Best banks to open savings account for kids in Nigeria

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Bank savings account for kids and teens in nigeria

It is the duty of every parent to position their children for a lifelong journey to success by giving them the very best start in life. One sure way to achieve this objective is to help your kids manage and develop a proper saving culture.

Here are the 11 best banks to open savings account for kids in Nigeria. This is a detailed article, so you might need to read patiently to decide on which of the banks you want to open an account for your children with.

  1. GTBank – Smart Kids Save (SKS) account
  2. First BANK – KidsFirst and MeFirst account
  3. Zenith Bank – Zenith Children’s Account ZECA
  4. FCMB – Kids Account
  5. Access Bank – Early Savers
  6. Unity Bank – Unity Kids savings account
  7. Polaris Bank – Rainbow Account
  8. Stanbic IBTC – CHESS account
  9. UBA – Kiddies and Teens Account
  10. Starling Bank – I can save
  11. Wema Bank – Royal kiddies savings account

1. GTBank

GTBank is one of the Best banks to open savings account for kids in Nigeria. They offer Smart Kids Save (SKS) accounts for children from the age of 0 to 18.

The Smart Kids Save account is designed to enable parents/guardians to save for their children under 18 years of age, whilst also developing a savings culture in them.

Features and benefits of GTBank Smart Kids

  • ​Minimum opening/account balance of N1,000.00 (One Thousand Naira Only).
  • ​Competitive interest rates at 1.15% (the more you save, the more you earn)
  • Allows lodgments of cheques, drafts and dividends into the account, subject to a maximum of N1,000,000 per instrument
  • Periodic lodgements can be made into the account through Standing Order/automated direct debits.
  • Complimentary invite to SKS Fun events
  • SKS can be converted into regular savings or current account, with the young saver as an authorized signatory. This is however only after the Smart kid saver has attained the age of 18​
  • ​From the age of 13, an SKS Teen account will be opened for the teenager which comes with a Trendy Teen MasterCard (issued upon Parent’s request) so the child can learn to manage money responsibly

Requirements

  • One passport photograph of signatory and Smart Kid.
  • Valid ID for each signatory (International Passport, National Driver’s license, National ID Card).
  • Utility bill
  • Copy of Smart Kids Birth Certificate.

GTBank Smart Kids Save (SKS) account is available for two age group categories:

SKS for ages 0 – 12

SKS Teen for ages 13 to 17

The SKS Teen account is automatically opened when the Smart Kid reaches the age of 13.

Open Smart Kids Account Now

2. First Bank

First Bank offers two different savings accounts for children

  1. KidsFirst for ages 0 to 12 and
  2. MeFirst for ages 13 to 17 respectively.

KidsFirst

With First Bank’s KidsFirst savings account for kids, you can put your children on their way to financial independence.

KidsFirst savings is a bank account for kids in Nigeria by First Bank. It is designed for children between the ages of 0-12 to teach and inculcate in them how exciting saving can be.

With this account, your child also gets to enjoy fun activities such as cool treasure hunts, cinema events and much more all year round, courtesy of FirstBank.

KidsFirst Features

  • This account is opened in the child’s name and operated by the parent/guardian
  • Zero account opening balance
  • Automatic Transition to MeFirst account when the child attains the age of 13
  • Ease and convenience of online banking
  • Cheques/Dividend warrant of up to N2 million can be lodged into the account
  • Trendy gift item for the child when the account is opened with a minimum of N10,000
  • Standing order on the payment of tuition/other fees.

MeFirst

MeFirst savings account for teenagers help them to embrace the culture of financial responsibility from a young age, keeping them positively engaged and entertained.

Teenagers between the ages of 13 – 17 learn all about money in fun ways as benefits enjoyed for opening this account.

