Opening a kids savings account for your child is one of the best way to save for your child’s future, and it is one of the best gift that you can give to your child.
All the banks in Nigeria have kids savings account, but it is recommended that you go for the best and this comes down to some criteria.
It is a type of savings investment that you’re making for your child so one good feature that you should look out for is the interest rate.
Some childrens savings accounts comes with a monthly gifts from banks which includes parties like during Christmas.
Having received some requests from some of you guys that i should talk about the best savings account for kids, i’ve come up with this.
So far i managed to go to six banks to make inquiry about their kids savings account irrespective of the lockdown and excessive crowd at the gates.
Calling on the phone or sending emails didn’t yeild much i wanted to know.
So please incase you know about the other banks childrens savings account, don’t hesitate to post it on the comment box.
Best kids savings account
To get the best out of your child’s kids savings account, you need not to make any withdrawal in year.
Doing such means there will be no interest rate offered to you, you’ll only be liable to money deposited in the account.
One major reason why i love savings account for kids is the fact that it helps to save for their education.
You can’t be complaining always that there’s no money to pay for your child’s school fees.
With this children’s savings account, you’ll plan yourself and also for your child welfare.
1. Stanbic Ibtc Bank Children Educational Savings Scheme (CHESS)
Whenever it comes to investing or saving for the future, stanbic ibtc bank seems to offer the best for me, and so as their chess account.
According to the bank, CHESS is a special Savings Account developed to support you in meeting cash flow and timing needs of your child’s education.
With just a minimum of N5000 you can open a chess account for your child today.
The stanbic ibtc bank children savings scheme (CHESS) offers an interest rate of 5.2% per annum (which is one year).
Features / Benefits
- Minimum opening and daily balance of N5,000.00
- Withdrawals restricted to once every three months, loss of 1% intrerest if there is more than one withdrawal during this period.
- Lodgments of cheques and dividend warrants into the account.
- Helps our customers to plan for the education of their children and wards through a dedicated savings scheme.
- Pays interest of 5.2%(additional 1% interest p.a above prevailing rate on personal savings account, provided that withdrawals are not made more than once from the account in a quarter.
- Parents who have accounts with Stanbic IBTC Bank have the additional benefits of placing a standing order on regular transfer of specified amount to their child/wards account at no cost.
Requirements to open a chess account
If you are interested in opening stanbic ibtc bank children educational savings account.
Below are the requirements needed from you.
- Account Opening form duly completed
- One Signature/Mandate card duly completed
- Two recent clear passport photograph of the parents/guardians.
- Two recent clear passport photograph of the child.
- Birth certificate of the child.
- Valid mean of Identification such as your International passport, National Identity Card or current driver’s license.
- Proof of addresses (e.g. Utility Bill issued in the last 6 months).
2. First Bank KIDSFIRST SAVINGS ACCOUNT
Next best kids savings account in Nigeria is the first bank KidsFirst savings account.
The account is designed for children between the ages of 0-12 to show them how exciting saving can be.
According to the bank, kids will enjoy fun activities such as cool treasure hunts, cinema events etc.
And i can testify that this is true but only applicable to those residing in Lagos and Abuja.
The good news is that you can open first bank KidsFirst savings account with no money at all (zero account).
However, the minimum operating balance should not be less than N100.
Kindly note that withdrawals are not allowed in any given month for an account holder to qualify for Interest payment and which the interest rate is 4.05%.
Features / benefits
- KidsFirst savings account is opened in the child’s name and operated by the parent/guardian
- Zero account opening
- 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 N10,000.00
- Standing order on the payment of tuition/other fees.
Requirements
The requirements to open first bank KidsFirst savings account includes the following;
- Account Opening form
- Parent Signature
- A recent passport photograph of the parents/guardians.
- A recent passport photograph of the child.
- Birth certificate of the child.
- Valid mean of Identification such as your International passport, National Identity Card or current driver’s license.
- Proof of addresses.
3. UBA Kiddies Account
The third on the list of best kids savings account in Nigeria is the UBA kiddies account.
The kiddies savings account is only applicable to children between the ages of 0 – 12 years, and it comes in two variants – Full and Lite.
According to the bank, the kiddies Account allows parents to start saving for their kids as soon as they are born, and as they grow older, educate them about money and savings.
UBA KIDDIES
You’ll 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.
You child stand 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.
Uba kiddies savings account has an interest of 4.05% per annum though it is paid on monthly basis.
Requirements
- Child’s birth certificate or International Passport
- One Passport Photograph each of parent/guardian and child
- One Parent’s valid ID (National ID/ Driver’s License/ Permanent Voters card/ International Passport)
- Utility Bill within 3 months from account opening date.
UBA Kiddies Lite
This is the second uba kids savings account and it offers a interest rate of 4.05% per annum and which is paid monthly.
Features and benefits includes;
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.
