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Home >> Blogs >> Early Years Family Finance Parenting >> Top 6 Bank Savings Account for Children
By akudo on Sat, 08/24/2019 - 14:56
Which Bank should I open my kids account with?

Wondering which Bank you should open a kids account with? Not to worry, we already checked that out for you! No need to depend on hear-say alone, be informed right here. You can find and compare which account suits your savings objective for your children. Following a rigorous research, we have provided a list of top savings accounts with the best offerings for kids for you to choose from. In no particular order, here are the top six. 

FirstBank KidsFirst Account

This account is designed for children between the ages of 0-12 to show them how exciting saving can be. With this account, your child also gets to enjoy fun activities such as cool treasure hunts, cinema events and much more all year round, courtesy of FirstBank. This account also has a teens variant called Mefirst for children age 13-17.


  • This account is opened in the child’s name and operated by the parent/guardian
  • Account minimum opening/operating balance of N1,000
  • Automatic Transition to MeFirst , account when the child attains the age of 13
  • Ease and convenience of online banking
  • Cheques/Dividend warrant of up to N2 million can be lodged into the account
  • Trendy gift item for the child when the account is opened with a minimum of N10,000.00
  • Standing order on the payment of tuition/other fees.

GTBank  Smart Kids Save account (SKS)

The Smart Kids Save account is designed to enable parents/guardians save for their children under 18 years of age, whilst also developing a savings culture in them. Teaching children the value of savings early can help them develop SMART financial habits for life. This account also have two variants, the  SKS for kids(0-12) and SKS for teens.(13-17)

Key features

  • An attractive and customized debit card for your teen
  • Minimum opening/account balance of N1, 000.00 (One Thousand Naira Only).
  • ​Competitive interest rates at 4.05% (the more you save, the more you earn)
  • Allows lodgments of cheques, drafts and dividends into the account, subject to a maximum of N100,000 per instrument
  • ​From the age of 13, an SKS Teen account will be opened for the teenager which comes with a Trendy Teen MasterCard (issued upon Parent’s request) so the child can learn to manage money responsibly.        

Zenith Bank Children’s account (Zeca)

The Zenith Bank Children’s Account is a unique savings account designed to allow parents save for their children’s future and teach them about savings from a tender age. The account is modeled in two tiers for young children and teens with an overarching objective of making savings fun for them and teaching them financial discipline. ZECA account is modeled in two tiers for young children and teens with an overarching objective of making savings fun for them and teaching them financial discipline.


  • An account specifically for children between the ages of 0-12yrs
  • Zero account opening balance
  • Interest rate at 4.2%
  • Standing order credit option
  • Cheque, draft and dividend lodgment
  • Invitation to the annual Zenith Children’s Parade
  • Participation in the Children’s Day Scholarship raffle draw. Please check bank websie for terms and conditions for this.

Union Bank Union Kids

Union Kids from Union Bank is a savings account designed for children between the ages of 0 to 17 years. You can save in Naira or foreign currency. You know I have always wondered ff there was no interest based foreign currency saving account. So glad when I found this. Kudos to Union Bank.


  • Earn 4.2% interest on Naira account
  • Earn 0.2% interest on foreign currency account
  • Account opening balance of N2, 500 and $50 (or its equivalent) for foreign currency account.
  • Daily minimum operating balance of N1, 000
  • Access to internet banking
  • Cheque deposits of up N2million.

Access Bank Early Savers Account
Early Savers Account is a savings account for children below the age of 16 years including unborn children. The account can be opened in trust for a child by the parent/guardian who will be the primary account holder with the responsibility of running this account until their child attains adulthood and can solely operate their own accounts or possibly move to other age appropriate product. I find that you can open an account for an unborn child very attractive. For parents looking to have children in the future it means you don’t have to wait till the child is born, you can begin now with Access Bank early savers account.


  • Opening balance of N1,000
  • Minimum daily balance of N1,000
  • Allow deposits of dividend warrants up to N10,000
  • Allows direct debit instruction
  • One withdrawal per quarter
  • No card services allowed on this account.
  • Access to School Fees Advance (for parents)
  • Membership of the Early Savers Financial Literacy Club
  • Ease of saving through standing order instructions
  • Invitations to exclusive Access Early Savers events
  • Account is online and can be monitored in real time.

Stanbic Bank Children Education Savings Scheme (CHESS) Account

Stanbic Bank approaches their children savings account differently, this saving account is targeted at Education. So even if educational costs keep rising, doesn’t mean your children can’t have the best.  A CHESS savings account allows you setup and manage your child’s account just the way you want. The account is available to ages 0 to 17 years with additional benefits for parents who also have account with Stanbic.


  • Opening Balance is N2,000
  • Minimum operating balance is N5,000
  • Interest of 1% above the interest rate earned on savings account
  • One free withdrawal every quarter
  • Allows payments of cheques and dividend warrants once KYC requirements are met
  • You can get a MasterCard debit card 

Here is a summary of the key features of the accounts listed above


Opening balance

Operating balance

Interest rate


Cheque/Dividend warrant lodgment





Debit Card

Up to N2 million

GT Bank




Debit Card, USSD Banking

Up to N100,000

Zenith Bank


Zero opening balance



Contact Bank to advise



ATM, Debit Card, internet, USSD and mobile banking


Yes. Limit to be advised by Bank

Access Bank




No card, online banking yes,


Union Bank

2,000 for naira and $5o for foreign currency account


4.2% naira, 0.2%    on foreign currency


Not confirmed

Up to N2 million naira

Stanbic Bank



1% above standard rate

Debit card

Yes. Limit to be advised by Bank

Thank you for reading!

This article is not sponsored by any of the financial institutions listed here. This is one way EduAccess  provides parents with resources and information required for raising a healthy family. All claims and offers are subject to verification from the financial institution. You may please contact your preferred financial institution and financial adviser before making a decision.