Children deserve the best, don’t they? One of the essential things you can do as a parent for your children is to cater to their needs. This is because the more children grow older, the more they become responsible for their needs and wants. The children’s bank account is needed to fund children’s expenses such as school fees, hospital and first aid needs, and others. Regardless of the age they are, they need these important yet vital things. However, as a parent, you might be wondering if this is the best step to take. If you worry like this, you are not the only person. This article would touch on the Best banks in Nigeria to open savings accounts for kids and children in 2023
List of The Best Banks in Nigeria to open savings Accounts for Kids in 2023
1. Guarantee Trust Bank
Gtbank is one of Nigeria’s top banks in 2023. Recently, the company has been listed as one of Africa’s top banks. It has a good reputation among the Nigerian community. It also has a platform where children can access the bank through the SKS platform (Smart Kids Save) where they can save their account without issue
Also, guardians can keep watch over their children through Internet banking or mobile banking. Also, they can keep track of their account very well. Gtbank also gives incentives to kids that save regularly. Gifts such as bags, laptops, and other devices are given to children to encourage them. Additionally, there is a friendly interest rate available for children for them to be encouraged.
2. First Bank Nigeria
First Bank Nigeria is one of the top banks in Nigeria when it comes to handling money. Also, this is a nice Bank for you to open for your children. Your children would handle the account well because First Bank is always ready to assist. The history of First Bank makes it a top choice because it has been in operation for over 120 years.
First Bank offers a KidsFirst savings account for people who are under 18 years of age. It is specifically designed for children to operate. Talking about interest, the interest rate is very friendly for children. This would help your ward or children save their funds. The most beautiful thing is that the account can be opened for as low as 100 naira.
3. Zenith Bank
Zenith Bank is one of the best banks in Nigeria. Zenith Bank is one of the most popular banks. It is popular because it serves customers. Customers both at home and abroad can deposit funds without having issues. Also, if you’re below 18 years of age, Zenith Bank can help you save your funds.
With its innovative banking solutions, the Children Account is created for children who are still under the control of their parents. Parents can monitor their child’s activity on the app. The bank is also designed for children who wish to withdraw money from their bank.
4. Access Bank
Access Bank is one of the most tech-oriented firms in the country. Without doubting, Access Bank has amassed a lot of customers recently because of its nice user-friendly outface. It is one of the banks that has a platform for kids to operate an account. The children’s account can be opened on behalf of your ward or children. With a minimum of N1000, you can open an account for your child.
Another added advantage of the bank is that it has a friendly interest rate. Children would also be rewarded from time to time for using the account. They are in line to receive shoes, bags, laptops, and other academic gear. The platform also allows parents to monitor the activities of their ward in the account.
5. United Bank of Africa (UBA)
United Bank of Africa owned by Tony Elumelu is one of Africa’s biggest banks. Its service is regarded as one of the best in Africa because of its large customer outreach. UBA is not left out of the list because it has a provision for children under the age of 18. It offers a competitive interest rate that enables your ward to withdraw and operate the account with ease.
UBA Kiddies saving account is created for children and it offers almost the same service as opening a normal account with the bank.
6. Fidelity Bank
Fidelity Bank has a platform where both kids and teens can operate an account. This provision enables kids of all ages to have access to a bank account. Regardless of its services, the normal Fidelity Bank account is almost the same as its Kiddies account. Fidelity Bank also offers customers the ability to open an account without a high-interest rate.
As a parent, you can open an account for your child for as low as N1000. Also, you are allowed to monitor the activities of your child every day. You can also set the withdrawal and spending limits of your child by setting the account yourself.
7. Wema Bank
Wema Bank is one of the banks used by Nigerians nationwide. It is arguably one of the top five banks in Nigeria because of the services it renders. Talking about the children section of the bank, Wema also has a platform where children can open an account. If you walk into any Wema bank branch in Nigeria, do well to tell them you want to open a Wema Bank Royal Kiddies for your children.
This Wema Bank Royal Kiddies account is designed for customers under the very age of 18. It offers a competitive interest rate within Nigeria. With just N1000, you can easily get a children’s account on Wema Bank. Also, parents are advised to monitor the activities of their children when operating the account.
Which bank is the best in Nigeria?
Guaranty Trust Bank Limited was named the ‘Best Bank in Nigeria’ at the Euro-money Awards Ceremony for Excellence 2023 for the 12th time.
Which bank is the best for kids?
First Bank with its KidsFirst platform. KidsFirst is a feature of First Bank that sets children on their way to financial freedom. This savings account is designed only for children under the age of 18.
What are the five strongest in Nigeria?
The five banks, which are FBN Holdings, United Bank for Africa (UBA), GTCO, Access Holdings, and Zenith Bank achieved gross earnings of 4. 5 trillion naira, a 20 percent growth compared to N3. 6 trillion posted in 2021.
What’s the full meaning of UBA?
UBA stands for United Bank of Nigeria.
What is the age at which children can access their accounts by themselves?
They can be given full access to their account when they attain the age of 18.
The banks listed above are the banks that offer children savings accounts. Whenever you are ready to open an account, you can just go online or walk down to their main office to make inquiries. These banks listed in the article “Best bank in Nigeria to open a savings account for kids and Children in 2023
” offers low-interest rates that would encourage savings. Also, it assists the parents to monitor the activities of the children all the time.