This account is specially designed to encourage children to develop a savings habit and learn the importance of financial responsibility from an early age.
With the Ecokids Account, children can start saving from as little as 500 Naira, making it accessible to parents from various financial backgrounds. This account also offers competitive interest rates to help grow your child's savings over time.
What sets Ecobank's Ecokids Account apart is its unique features tailored specifically for children. These include a dedicated online platform that allows children to view their account balances and transaction history, helping them track their savings progress.
Additionally, Ecobank provides financial education resources to help children learn about money management and develop a solid financial foundation.
Opening an Eco Kids Account is simple and convenient. Parents can visit any Ecobank branch with the required documentation to get started. It's a hassle-free process that ensures your child's financial future is secure.
Diamond Bank – Little Diamond
Diamond Bank, now known as Access Bank after a merger in 2019, offers a special savings account for children called "Little Diamond." This account is specifically designed to help children develop good savings habits and financial literacy skills from a young age.
With the Little Diamond account, children can start saving as early as zero years old, and the account can be opened and managed by their parents or guardians.
The account comes with exciting benefits such as competitive interest rates, free personalized debit cards, and access to the bank's digital banking platforms.
One unique feature of the Little Diamond account is the "School Fees Advance" option, which allows parents to access funds for their children's school fees at the beginning of each academic session.
This ensures that children's education is not disrupted due to financial constraints.
Diamond Bank, now Access Bank, is renowned for its excellent customer service and commitment to promoting financial inclusion.
The Little Diamond account is a testament to their dedication to helping children in Nigeria build a strong financial foundation for a secure future.
By choosing Diamond Bank's Little Diamond account, parents can provide their children with a reliable and trusted platform to save money and learn valuable financial skills from a young age.
FAQS
What is the best bank in Nigeria 2023?
There is no one "best" bank in Nigeria, as the best bank for you will depend on your individual needs and preferences.
However, some of the most popular banks in Nigeria include:
Zenith Bank
Fidelity Bank logo
These banks offer a variety of services and products, including savings accounts, current accounts, investment products, and loans. They also have a wide network of branches and ATMs across Nigeria.
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 be the legal guardian of the child in order to do so. You can open an account at any bank in Nigeria.
Which bank is best for minors to open savings accounts?
The best bank for minors to open a savings account will depend on your individual needs and preferences. However, some of the banks that offer savings accounts for minors include:
Zenith Bank
Guaranty Trust Bank (GTBank).
First Bank of Nigeria.
Access Bank.
Union Bank of Nigeria.
United Bank for Africa (UBA).
Stanbic IBTC Bank.
Fidelity Bank.
Diamond Bank.
These banks offer a variety of features and benefits for children's savings accounts, such as:
Low minimum balance requirements.
No monthly maintenance fees.
Attractive interest rates.
Rewards and incentives.
Online and mobile banking access.
Parental control features.
What is the best bank account for children?
The best bank account for children will depend on your individual needs and preferences.
However, some of the factors you may want to consider include:
The features and benefits offered by the account.
The interest rate.
The minimum balance requirement.
The monthly maintenance fee.
The availability of online and mobile banking.
The parental control features.
Which bank offers the best children's savings account in Nigeria?
The best children's savings account in Nigeria will depend on your individual needs and preferences.
However, some of the banks that offer children's savings accounts with attractive features include:
Access Bank Early Savers Account savings account.
First Bank KidsFirst.
Union Bank UnionInfinity.
Stanbic IBTC Little Star.
UBA Kiddie Account.
Ecobank Ecokids Account.
Diamond Bank Little Diamond.
These accounts offer a variety of features and benefits, such as low minimum balance requirements, no monthly maintenance fees, attractive interest rates, rewards and incentives, online and mobile banking access, and parental control features.
Which savings account is best for a child in Nigeria?
The best savings account for a child in Nigeria will depend on your individual needs and preferences.
However, some of the factors you may want to consider include:
The features and benefits offered by the account.
The interest rate.
The minimum balance requirement.
The monthly maintenance fee.
The availability of online and mobile banking.
The parental control features.
It is important to compare the different savings accounts offered by different banks before you decide which one is best for your child. You should also consider your child's age and financial goals when making your decision.
Conclusion
In conclusion, choosing the best bank to open a savings account for your child is an important decision that can set them up for financial success in the future.
The banks listed in this article – First Bank, Guaranty Trust Bank, Access Bank, Zenith Bank, Fidelity Bank, Union Bank, Stanbic IBTC, United Bank for Africa (UBA), Ecobank, and Diamond Bank – all offer specialized savings accounts for kids and children in Nigeria.
When selecting a bank, consider factors such as interest rates, account fees, ease of access, and customer service. It's also important to involve your child in the process and educate them about the importance of saving money.
By opening a savings account for your child, you are not only teaching them financial responsibility but also helping them build a solid foundation for their future.
Remember, every child is different, so take the time to compare the features and benefits of each bank before making your decision.
With the right savings account, your child can start developing good money habits early on and be on the path towards financial independence. So, start exploring the options and open a savings account for your child today!