One of the ways to teaching your children financial independence in later life is encouraging them to save. By so doing, they learn to be prudent in money management.
This article identified 6 commercial banks offering children savings account services.
EARLY SAVERS ACCOUNT by Access bank
*It is a savings account for children between ages of 0-16 years
* Parents can open this account for their unborn children
*Parents can open and run this savings account in trust for a child until such is grown enough to operate it
* Opening balance of N1,000
*Zero minimum operating balance
*Allow deposits of dividend warrants up to N10,000
*Allows direct debit instruction
*Interest rate of 1.15% p.a. (subject to 4 withdrawal per month)
*Access to Early Savers Teen Debit Card.
*Ease of saving through standing order instructions.
*Account is online and can be monitored in real time.
SMART KIDS SAVE /SMART TEEN by GTB
Guaranty Trust Company Limited (GTCO) offers two categories of children savings accounts. There are the Smart Kids Save ( for children between 0-12 years)and Smart Teen (for children between 13 and 18 years)
*Children operating Smart Kids Save can migrate to Smart Teen when they attain teenage age.
*Minimum opening/account balance of N1,000.00 (One Thousand Naira Only).
*Interest rate of 1.15%
*Lodgement can be through cheques, drafts, and dividends, but subject to a maximum of N1,000,000 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 child-account holder as its authorized signatory and upon attaining 18years.
ZENITH BANK CHILDREN ACCOUNT (ZECA)
*For children between the ages of 0-12yrs
*You don’t need to make a lodgement when opening the account
*Interest rate at 1.15%
*Standing order credit option
* Allow cheque, draft and dividend lodgement
*Invitation to the annual Zenith Children’s Parade
*Participation in the Children’s Day Scholarship raffle draw (Terms and conditions apply)
POLARIS YOUNG ACHIEVERS
This is a savings account being operated by Polaris Bank for teenagers between the ages of 13 – 17 years
* Parents/guardians are account trustees until the child account holder is 18 years old.
*Minimum opening and operating balance of N1,000.00
*Savings interest rate of 3.75%
*Maximum of 4 withdrawals monthly (Interest forfeiture if withdrawal exceeds four (4) times in a month)
*Automatic migration to Polaris Young Achievers Account at age 18, with SMS/Email notifications to parents/guardians.
*Debit card issuance
*Issuance of prepaid cards with trendy designs through which parents/guardians can load weekly/monthly allowances for the teenagers
*Opportunity to participate in Young Achievers events
*Accept cheque lodgement /dividend warrants (in Child’s Name)
*Minimum opening and operating balance of N1,000.00
*Account can be opened online.
MEFIRST by First Bank
*This savings account is for teenagers between the ages of 13 – 17 years old
*Account is opened in the child’s name but operated by the parent/guardian
*Zero account opening balance
*Automatic transition to XploreFirst Account when the teenager attains the age of 18 years
*Pre-paid card for the child (in 5 design options) on which parents/ guardians can load weekly/monthly allowances.
*Cheques & Dividend warrants lodgement into the account
UBA TEENS ACCOUNT
*This account is available in two variants – Full and Lite.
*Account for teenagers between the ages of 13 – 17 years.
*Parents or guardians will manage the account on behalf of the child.
*Offers 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.
*Personalized debit card at a 50% discount (only first issuance)
*Opportunity to intern at UBA
*Annual interest of 1.15% (payable monthly)