MeFirst Features

  • Account is opened in the child’s name but operated by the parent/guardian
  • Zero account opening balance
  • Automatic transition to XploreFirst Account when the teenager attains the age of 18 years
  • Pre-paid card for the child (in 5 design options) on which parents/ guardians can load weekly/monthly allowances.
  • Cheques & Dividend warrants lodgement into the account

How to apply for KidsFirst or MeFirst savings account for kids or teens

Here’s how to apply for  bank account for kids with FirstBank

  1. To apply for a KidsFirst Account, Visit any FirstBank branch near you or Call:
  2. +234 700 FIRSTCONTACT (+234 700 34778 2668228), +234 708 062 5000, +234 1 448 5500

3. Zenith Bank

As one of the Best banks to open savings account for children (kids) in Nigeria, Zenith Bank offers savings account for kids known as Zenith Children’s Account (ZECA)

The Zenith Bank Children’s Account is a unique savings account designed to allow parents save (in Naira or US Dollars) for their children’s future and teach them about savings from a tender age.

The account is modeled in two tiers for young children and teens with an overarching objective of making savings fun for them and teaching them financial discipline.

Zenith Children’s Account for Kids (0 – 12)

ZECA kids account is modeled in two tiers for young children and teens with an overarching objective of making savings fun for them and teaching them financial discipline.

ZECA kids Features

  • An account specifically for children between the ages of 0-12yrs
  • Zero account opening balance
  • Interest rate at 1.15%
  • Standing order credit option
  • Cheque, draft and dividend lodgment
  • Invitation to the annual Zenith Children’s Parade*
  • Participation in the Children’s Day Scholarship raffle draw*

Zenith Bank Children’s Account for Teens (13 – 17)

The Zenith Teens account is a next level account for teenagers between the age of 13 and 17 years.

Zeca Teens account holders enjoy all the benefits of the Zenith Children’s Account and a Naira MasterCard (a prepaid card issued upon Parent’s request) so he/she can start learning to manage money responsibly.

ZECA Teens Features

  • An account specifically for children between the ages of 13-17yrs
  • Zero account opening balance
  • Interest rate at 1.25%
  • Standing order credit option Cheque, draft and dividend lodgment
  • Customized ZECA Teen Card
  • Invitation to the annual Zenith Children’s Parade
  • Participation in the Children’s Day Scholarship raffle draw

To open a ZECA bank account for kids, parents need to present the following

  1. The child’s birth certificate.
  2. The child’s passport photograph.
  3. A passport photograph of one or both parents.

zeca account opening form

You can register now for Zenith Children’s Account. Here is the Zeca Account opening form

4. FCMB

Kids account is a savings account designed for kids between ages 0 to 17.

FCMB Kids account encourages healthy savings habits at an early age and money management. The account is a naira denominated account.

Benefits and Features

  • Opening balance is ₦5,000
  • A non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
  • Minimum operating balance of ₦2,000
  • Free E-mail transaction notifications
  • Free birthday cakes*
  • Free ATM money box*
  • Win N10,000 monthly for 10 years in Kids Account pocket money promotion*

Requirements

In order to open a Kids Account, customers must provide the following:

  • Completed account opening form
  • 1 passport photograph of parent/guardian
  • 1 passport photograph of the child
  • Others (If customer wants to pay in clearing cheques)
  • International passport or Driver’s License or National ID card or Voters Card, or Resident Permit (for immigrants) must be provided by the parent/guardian.
  • Birth certificate of the child.
  • Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

Open account for your kid with FCMB now

5. Access Bank

It’s never too early to learn the value of saving. AccessBank provides Early Savers bank account for kids and teens. Early Savers is a savings account designed especially for children below the age of 18 years, including unborn children.

This account can be opened by parents (in trust) for their children, becoming the primary account holders, jointly running the account until their children become adults.

Encourage financial literacy in your child from a young age, as your nurture them into responsible adults.

Early Savers Features

  • Minimum opening balance of N1,000
  • Zero minimum daily balance
  • Interest rate of 1.15% p.a.
  • Allow deposits of dividend warrants up to N10,000 (a/c payee only)
  • The account is opened by the parent and held in trust for the child, until the child becomes of age to operate the account
  • Allows direct debit instruction

Early Savers Benefits

  • Opportunity to exclusively attend the Access Early Savers events.
  • Membership of the Early Savers Financial Literacy Club
  • Unrestricted Access to the Early Savers Microsite via https://earlysavers.accessbankplc.com
  • Free Early Savers Quarterly newsletter.
  • Lodgment of dividend warrants in child’s name is allowed (subject to a maximum of N10, 000).
  • Access to school fees advance (for parents)
  • Ease of saving through standing order instructions
  • Account is online and real time.

