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Top 10 Savings Accounts for Children in Nigeria (2024)

Opening a savings account for children in Nigeria is regarded as an important step towards financial literacy. Not only does it hold a valuable lesson on the importance of saving money, but it also helps them develop healthy financial habits for life.

Introducing the concept of saving early to children in Nigeria can provide a strong foundation for their financial future. Children who learn how to save money at a young age are more likely to become financially responsible adults.

What to look for in a savings account for children

When looking for a savings account for children, consider the following:

Interest rate

One of the most important factors to consider when choosing a savings account for children is the interest rate offered. A higher interest rate means that your child's savings will grow faster, so look for accounts that offer competitive rates.L


Another factor to consider is the fees associated with the account. Some accounts may charge monthly maintenance fees, ATM fees, or other transaction fees, so be sure to read the fine print and understand all the costs involved.

Minimum balance requirements

Some savings accounts for children may require a minimum balance to be maintained in the account to avoid fees or qualify for higher interest rates. Make sure you are comfortable with the minimum balance requirement before opening the account.


It is important to consider how accessible the account is for both you and your child. Look for accounts that offer online or mobile banking options, as well as easy access to ATMs.

Savings Accounts for Children in Nigeria

By encouraging children to save money, they can develop a sense of independence, responsibility, and confidence in managing their finances.

Here are some popular banks in Nigeria that offer savings accounts for children.

1. First Bank – KidsFirst

KidsFirst is a product of First Bank that sets children on their way to financial independence. This savings account designed specifically for children under the age of 18. With no monthly maintenance fees or minimum balance requirements, it is easy for children to start saving money.

Parents or guardians can also set up automatic transfers into the account, making it simple to contribute to their child's savings regularly. Additionally, the account comes with free access to First Bank's online and mobile banking, allowing both parents and children to monitor the account balance and make transfers easily.

Overall, First Bank's KidsFirst account is a great option for parents looking to introduce their children to the importance of saving money. The account is designed for children between the ages of 0-12.

2. Guaranty Trust Bank – Smart Kids Save (SKS)

The Smart Kids Save (SKS) account is available in two categories: parents/guardians to save for their children under 18 years of age, while also developing a savings culture in them.

The Smart Kids Save (SKS) account is available in two categories:

● SKS for kids between the ages of 0 to 12

● SKS Teen, for children from 13 to under 18 years

The SKS Teen account is an additional account opened when the Smart Kid becomes 13 years and older.

The account requires a minimum opening balance of N1,000.00 and attracts interest rates at 4.95% or more.

3. Access Bank – Early Savers Account

Early Savers is a savings account designed especially for children below the age of 18 years, including unborn children. The account is opened and operated by parents (in trust) for their children till they become adults to encourage healthy financial habits and literacy in children.

The account is opened with a minimum balance of N1,000 and has an interest rate of 5.40% p.a.

4. Zenith Bank Children's Account (ZECA)

Zenith Bank Children’s Account (ZECA) is a unique savings account designed to allow parents to save in Naira or US Dollars) for their children’s future and teach them about savings from a tender age.

This account comes with a personalized debit card, allowing children to make withdrawals and purchases while providing parents with the ability to monitor their child's spending.

Parents or guardians can also set up standing instructions or make deposits into the account via Zenith Bank's electronic channels such as Internet banking, mobile banking, or any of their branches.

5. Fidelity Bank Sweet Account (SWEETA)

Designed for children between the ages of 0 and 17 years, Fidelity Sweet Account (SWEETA) boasts of several benefits such as a loyalty cash reward of N150,000 tagged “School Fees Support”.

Through the School Fees Support scheme, the bank assists parents with paying school fees for their wards.

SWEETA, which can be opened with any amount, provides account holders with several perks including free back-to-school packages, education endowment up to 10 times the account balance and to a maximum of N1 Million, and participation in monthly quarterly competitions, amongst others.

Additionally, account holders who have reached 16 years of age have the opportunity to get vacation jobs once they maintain a monthly balance of N200,000.

