Best Banks In Nigeria To Open Savings Account For Kids And Children In 2023
The children are not restricted from having a bank account, even an infant! You can open a bank account for your child easily and conveniently in Nigeria without age restrictions. Therefore, in this article, I’ll give you insight into the top 10 best banks in Nigeria to open savings account for kids and children in 2023.
Please have in mind that there are many banks that allow the opening of a savings account for children in Nigeria but the best amongst them was only selected to share with you in this post.
Best Banks In Nigeria To Open Savings Account For Kids And Children In 2023
The following are the top 10 best banks in Nigeria to open savings accounts for kids and children in 2023:
Guarantee Trust Bank (GTBank)
GTBank is one of the leading banks in Nigeria with a reputation for innovative banking solutions, and its Smart Kids Save (SKS) account is no exception.
The SKS account is designed for children aged 0-17 years and offers a hassle-free account opening process with no minimum opening balance or monthly maintenance fees.
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Parents can monitor and control their children’s accounts through internet banking or mobile banking, making it easy to track their savings progress.
Additionally, GTBank rewards children who save consistently with exciting gifts such as bicycles, laptops, and educational tablets.
The account also offers competitive interest rates, making it a great option for parents who want to save for their children’s future.
First Bank Of Nigeria
First Bank of Nigeria is the second of the listed top 10 best banks in Nigeria to open a savings account for kids and children in 2023.
It is a well-established financial institution that has been operating in Nigeria for over 125 years.
The KidsFirst Savings Account is specifically designed to help parents save for their children’s future while earning competitive interest rates. The account can be opened with a minimum deposit of N100 and offers free account management, making it a great option for parents who want to start their children’s savings journey early.
Zenith Bank
Zenith Bank is one of Nigeria’s largest banks and is known for its excellent customer service and innovative banking solutions.
The bank’s Children’s Account is designed for children under the age of 18 and offers a competitive interest rate.
Parents can set limits on how much their children can withdraw from the account, which can be helpful in encouraging children to save.
Access Bank
Access Bank’s Early Savers Account is designed for children between the ages of 0 and 18.
The account offers a competitive interest rate and can be opened with a minimum deposit of N1,000.
Children can receive gifts such as school bags, water bottles, and lunchboxes for saving consistently.
The account also allows parents to monitor their children’s savings progress through Internet banking or mobile banking and today, it is one of the top 10 best banks in Nigeria to open savings accounts for kids and children in 2023.
United Bank Of Africa (UBA)
UBA’s Kiddies Savings Account is designed for children under the age of 18 and offers a competitive interest rate.
The account can be opened with a minimum deposit of N1,000, and children can receive gifts for saving consistently. The account also allows parents to monitor their children’s savings progress through Internet banking or mobile banking.
Stanbic IBTC Bank
Stanbic IBTC Bank’s Blue Edge Savings Account is designed for children between the ages of 0 and 17.
The account can be opened with a minimum deposit of N1,000 and offers a competitive interest rate.
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The account also offers a debit card for children to make withdrawals, which can be controlled by parents.
Fidelity Bank
Fidelity Bank’s Kids and Teens Account is tailored to meet the financial needs of children and teenagers under the age of 18.
The Fidelity Kids and Teens account offers a competitive interest rate and can be opened with a minimum deposit of N1,000.
As parents, you can set spending limits for your children, making it easy to manage your finances.
Union Bank
Union Bank’s Junior Savers Account is designed for children between the ages of 0 and 18.
The account offers a competitive interest rate and can be opened with a minimum deposit of N1,000. Parents can monitor their children’s savings progress through Internet banking or mobile banking.
Wema Bank
Wema Bank is arguably one of the top 10 best banks in Nigeria to open a savings account for kids and children in 2023.
Wema Bank’s Royal Kiddies Account is designed for children who are between the ages of 0 and 17.
This type of account offers a competitive interest rate and can be opened with a minimum deposit of N1,000.
Parents can monitor their children’s savings progress through Internet banking or mobile banking.
Additionally, the account offers access to a range of financial literacy materials, helping children learn about money management.
Jaiz Bank
Lastly, Jaiz isn’t left out of the list of the top 10 best banks in Nigeria to open savings accounts for kids and children in 2023.
Jaiz Bank’s Young Savers Account is primarily designed to help parents save for their children’s future while teaching them Islamic finance principles.
The account can be opened with a minimum deposit of N1,000 and offers a competitive interest rate. Parents can easily monitor their children’s savings progress through Internet banking or mobile banking without any restriction.
Frequently Asked Questions On best banks in Nigeria to open savings accounts for kids and children
Below are some frequently asked questions related to the topic- 10 best banks in Nigeria to open savings account for kids and children in 2023:
Which bank is best to open children’s accounts in Nigeria?
There are several banks in Nigeria that offer children’s savings accounts with competitive interest rates and other benefits.
Some of the popular banks for opening children’s accounts in Nigeria include First Bank of Nigeria, Access Bank, GTBank, Zenith Bank, and Stanbic IBTC Bank.
It’s recommended that you compare the features and requirements of the different banks to choose the best one that meets your needs.
Which bank is the best to open for children?
The best bank to open a savings account for a child depends on various factors such as interest rates, fees, benefits, and accessibility.
Some banks offer higher interest rates and better benefits for children’s accounts, while others may have lower fees or more convenient locations.
It’s advisable to research and compare different banks before making a decision.
Which bank is the best in Nigeria?
There are several top-performing banks in Nigeria, including Access Bank, Zenith Bank, Guaranty Trust Bank, First Bank of Nigeria, United Bank for Africa, and Stanbic IBTC Bank.
These banks are known for their strong financial performance, a wide range of products and services, and excellent customer service.
Can I open a savings account for my future child?
Yes, it’s possible to open a savings account for a future child.
Some banks offer special accounts for parents who want to save for their children’s future education or other expenses.
You may need to provide some identification documents and other requirements, depending on the bank’s policies.
It’s recommended that you compare the features and benefits of different accounts before making a decision.
