Best Banks to Open a Savings Account for Kids in Nigeria
Saving for your kids’ future as you know well enough is important, and finding the right bank for their savings account is the first step to take. You want a place that is not only safe but also offer features tailored to children. After doing some research, I discovered there are several Nigerian banks offering special savings accounts designed just for kids. In this post, I’ll be sharing my top picks for the best banks where you can open a savings account for your kids.
As a parent or guardian, getting your child started with a savings account early is one of the best ways to teach them about money management and ensure they have a financial head start in life.
1. Access Bank – Early Savers Account
One of the banks that caught my attention right away is Access Bank with its Early Savers Account. This account is perfect for kids and teenagers under the age of 18. What I love about Access Bank’s Early Savers Account is how it encourages saving through fun incentives. They run promotions where kids who save regularly can win prizes, which is a great way to motivate your child to build a savings habit.
The account is easy to open, and you only need a birth certificate or any form of identification for your child. Plus, there’s no minimum balance, which means you don’t have to worry about maintaining a specific amount in the account. This makes it accessible to everyone, no matter how much you’re starting with. Parents can also monitor the account online, giving you full control over deposits and withdrawals.
Overall, Access Bank does a great job at making savings fun and interactive for kids, while also giving parents peace of mind.
2. FirstBank – KidsFirst Savings Account
FirstBank is another major player when it comes to children’s savings accounts, and their KidsFirst Savings Account is one of the best I’ve come across. What makes this account stand out is the emphasis on long-term saving. You can open it for children under the age of 18, and it comes with a competitive interest rate, which means your child’s savings can grow steadily over time.
FirstBank also provides lots of educational tools and content for kids to help them understand the value of money. For me, this is a major bonus because teaching kids financial literacy early is key. It’s one thing to save money for them, but it’s even better when they can learn how to manage it wisely.
Opening the KidsFirst Savings Account is straightforward. You’ll need to provide your child’s birth certificate and a valid ID for yourself as the parent or guardian. FirstBank also has a unique offer where once your child turns 18, the account can be converted to a regular savings account, so there’s a seamless transition into adulthood. I think this is an excellent feature, as it helps continue the habit of saving into their adult life.
3. GTBank – Smart Kids Save (SKS) Account
Next on my list is GTBank with their Smart Kids Save (SKS) Account. GTBank is one of Nigeria’s leading banks, and their SKS account is tailored for children aged 0 to 17. One thing I found impressive is the interest rate on this account—it’s higher than what many standard savings accounts offer. So, your child’s money isn’t just sitting idle; it’s working and growing.
Another fantastic feature of the SKS account is that it’s designed to help kids develop a savings culture. As a parent, you can make regular deposits into the account, and your child can access the funds once they reach a certain age. GTBank also gives out branded gift items like school bags and water bottles when you open the account, which kids will love!
The SKS account is really easy to manage. Like many other banks, GTBank offers online and mobile banking options for parents to monitor the account. It also allows your child to transition smoothly into GTBank’s GTCrea8 account when they turn 18, which is geared towards young adults. For me, this long-term approach is one of the reasons I’d highly recommend GTBank’s SKS account.
4. Zenith Bank – Zenith Children’s Account (ZECA)
Another excellent option is Zenith Bank and their Zenith Children’s Account (ZECA). This account is specifically designed for kids aged 0 to 16, and it comes with a lot of benefits that parents will appreciate. The ZECA account offers an attractive interest rate, and one of the things I like most is that it allows parents or guardians to make standing orders. So, if you want to save a specific amount regularly, you can set it up automatically.
Zenith Bank also offers a free branded debit card for parents, which makes it easy to monitor and manage the account. Although the child doesn’t get direct access to the funds until they reach a certain age, the idea is to build a strong savings habit early on. I also found that the bank organizes events and programs for kids with ZECA accounts, like educational workshops, which is a great way to engage them.
Opening a ZECA account is simple. Just bring along your child’s birth certificate or any valid identification, and you’re good to go. Zenith Bank is very customer-friendly, and you can also link the account to your existing Zenith account for easy transfers.
5. Stanbic IBTC – Children Education Savings Account (CESA)
Lastly, let me tell you about Stanbic IBTC and their Children Education Savings Account (CESA). What makes this account unique is that it’s specifically designed to help parents save for their child’s education. If you’re planning for school fees or other educational expenses, this account will give you peace of mind.
CESA offers a good interest rate, and what I like about it is the flexibility it provides. You can make withdrawals only when needed—usually for educational purposes—so it really helps you stay disciplined in saving for school fees or other related costs. It’s almost like having a dedicated education fund, which is super helpful if you’re thinking long term.
To open a CESA, you need a birth certificate and your own ID as the parent or guardian. This account is ideal if you want to focus on saving for your child’s future educational needs, and I think it’s a smart move for anyone looking to set aside funds specifically for that purpose.
Final Thoughts
Saving for your kids is one of the most important financial decisions you can make as a parent. With so many banks in Nigeria offering specialized savings accounts for children, there are plenty of options to choose from. Are you looking for high interest rates, educational incentives, or simply a secure place to save, these banks—Access Bank, FirstBank, GTBank, Zenith Bank, and Stanbic IBTC—are all great options.
Remember, the earlier you start, the better. Not only will your child’s savings grow, but you’ll also be teaching them valuable lessons about money that will benefit them for years to come.