Early Savers Requirements

  • Duly completed account opening form
  • Proof of Residence
  • KYC Documentation of the child and guardian
  • Valid proof of residence
  • Visitation report
  • AML risk assessment of the guardian
  • 1 passport photograph each for parent/guardian and child /ward
  • Parent’s means of identification. Note: a valid means of Identity, with same address as quoted in the account opening package, will serve both as means of ID and address verification.
  • Birth certificate of the beneficiary(child)/International Passport
  • Parent/ Guardian’s BVN

6. Unity Bank

Unity Kids savings account is targeted at kids and Teenagers below 18 years of age. It offers parent and guardian the opportunity to set aside funds for their children.

Unity Kids Features and Benefits

  • Attracts interest
  • Converts automatically to major when the child turns 18 years
  • Encourages savings and banking habits from childhood

To open Unity Kids account you have to go to the nearest Unity Bank to you.

7. Polaris Bank

Polaris Rainbow Savings Account is a specialized bank savings account for Kids (0 – 12 years old), with parents/guardians as the trustees of the account until the child is 18 years old. The account is designed to create banking awareness amongst children in a fun manner from an early age.

Features & Benefits of polaris rainbow savings account

  1. Account is opened in the child’s name and operated by the parent/guardian
  2. Minimum opening and operating balance of N1,000.00
  3. Competitive interest on savings
  4. Automatic migration to Polaris Young Achievers Account at age 13, with SMS/Email notifications to parents/guardians.
  5. Debit card issuance
  6. Lodgement of cheques/dividend warrants (in Child’s Name) of up to N2million
  7. Access to consistent saving with standing instruction from benefactor account
  8. Access to e-channel platforms

Requirements for Polaris rainbow savings account

  1. One recent Passport photograph of parent and One Recent Passport photograph of child
  2. Bank Verification Number (BVN)
  3. Proof of age document of the child (Int’l Passport, Birth Certificate, Notification of Birth)
  4. Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card)
  5. Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
  6. Resident permit (for expatriates)

Register now

8. Stanbic IBTC

Stanbic CHESS is a bank account for kids in Nigeria that makes every Naira count for you and your child.

Features and benefits of Stanbic chess savings account

  • An account to manage your child’s savings for educational fees, extra classes, or simply learning about money.
  • Interest rate of 1% above the average savings account
  • Forfeiture of 1% interest upon more than 1 withdrawal in a quarter and forfeiture of savings rate if there are more than 4 withdrawals in a month
  • MasterCard debit card for easy access to your money
  • 24/7 Access to the customer care centre via phone, email and social media.
  • Full digital banking access – internet, app and USSD
  • Payment of cheques and divided warrants when KYC requirements have been met

 READ THIS GTBank loan code: interest rate, requirements and repayment ussd

Requirements for Stanbic IBTC Chess account for kids

  • Minimum opening balance of N2000
  • Application form
  • Child’s birth certificate
  • Two recent passport photographs of the child
  • Two recent passport photographs of the parent
  • A valid ID of the parent
  • Two reference forms – to enable cheque payments (Optional)

9. UBA Kiddies and Teens Account

Kiddies account

This is a savings account for kids from UBA. It’s finally time to grow out of piggy banks. The UBA kiddies Account allows parents to start saving for their children as soon as they are born, and as they grow older, educate them about money and savings.

UBA Kiddies Account is for children between the ages of 0 – 12 years. Parents or guardians will manage the account on behalf of the child.

UBA Kiddies account is available in two variants – Full and Lite.

Teens Account

UBA Teens Account is for teenagers between the ages of 13 – 17 years. Parents or guardians will manage the account on behalf of the child. This account is available in two variants – Full and Lite.

As your kids grow into young adults, a certain level of freedom is needed to help them grow and build their individuality.

UBA Teens account exists to serve that purpose. To give your teenage children some freedom with money, so they can dream, learn and develop into the right kind of adult.