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6. Sterling Bank – I Can Save

Sterling Bank’s I Can Save account teaches children the art of saving with their very own accounts.

With a minimum account opening balance of ₦2,000 and a daily minimum balance of ₦1,000, the account allows lodgement of cheques and dividend warrants.

It also offers an incentive of ₦250,000 to beneficiaries that have scores of all A’s in SSCE/Cambridge O ’level in at least 8 subjects in one sitting.

7. Keystone Bank – Future Account

The Keystone Future Account is a savings account for kids and teenagers.

It is designed to help parents or guardians plan for the education of their children or wards. The account also helps in building a savings culture amongst children.

The Future Account comes in two variants: Future Kids for ages 0 – 10 and Future Teens for ages 11 – 17.

The account can be opened in the child’s name by parents, family friends, and NGOs among others.

8. Stanbic IBTC – CHESS Account

The flexible CHESS account by Stanbic IBTC helps to manage your child’s savings for educational fees, extra classes, or simply learning about money.

It has an interest rate of 1% above the average savings account.

9. Union Bank – UnionInfinity

The Union Infinity account for kids ages 0-12 is designed to get them started on their savings journey now and teach them all the right habits they need to sustain it.

At the end of every 12-month period, kids who have saved a minimum of ₦20,000 monthly will win exciting prizes.

Union Bank also has the UnionLegend account for teenagers between the ages of 13 and 18.

10. Ecobank Nigeria – Junior Saver Account

Ecobank’s Junior Saver Account is specifically designed for children from 0-12 years old.

The account helps children become a part of the banking process and keeps them well-informed and financially smart from a young age.

Before selecting which savings account to select for your child, you can visit nairaCompare to compare interest rates, fees and other features of children’s savings accounts available. Get informed before you decide!

Importance of teaching children to save

Teaching children to save money from a young age can have several benefits that can positively impact their future financial well-being.

Here are some reasons why it is important to teach children to save:

Developing financial literacy

Teaching children the importance of saving money helps them develop financial literacy skills that they can use throughout their lives. With financial literacy, they learn how to budget, save, and spend their money wisely.

Building good money habits

Starting good money habits from a young age can lead to lifelong financial responsibility. Children who are taught to save money are more likely to become adults who prioritize saving and financial planning.

Encouraging goal setting

Saving money in Nigeria can help children set and achieve financial goals. Whether it's saving for a toy or a long-term goal like college, teaching children to save helps them learn how to set and achieve their goals.

Preparing for emergencies

Saving money can also help children prepare for unexpected expenses or emergencies that may arise in the future.

Building financial independence

Learning how to save money and manage finances can help children become financially independent in the future, enabling them to make their own financial decisions and achieve financial security.

Teaching children to save money is a valuable lesson that can help them develop important life skills, build good financial habits, and prepare for a financially stable future.

Saving tips for children

Encouraging children to save money is an important step in teaching them the value of money and the importance of financial responsibility.

Here are some saving tips for children:

Set a savings goal

Encourage your children to set a savings goal, whether it's for a toy, game, or something else they want. This helps them stay motivated and focused on saving their money.

Create a budget

Teach your children to create a budget by setting limits on how much money they spend on different things, such as snacks or toys. This helps them prioritize their spending and save more money.

Save a percentage

Encourage your child to save a portion of any money they receive, such as gifts or allowance.

A good starting point is to save at least 10% of their income.

Teach them to earn

Teach your child to look for legitimate ways to earn money, such as by doing chores around the house, selling items they no longer need, or starting a small business.

Avoid impulse buying

Teach your child to think before making a purchase and avoid impulse buying.

Encourage them to wait a few days before making a decision on a purchase, which can help them determine if it's something they really want or need.

Keep track of savings

Encourage your child to keep track of their savings in a journal or on a chart. This helps them see their progress towards their savings goals and stay motivated.

Overall, teaching children to save money requires patience, guidance, and encouragement.

By implementing these tips, you can help your child develop good financial habits that will serve them well throughout their lives.

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