Top 10 Savings Accounts for Kids in Nigeria

Just like it is never too late to learn Financial literacy, it is never too early as well. Agreeably, a fundamental part of parenting is providing the basics needs for your children. However, starting early to imbibe financial literacy in your children is as good as giving them a head start towards financial independence. Savings transcends safeguarding the future of your children against unexpected twist and turns, an awareness of how money works is a high intelligence quotient for your kids.

New York Times bestselling Personal finance author and journalist, Beth Kobliner, says children as young as three years old can grasp financial concepts like saving and spending. Also, a report by researchers at the University of Cambridge commissioned by the United Kingdom’s Money Advice Service revealed that kids’ money habits are formed by age 7. Now that you know how important it is to induct your children into the world of banking early, here are the top 10 savings accounts to help achieve that:

1. Zenith Children’s Account: This is for kids between ages 0-12, while the Zenith bank children’s account for teens is from 13-17 years of age. It has a zero account opening balance, interest rate of 4.2%, Standing order credit option Cheque and draft dividend lodgement.  

2. Access Bank Early Savers Account: This is for children below the age of 16 years and even those unborn with an opening balance of N1,000 Minimum.

3. Guaranty Trust Bank Smart Kids Save: This is for children of 0 to 17 years old with a minimum opening balance of N1,000.

4. Unity Kids Account: Unity Bank offers an opportunity to win a scholarship, a free birthday card and a welcome pack for customers who open their accounts with N10,000 and above.

5. First Bank Kids First: This is designed for children between the ages of 0-12 and opened with a minimum operating balance of N1000.

6. Fidelity SweetA Account: This is for kids between ages 0 -17 with operating balance of N1,000 Monthly.

7. Wema Bank Royal Kiddies Account: This is the account designed for kids between 0-12 years of age including a Minimum opening balance of N2k, a minimum operating balance of N5k.

8. UBA U-Care Savings Account: This is an education-based saving account

9. FCMB Kids Account: This is a savings account suitable for kids between ages 0-15 with an opening balance of N5,000.

10. Polaris Rainbow Account: It is designed for children between 0-17 years of age.