UBA Kiddies and Teens Account Features & Benefits

  • Earn 13th Month Reward : 10% of the monthly savings plan done over 12 consecutive months having maintained a Standing Instruction of minimum of N5,000.
  • A chance to partake in the scholarship scheme through a raffle draw having maintained a Standing Instruction of minimum of N10,000 for 6 consecutive months.
  • Annual interest of 1.15% (payable monthly)

UBA Kiddies and Teens Account Requirements

  • Child’s birth certificate or International Passport
  • 1 Passport Photograph each of parent/guardian and child
  • Parent’s valid ID (National ID/ Driver’s License/ Permanent Voters card/ International Passport)
  • Utility Bill within 3 months from account opening date.

Open UBA Kiddies/Teens Account Now

10. Starling Bank

Don’t let your child grow to be a spendthrift, teach them the art of saving with their very own account.

Starting them young
is the new way to live

From a very tender age, kids are beneficiaries of cash gifts from generous relatives. Sometimes, we even get jealous and wish we could swap places. Don’t let your child grow to be a spendthrift, teach them the art of saving with their very own account. Starling Bank offers one of the best savings account for kids in Nigeria.
  • Minimum account opening balance of ₦2,000
  • Daily minimum balance of ₦1,000
  • Allows lodgement of cheques and dividend warrants.
  • Issuance of Debit card & SMS alert.
  • Incentive of ₦250,000 to beneficiary that have scores of all A’s in SSCE/Cambridge O ’level in at least 8 subjects at one sitting
  • Allows lodgement of cheques and dividends up to ₦2 Million limit per day
  •  Instant Debit Card at your doorstep
  • Attractive interest rates.
  • School fees credit facility
  • Average balance of ₦50,000 and above attract additional interest of 1% p.a.
  • Account is operated by parent/guardian on behalf of minor.
  • Parent’s/Guardian’s Valid Means of Identification.
  • One recent passport sized photograph each of minor and parent/guardian.
  • The birth certificate of the minor/International passport or evidence of age.
  • 2 satisfactory references (Only necessary if you intend to lodge cheque with above ₦2 million into the account).
  • A utility bill issued within the last 3 months.

11. Wema Bank

Children get an early start to financial freedom at Wema Bank with our Royal Kiddies Account designed for ages 0 to 12.

Opening a Royal Kiddies account for your children gives you access to school fees advance, scholarships and life assurance to fund their education.

Features of Royal Kiddies Account

  • Account is operated by the parent/guardian who may or may not have an account with Wema Bank
  • Minimum opening balance of N2,000
  • Competitive interest rate (2.15%)
  • Limited withdrawals – Max of 1 withdrawal/month to qualify for interest payment
  • Lodgment of dividend warrants & cheques in child’s name is allowed
  • No debit card would be issued on this account
  • A Royal Kiddies e-purse will be made available on request.

Benefits of Wema Royal Kiddies Account

  1. Helps parents to save for their child’s future.
  2. Helps to teach a child the importance of saving from a young age and introduces the child to use financial channels through the Royal Kiddies e-purse.
  3. Ensures continuity of child’s education in case of death of parent or guardian.
  4. Allows standing order for regular savings from parent’s/guardian’s accounts for payment of school fees
  5. Higher interest rate than a standard savings account.
  6. Eligibility for the annual Wema Educational Award
  7. Transaction alerts through SMS and/or E-mail

Requirements for Wema Bank Royal Kiddies

  • Duly completed account opening form including signature mandate card
  • Copy of National ID card, Driver’s License, Voters ID or International Passport of the account administrator (parents/guardian)
  • 1 passport photograph each for parent/guardian and child/ward and alternate administrator
  • BVN of administrator & Alternate administrator (Where applicable)
  • Birth certificate or School ID of child
  • Copy of utility bill (Water, electricity, Waste or telephone) issued within the last three months

Open Wema Bank Royal Kiddies Account Here

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About the Author: Femi Olawole

Femi Olawole is a web designer, blogger and SEO expert. He is the owner of XYZ News Nigeria, a local news and entertainment blog

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