Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023
If you are looking for a complete guide on the list of Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023, here is one.
As parents, we all want the best for our children.
We work hard to provide for their needs and ensure they have a bright future. One way to secure their future is by opening a savings account for them.
In this blog post, we will explore the benefits of opening savings accounts for kids and children and list the Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023
Benefits of Opening Savings Accounts for Kids and Children
Before we gp into discussing the Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023,lets look at the importance of opening saving account for children.
- Cultivates a saving culture: By opening a savings account for your child, you are teaching them the importance of saving money.
They learn to save for a specific goal, which can help them develop a saving culture that will benefit them in the future.
- Teaches financial responsibility: Kids who have savings accounts are more likely to be financially responsible in the future.
They learn to manage their money, make informed financial decisions, and understand the value of money.
- Encourages independence: Having a savings account can be empowering for kids.
They learn to manage their money independently and make decisions about how they want to spend or save their money.
- Provides a safety net: A savings account can serve as a safety net for unexpected expenses.
In case of an emergency, your child can dip into their savings account instead of relying on you.
- Earns interest: Savings accounts earn interest, which means your child’s money grows over time.
This can be a great way to teach them about the benefits of investing and earning passive income.
List of Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023
Below is the top list of Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023
- Access Bank: Access Bank’s Early Savers Account is designed for children under 18 years. The account can be opened with a minimum of ₦1,000 and earns an interest rate of 4.15% per annum.
- Fidelity Bank: Fidelity Bank’s Kids Savings Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 4.5% per annum and comes with a free savings box.
- First Bank: First Bank’s KidsFirst Savings Account is designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 3.5% per annum.
- Guaranty Trust Bank: Guaranty Trust Bank’s Smart Kids Save Account is designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 2.5% per annum.
- Stanbic IBTC Bank: Stanbic IBTC Bank’s Kiddies Savings Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 1.15% per annum and comes with a free piggy bank.
- Union Bank: Union Bank’s Early Savers Account is designed for children under 18 years. The account can be opened with a minimum of ₦1,000 and earns an interest rate of 1.15% per annum.
- Sterling Bank: Sterling Bank’s Sterling Kids Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 4.5% per annum and comes with a free savings box.
- Zenith Bank: Zenith Bank’s Children’s Account is designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 2.5% per annum.
- Keystone Bank: Keystone Bank’s Kiddies Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 3.5% per annum and comes with a free piggy bank.
- Wema Bank: Wema Bank’s Royal Kiddies Account is designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 3% per annum.
- Ecobank: Ecobank’s Xpress Save Junior Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 3.5% per annum and comes with a free piggy bank.
- United Bank for Africa: United Bank for Africa’s Kiddies Savings Account is one of the Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023 designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 2.5% per annum.
- Jaiz Bank: Jaiz Bank’s Junior Savings Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 2% per annum and is compliant with Islamic banking principles.
- SunTrust Bank: SunTrust Bank’s SunTrust Kids Account is also one of the Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023 that can be opened with a minimum of ₦1,000.
The account earns an interest rate of 3% per annum and comes with a free savings box.
- Providus Bank: Providus Bank’s Little Champions Account is designed for children under 18 years. \
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 3.5% per annum.
- Heritage Bank: Heritage Bank’s Kiddies Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 4.2% per annum and comes with a free piggy bank.
- Polaris Bank: Polaris Bank’s Smart Kids Save Account is designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 2.5% per annum.
- Titan Trust Bank: Titan Trust Bank’s Young Titans Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 3.5% per annum and comes with a free piggy bank.
- Keystone Bank: Keystone Bank’s Future Account is one of the Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023 designed for children under 18 years.
The account can be opened with a minimum of ₦1,000 and earns an interest rate of 4.2% per annum.
- Coronation Merchant Bank: Coronation Merchant Bank’s Children’s Savings Account can be opened with a minimum of ₦1,000.
The account earns an interest rate of 4.5% per annum.
Conclusion on Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023
Opening a savings account for your child is a smart financial decision that can help secure their future. The benefits are numerous, from cultivating a saving culture to teaching financial responsibility and providing a safety net.
With the list of Best Banks in Nigeria to OPen Savings Account for Kids and Children in 2023 provided in this blog post, you can choose the best option for your child. Start saving for your child’s future today!
FAQS
What is the minimum amount required to open a savings account for kids and children in Nigeria?
The minimum amount required to open a savings account for kids and children in Nigeria varies depending on the bank. Most banks require a minimum deposit of ₦1,000.
Can parents access the savings account of their kids and children?
Parents can access the savings account of their kids and children. However, some banks have restrictions on withdrawals to encourage savings.
What is the interest rate for savings accounts for kids and children in Nigeria?
The interest rate for savings accounts for kids and children in Nigeria varies depending on the bank. However, most banks offer competitive interest rates ranging from 1.15% to 4.5% per annum.
