Best Banks in Nigeria To Open Savings Account for Kids and Children in 2023

Choosing the right bank to open a savings account for kids and children is a crucial step in teaching them the importance of financial responsibility and cultivating healthy saving habits. In Nigeria, several banks offer specialized savings accounts designed specifically for children. These accounts provide a platform for kids and children to start saving, learn about money management, and develop a strong foundation for their financial future.

In 2023, parents and guardians have a range of options when it comes to selecting the best bank to open a savings account for their kids and children. These banks offer tailored features, competitive interest rates, and educational resources to make the banking experience engaging and educational for young savers.

From established banks with a long-standing reputation to innovative institutions with cutting-edge digital solutions, the best banks in Nigeria for opening savings accounts for kids and children in 2023 provide a solid foundation for financial growth. These banks understand the unique needs of young savers and strive to provide them with a safe and secure environment to manage their money.

By opening a savings account for their kids and children, parents can introduce them to the world of banking, teach them the importance of saving, and instill financial discipline from an early age. These accounts often come with features like personalized debit cards, online banking services, and financial literacy programs to make the banking experience interactive and educational.

In this article, we will explore the top banks in Nigeria to open savings accounts for kids and children in 2023.

First Bank of Nigeria Limited

First Bank of Nigeria Limited is one of the oldest and most reputable banks in Nigeria. It offers a range of savings accounts tailored for kids and children, making it an excellent choice for opening an account in 2023. The bank’s KidsFirst Account is specifically designed for children below the age of 12, while the MeFirst Account caters to teenagers between the ages of 13 and 17. 

These accounts aim to introduce children to financial management and develop healthy saving habits. KidsFirst Account holders enjoy features such as personalized debit cards, competitive interest rates, and online banking services. Additionally, First Bank organizes financial literacy programs and provides educational materials to help children understand the value of money and the importance of saving.

With their user-friendly digital platforms, children can easily monitor their savings, set financial goals, and track their progress. First Bank’s commitment to financial education and its range of account options make it an ideal choice for parents looking to teach their children about responsible money management.

Guaranty Trust Bank Plc: 

Guaranty Trust Bank (GTBank) is widely recognized as a leader in the Nigerian banking industry, and their savings account options for kids and children are highly regarded. GTBank’s Smart Kids Save (SKS) account is specifically designed to encourage children to save and learn about financial responsibility. 

The SKS account offers attractive interest rates, exciting rewards, and educational resources. Account holders receive a personalized debit card, access to the GTBank mobile app, and online banking services. GTBank also collaborates with schools through the SKS School Banking Program, where students receive financial literacy education and participate in various activities to promote savings culture. 

Through these initiatives, GTBank aims to equip children with essential money management skills at an early age. The SKS account is an excellent way for parents to introduce their children to banking and saving, providing them with a solid foundation for their financial future.

Zenith Bank Plc: 

Zenith Bank is one of Nigeria’s leading financial institutions, known for its commitment to innovation and customer-centric services. The bank offers the Zenith Children’s Account, specifically designed to help children develop a savings culture from an early age. The account provides a platform for children to learn about financial responsibility and the value of saving. 

Zenith Bank offers competitive interest rates on the Children’s Account, making it an attractive choice for parents looking to help their children grow their savings. Account holders also benefit from educational resources and tools to enhance financial literacy. The bank’s user-friendly digital platforms, including online banking and mobile banking apps, enable children to access and manage their accounts conveniently. 

Additionally, Zenith Bank’s personalized debit cards provide children with a sense of ownership and responsibility over their savings. The Zenith Children’s Account is an excellent option for parents seeking a reliable and reputable bank to instill financial discipline in their children and prepare them for a prosperous future.

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Access Bank Plc

Access Bank is one of Nigeria’s largest banks and is highly regarded for its wide range of products and services. The bank offers an Early Savers Account, specifically designed to cultivate a savings culture among children. With competitive interest rates, this account encourages children to save for their future. Access Bank provides a host of features, including access to online banking, a personalized debit card, and a digital platform that allows children to track their savings. 

The bank also offers financial literacy programs, empowering children with knowledge about money management and responsible financial behavior. Through these initiatives, Access Bank aims to instill a sense of financial discipline and help children develop lifelong saving habits. 

The Early Savers Account is an excellent option for parents who want to introduce their children to the world of banking and teach them the importance of financial planning from an early age. Access Bank’s commitment to financial literacy and its comprehensive range of account features make it a top choice for parents looking to secure their child’s financial future.

United Bank for Africa Plc

United Bank for Africa (UBA) is a leading financial institution in Nigeria, renowned for its wide range of innovative banking solutions. UBA’s Kiddies and Teens account is designed to help children develop a savings culture while providing a platform for financial education. The account offers competitive interest rates, making it an attractive option for parents seeking to grow their child’s savings. 

UBA provides a personalized debit card, online banking services, and a mobile banking app, allowing children to monitor and manage their accounts with ease. The bank also offers exciting rewards and incentives to motivate children to save. Additionally, UBA partners with schools to deliver financial literacy programs, empowering children with essential money management skills. 

Through these initiatives, UBA aims to instill financial discipline and provide a solid foundation for children’s financial well-being. The Kiddies and Teens account from UBA is a comprehensive solution for parents who want their children to learn about money management while enjoying the benefits of a modern and accessible banking experience.

Fidelity Bank Plc

Fidelity Bank is a reputable financial institution in Nigeria, known for its customer-centric approach and innovative banking solutions. The bank’s Kids and Teens account is designed to introduce children to banking and foster a savings culture. The account provides competitive interest rates and a range of features tailored to the needs of children and teens. Fidelity Bank offers personalized debit cards, online banking services, and a mobile app that allows children to manage their savings conveniently. 