Requirements
- Child’s birth certificate or International Passport
- One Passport Photograph each of parent/guardian and child
Kindly note that the minimum operating balance for uba kiddies account is N1,000 and it you withdraw more than 4 withdrawals in a month, the account is disqualified from interest payment for that month.
4. Access Bank Early savers account
Next best childrens savings accounts in Nigeria is the access bank Early Savers account, which is targeted from the the age of 0 – 16 years.
The early savers account can be opened by parents in trust for their children in which case the parents are noted as primary account holders.
And also with responsibility for jointly running such accounts until their children become adults and can solely operate their own accounts and possibly move to other age appropriate product.
The Early Savers kids savings account encourages financial literacy as children grow into responsible adults
It has an opening balance of N1,000 with Zero minimum daily balance and an interest rate of 4.2% per annum.
The access bank early savers kids savings account also alllow 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 .
Please note that it allows direct debit instruction.
Features / benefits
- Opening balance of N1,000
- Allow deposits of dividend warrants up to N10,000
- Allows direct debit instruction
- One withdrawal per quarter
- No card services allowed on this acc ount.
- Access to School Fees Advance (for parents)
- Membership of the Early Savers Financial Literacy Club
- Free quarterly Early Savers newsletter
- Ease of saving through standing order instructions
- Invitations to exclusive Access Early Savers events
- Account is online and can be monitored in real time.
Requirements
- Duly completed account opening form.
- Means of address verification.
- KYC Documentation of the child and guardian.
- Valid proof of residence.
- One passport photograph each for parent/guardian and child /ward.
- Parent’s means of identification.
- Birth certificate of the beneficiary(child)/International Passport.
- Parent/ G uardian’s BVN.
Please Note that 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.
5. Fcmb kids savings account
Fcmb kids savings account is a children’s account that encourages healthy savings habits at an early age and money management.
The FCMB kids savings account is targeted for kids between the ages of 0 – 15 years of age with a minimum opening balance of ₦5,000 respectively.
However, apart from the minimum opening balance, the minimum operating balance is ₦2,000 with a monthly interest rate of 4.20% which is paid per annum.
Features / benefits
- A non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
- 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
The requirements to open fcmb kids savings account includes the followings;
- Completed account opening form
- One passport photograph of parent/guardian
- One 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.
6. Gtbank Smart kids save (SKS)
Another recommended bank for the best kids savings account in Nigeria is the gtbank smart kids save (sks).
GTBank Smart Kids Save (SKS) account is available in two categories:
From zero to twelve years (0 – 12 yes)
From thirteen to eighteen years (13 – 18 yrs)
The minimum opening balance for both kids savings account is one thousand naira N1000, and same goes to minimum operating balance.
Just like some other banks, gtbank smart kids savings account interest rate is 4.05% per annum.
Features / benefits
- Allows lodgments of cheques, drafts and dividends into the account, subject to a maximum of N100,000 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 a 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
The requirements to open gtbank sks kids savings account are as follows;
- 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
7. Fidelity Bank Sweeta Account
The last on the list of best kids savings account is the fidelity bank sweeta account, which is meant for ages between 0 – 17 years old.
There’s no minimum opening balance as it can be opened with any amount of money be it one hundred naira.
However, the minimum operating balance is one thousand naira (₦1,000). So immediately you created the fidelity bank sweeta account for your child, you’ve up to one month to fund the account.
Sweeta kids savings account interest rate is 3.5% per annum, but your child is entitled to lots of goodies especially end of the year party.
Features / Benefits
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Open account with any amount
-
Minimum operating balance of ₦1,000
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Account holders can benefit N150,000 School Fees Support under our SWEETA loyalty scheme
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Birthday Gifts for SWEETA holders
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ATM Cards for SWEETA holders of 15 to 17 Years
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Regular monthly interest payment (not applicable if customer makes more than 4 withdrawals in a month)
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30% interest proportion to be utilized as loyalty scheme
Requirements
The requirements to open fidelity bank sweeta kids savings account are as follows;
- Completed account opening form
- 1 passport photograph of parent/guardian
- 1 passport photograph of the child
- Child’s birth certificate
- 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
- Address verification e.g. Utility bill
Other alternatives to kids savings account
Maybe you don’t really fancy the interest rates of the childrens savings account, you can decide to go for others like having an investment account or high yield savings accounts.
Having an investment account can also help you to save money for the future, which includes the kids future.
What are investment i recommend for you?
They are nigerian treasury bills, fgn savings bonds, fgn bonds, commercial paper, stocks and mutual funds.
What about REAL ESTATE?
That’s one of the best investment that you can make for your child cause the return on investment is very high compared to financial investments.
Don’t miss:
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- Best fixed deposit interest rates in Nigeria 2021
- What is mutual funds in Nigeria 2021
- Best high yield savings accounts (HYSA) 2021
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