Opening a Kids Savings Account in Nigeria

A kids savings account is a great way to teach your child important financial management skills from a young age. With a bank account in their name, your child can start building healthy saving and spending habits while learning how to use a personal bank account. If you’re wondering how to get started in getting a savings account for your child, this piece will guide you through the basic requirements, while informing you on what to consider before you open one. 

How Does a Kids Savings Account Work?

A kids savings account allows children below the minimum banking age to own a bank account. The account is usually opened on behalf of the child by a guardian who is given joint control over the account until the child is ready to operate the bank account on their own. 

What Will I Need to Open a Children Savings Account?

While requirements to open a kids account may slightly vary from bank to bank, you will generally be required to:

1. Complete an account opening form
2. Provide passport photographs of the child and the parent/guardian
3. Bring a copy of the child’s birth certificate

What is the Age Requirement for a Kids Savings Account?

Any child below 18 is eligible to have a children’s account opened on their behalf. However, some banks have a special teen savings account option for children who are in their teens. At CIT Microfinance Bank, the age requirement for a children’s account is 0 -15 years.

Which Kids Savings Accounts Does Capitalfield Offer?

CIT Microfinance Bank is a CBN regulated bank by Capitalfield Investment Limited which offers two categories of savings accounts for children. 

• CIT Kids Win Savings Account (Category A)

• Minimum opening balance of N20,000
• Required monthly savings of N20,000 for 9 months
• An annual Interest rate of 8%

• Stand a chance to WIN a cash price of N100,000 or other consolation prizes.

 

• CIT Kids Win Savings Account (Category B)

• Minimum opening balance of N10,000
• Required monthly savings of N10,000 for 9 months
• An annual Interest rate of 8%
• Stand a chance to WIN a cash price of N50,000 or other consolation prizes.

Start planning for your child’s financial future. Click here to open a kid’s account today.