The account also provides educational resources and tools to enhance financial literacy, helping children develop essential money management skills. Fidelity Bank’s commitment to financial education and its range of account features make it an ideal choice for parents who want to teach their children about responsible money management and the value of saving for the future.

Stanbic IBTC Bank

Stanbic IBTC Bank is a leading financial institution in Nigeria, offering a range of banking services tailored for different customer segments. The bank’s Children’s Account is designed to help children develop a savings culture from an early age. Stanbic IBTC Bank offers competitive interest rates on their Children’s Account, making it an attractive option for parents looking to grow their child’s savings. 

The account provides access to personalized debit cards, online banking services, and a mobile banking app, allowing children to track their savings and make transactions conveniently. Stanbic IBTC Bank also provides educational resources and tools to promote financial literacy and teach children about responsible money management. 

With their commitment to innovation and financial education, Stanbic IBTC Bank’s Children’s Account is a solid choice for parents seeking a reliable and reputable bank to introduce their children to the world of banking and saving.

Union Bank of Nigeria Plc

Union Bank of Nigeria is a leading financial institution with a rich heritage and a focus on customer satisfaction. The bank offers a savings account for children known as the Union Kiddies Account. This account is designed to help children cultivate a savings culture and develop basic financial skills. 

Union Bank provides competitive interest rates on the Kiddies Account, making it an attractive option for parents seeking to grow their child’s savings. The account includes features such as a personalized debit card, online banking services, and a mobile banking app, ensuring easy access to funds and convenient account management. 

Union Bank also offers financial literacy programs and resources to enhance children’s understanding of money management. With their customer-centric approach and dedication to financial education, Union Bank’s Kiddies Account is an excellent choice for parents looking to instill financial discipline and encourage their children to save.

Sterling Bank Plc

Sterling Bank is a dynamic financial institution in Nigeria, known for its innovative products and services. The bank offers a unique savings account called the Sterling Kids Account, designed to introduce children to banking and financial management. 

The account provides competitive interest rates, personalized debit cards, online banking services, and a mobile app for convenient account management. Sterling Bank also organizes financial literacy programs and competitions to engage children and promote a savings culture. 

Through these initiatives, Sterling Bank aims to equip children with essential money management skills and encourage responsible financial behavior from an early age. The Sterling Kids Account is a comprehensive solution for parents who want their children to have a solid foundation in financial literacy and responsible saving habits.

Wema Bank Plc

Wema Bank is a customer-centric financial institution in Nigeria, offering a range of innovative banking solutions. The bank’s Purple Kids Account is designed to promote financial literacy and cultivate a savings culture among children. The Purple Kids Account offers competitive interest rates, personalized debit cards, online banking services, and a mobile app for easy account management. 

Wema Bank also provides educational resources, including financial literacy materials and interactive platforms, to help children develop a solid understanding of money management. With its commitment to financial education and customer satisfaction, Wema Bank’s Purple Kids Account is a great choice for parents seeking a reliable and forward-thinking bank to introduce their children to the world of banking and savings.

FAQS

Can I open a savings account for my future child? 

Yes, it is possible to open a savings account for your future child. However, the specific requirements and procedures may vary between banks. It is advisable to contact the bank of your choice and inquire about their policies regarding opening accounts for unborn or future children.

Which bank is best for minors to open a savings account? 

Several banks in Nigeria offer excellent savings account options for minors. Some of the best banks for minors to open savings accounts include First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc, United Bank for Africa Plc, Fidelity Bank Plc, Stanbic IBTC Bank, Union Bank of Nigeria Plc, Sterling Bank Plc, and Wema Bank Plc. Each bank has its own features, benefits, and eligibility criteria, so it is recommended to research and compare the offerings of these banks to find the one that best suits your child’s needs.

Can I open a savings account for my 3-year-old? 

Yes, it is possible to open a savings account for a 3-year-old. Many banks in Nigeria offer savings account options specifically designed for children. These accounts typically require a parent or guardian to be the primary account holder, with the child as the beneficiary. The parent or guardian will manage the account on behalf of the child until they reach a certain age, usually 18 years old. Contact your preferred bank to inquire about their specific requirements and procedures for opening an account for a 3-year-old.

How can I open a bank account for my child in Nigeria? 

To open a bank account for your child in Nigeria, you will typically need to follow these steps:

• Choose a bank that offers savings accounts for children.
• Gather the required documents, which may include identification documents for both the parent/guardian and the child, proof of address, and any additional documents specified by the bank.
• Visit the selected bank branch or check if they offer online account opening options.
• Complete the account opening application form, providing the necessary information and documents.
• Deposit the initial amount required to open the account, as specified by the bank.
• Review and understand the terms and conditions of the account.
• Once the account is opened, you will receive the account details, including the account number and other relevant information.

Which bank has the best children’s account in Nigeria? 

There are several banks in Nigeria that offer excellent children’s savings account options. The best bank for children’s accounts may depend on factors such as interest rates, account features, educational resources, and customer service. Some of the banks known for their exceptional children’s account offerings include Guaranty Trust Bank Plc, Zenith Bank Plc, Access

Conclusion

These ten banks offer comprehensive savings account options for kids and children, each with their unique features, benefits, and educational resources. Parents can consider factors such as interest rates, accessibility, customer service, financial literacy programs, and the overall banking experience when selecting the best bank to open a savings account for their kids and children in 2023.