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Finance

15 Best Bank to Open Savings Account for Child in Nigeria

The importance of financial literacy and planning cannot be overemphasized, especially when it comes to educating our children about money matters. Opening a savings account for your child is a significant step towards teaching them the value of saving and financial responsibility.

Nigeria, with its robust banking sector, offers a plethora of choices for parents considering this step. This article will highlight the 15 best banks in Nigeria to open a savings account for your child.


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Read Also: 15 Best Bank in Nigeria With Good Network

Best Bank to Open Savings Account for Child in Nigeria

1. Access Bank Early Savers Account:

This account is designed to foster a saving culture in children as young as one day old. The account offers competitive interest rates and a low minimum opening balance, making it a perfect choice for your child’s first savings account.15 Best Bank to Open Savings Account for Child in Nigeria

2. First Bank KidsFirst Account:

With a friendly minimum opening balance and a free branded gift upon opening the account, First Bank makes saving an exciting journey for your child. It also offers financial literacy training and scholarships, instilling the importance of education and savings.

3. GTBank Smart Kids Save Account (SKS):

The SKS account is designed for children and teenagers between 0 to 17 years old. Besides the appealing interest rates, the account holder is eligible to participate in yearly scholarships, promoting both education and savings.

4. Zenith Bank Children’s Account:

This account offers a high-interest rate on savings and permits third-party withdrawals. The minimum opening balance is quite reasonable, making it an excellent option for parents on a budget.Information Guide Nigeria

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5. UBA U-Care Plus Savings Account:

UBA provides a debit card option and allows lodgment of cheques and dividend warrants into the account. It’s designed for children up to 18 years old, with competitive interest rates.Romantic Love Messages

6. Diamond Bank Future Account:

This bank account, designed for teenagers between 13 and 17 years old, offers a low minimum balance and an e-banking service. It’s an excellent way to introduce your child to digital banking.

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7. Stanbic IBTC Children Account:

With a low minimum opening balance and impressive interest rates, this account provides an excellent platform for children to save. It also offers a debit card for children aged 13 years and above.

Read Also: 15 Best Interest Rate Bank in Nigeria

8. Union Bank UnionKorrect:

This account offers not only a platform for saving but also access to yearly scholarships. It’s designed for children and teenagers up to 18 years old.NYSC Portal

9. Polaris Bank Rainbow Savings Account:

Polaris offers a low opening balance and allows the child to operate the account personally if they are ten years old and above. It also offers a free branded gift upon account opening.Good Morning Love Message

10. Ecobank Kiddies Savings Account:

Ecobank offers an account that grows with your child, with competitive interest rates and low opening balance requirements. They also offer a free branded gift for each account opening.

11. Fidelity Bank Sweeta Account:

This is an interest-yielding savings account designed for children up to 18 years old. It offers financial literacy training and competitive interest rates, with a low minimum opening balance.

12. Sterling Bank I Can Save Account:

Designed for children and teenagers, this account offers a low minimum balance and competitive interest rates. It also offers financial literacy programs to equip your child with financial management skills.

13. FCMB Kids Account:

This account offers an impressive interest rate, a low minimum opening balance, and a branded gift upon opening the account. It also provides an opportunity for your child to become an FCMB Scholar and benefit from yearly scholarships.

14. Keystone Bank Growing Star Savings Account:

This account offers competitive interest rates and allows lodgment of cheques and dividend warrants. It also offers a free branded gift upon account opening, making the savings journey exciting for your child.

Read Also: 15 Best Bank in Nigeria for Students

15. Wema Bank ALAT Students Account:

Tailored for students, this account provides a platform to save and manage funds. The account can be operated on the ALAT app, introducing your child to digital banking in a secure environment.JAMB Portal

 First Bank Kid Account:

In today’s fast-paced world, teaching children about financial literacy and instilling responsible money management habits at an early age has become crucial. Recognizing this need, First Bank has introduced its innovative Kid Account, designed specifically to empower young minds with essential financial skills. This groundbreaking initiative aims to provide a platform where children can learn, save, and develop a strong foundation for their financial future.

A Safe and Secure Environment for Financial Education:

First Bank’s Kid Account offers a safe and secure environment for children to explore the world of finance. With the guidance of their parents or guardians, kids can begin to understand the value of money and the importance of making wise financial decisions.15 Best Places To Live In Nigeria

Financial Literacy Made Fun and Engaging:

Learning about money doesn’t have to be a tedious process. First Bank has developed a range of interactive tools and resources to make financial literacy enjoyable for kids. Through gamified learning modules, animated videos, and age-appropriate financial activities, children can develop practical skills such as budgeting, saving, and distinguishing between needs and wants.

Teaching the Importance of Saving:

Saving money is an essential habit that can set children up for a successful future. The First Bank Kid Account encourages children to save by providing incentives and rewards for reaching their savings goals. With parental supervision, young savers can monitor their progress and witness firsthand how their money grows over time, fostering a sense of accomplishment and responsibility.

Parental Controls and Monitoring:

First Bank understands the importance of parental supervision and control over their children’s financial activities. Through the Kid Account, parents or guardians have access to comprehensive monitoring tools. They can track their child’s spending, savings, and set spending limits, thereby promoting responsible financial behavior.

Read Also: 15 Best Bank to save Money in Nigeria

Financial Tools for Teens:

As children grow into teenagers, their financial needs and aspirations evolve. First Bank recognizes this transition and offers specialized financial tools for teens, preparing them for greater financial independence. These tools include budgeting apps, debit cards with spending limits, and access to educational resources tailored to their age group.15 Best Sanitary Pads in Nigeria

Collaboration with Schools and Community Programs:

First Bank actively collaborates with schools and community programs to promote financial education. By partnering with educational institutions, the bank conducts workshops, seminars, and financial literacy programs, ensuring that children receive a comprehensive understanding of money management from a young age.

Conclusion

In conclusion, there are numerous options for opening a child’s savings account in Nigeria, each with its unique features and benefits. When deciding which bank to choose, it’s important to consider the child’s age, the bank’s reputation, the interest rates, the minimum opening balance, and any additional benefits such as scholarships or financial literacy programs. Remember, the goal is not just to save money but also to instill a culture of financial responsibility in your child from a young age. Therefore, whatever bank you choose, ensure it aligns with your child’s needs and your financial goals.

It’s never too early to start teaching your child about money, and opening a savings account is a practical and effective way to start. With the right guidance and the right savings account, your child can learn valuable lessons about money that will serve them well into adulthood.

This list should provide a comprehensive guide to get you started on the right foot, ensuring you make the best decision for your child’s financial future. Happy saving!

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