Can a 14,15,16,17 Years Old Open A Bank Account in Nigeria?

Read my answer to the question can a 14, 15, 16, 17 years old open a bank account in Nigeria.

Kids below 18yrs are regarded as minors, and a child can’t open a bank account solely on their own but can still have access to a bank account in their name. However, the parent is a signatory to the account until the kid turns 18.

The kids’ account is a type of account that enables parents to save for their kids under the age of 18 yrs and would help the kid learn how to save at a young age and reduce the excessive expensing.

This article will answer the question about can a 14, 15, 16, 17 years old open a bank account in Nigeria?

Read my post on the best banks to open a children account in Nigeria

The requirement to Open Kid Account in Nigeria 

Most popular commercial banks offer this package to customers, and every bank’s requirement remains the same.

• One passport photograph of the kid and signatory is required
• A recent utility bill is required
• The birth certificate of the kid is required
• A valid means of identification, such as a national driver’s license, or voter’s card, is required
• Bank verification number of the parent

Top 5 Banks in Nigeria You Can Open A Kid Account and Its Features

Most commercial banks in Nigeria offer the kid’s account package to their potential customers. The following are the top bank you can have a kid account;

Guaranty Trust Bank

GTBank kid account is knowns as The Smart Kids Save (SKS) account. There are two categories of the Guaranty Trust Bank smart kids savings account available, namely;

1. a)    Smart Kids Save: This is available to kids from 0 – 12 yrs of age.
2. b)    Smart Kids Save Teen: This is an additional account created when the kid is/become 13 to 17 yrs.

Features of Smart Kid Save Account

• It has competitive interest rates of 4.20% (that means you earn more if you save more).
• It allows the lodgment of Cheques, drafts, and dividends into the account.
• Smart kid savings accounts can be converted into regular savings or current accounts only when the kid is up to 18 yrs old.
• A debit card is available
• Access to discounted health and education plans.

Steps on How to Open a Smart Kids Account

The smart kid account can be opened by visiting any nearby gtbank branch or online. The following are steps to open the SKS account online;

• Visit www.gtbank.com. Click on personal banking, then click on the account
• Click on investment and saving account
• Click on smart kid savings account
• A form would be displayed, then proceed to open a new account
• Follow the instructions, fill in your essential details correctly, and upload the picture.

FirstBank

There are two categories of the FirstBank kid savings account available, namely;

1. KidsFirst: This is available to kids from 0 – 12 yrs of age.
2. MeFirst Account (Teen account): This is an additional account created when the kid is/become 13 to 17 yrs.

Features 

• The opening account balance is zero
• The transition to MeFirst account when the kid turns 13 yrs is automatic.
• Online banking is available
• It allows the lodgment of Cheques and dividends warrant of up N 2 Million
• There is a gift item for the child when the account is opened with a minimum of N10,000.

Steps on How to Open FirstBank Kid Account

• Visit any nearby first bank branch
• Request and fill out the kid Account form.
• A copy of the required credential is needed.
• Submit the form and credential to the agent attending to you.

United Bank of Africa

UBA kiddies and kiddies teen are kid accounts that allow parents to save up for their kids and, as they grow older, educate them about saving reasons.

Features 

• Offer the opportunity to partake in the scholarship scheme through a raffle draw, but terms and conditions are applied
• It has competitive interest rates of 4.20%, payable monthly
• Online and mobile banking is available.

Steps on How to Open UBA Kid Account

• Visit any nearby UBA branch
• Request and fill out the kid Account form.
• A copy of the required credential is submitted.

Zenith Bank 

Read my post on how to open a GTbank SKS account

Zenith Children’s Account (ZECA) is designed for kids and teens with an overarching objective of making saving fun for the children and teaching them financial discipline.

Features 

• The opening account balance is zero
• It has competitive interest rates of 1.15%
• Offer the opportunity to partake in the scholarship scheme through a raffle draw, but terms and conditions are applied
• It allows cheque, draft, and dividend lodgment.
• Online and mobile banking is available.
• The debit card is available.
• Offer direct disbursement to school accounts
• The maximum account balance limit is N300,000.

Steps on How to Open Zenith Kid Account

• Visit any nearby Zenith bank branch
• Request and fill out the kid Account form.
• A copy of the required credential is submitted.

Access Bank

Access bank kid account is called Early Savers. This account is designed for children below 18 years. A kid account is one of the best ways to encourage healthy financial habits and literacy in your children.

Features 

• The opening account balance is N1000
• It has competitive interest rates of 4.65%
• It allows direct debit instruction
• Online and mobile banking is available.
• It allows the lodgment of dividends warrants into the account.

Steps on How to Open an Early Saver Account

• Visit any nearby Access bank branch
• Request and fill out the kid Account form.
• A copy of the required credential is submitted.

FAQs

Can I open a bank account for a newborn baby?

Yes, you can open a kid account with any bank of your choice for your newborn baby. You also need to submit a copy of the child’s birth certificate and passport photograph along with the form.

Can I withdraw money from the kid’s account?

Yes, you can withdraw as much money available in the account.

What is the requirement to open a bank account for my child?

• One passport photograph of the kid and signatory is required
• A recent utility bill is required
• The birth certificate of the kid is required
• A valid means of identification, such as a national driver’s license, or voter’s card, is required
• Bank verification number of the signatory

Conclusion: Can a 14,15,16,17 Years Old Open A Bank Account in Nigeria?

We all know kids have a habit of buying everything that catches a glimpse of their eyes with money in their possession. So as a parent opening an account for your kids would be a good decision because it would help them learn how to save at a young age and reduce the excessive expensing.

A minor can open a bank account but under the specific condition that the parent would operate the account till the child is up to the age of 18 years.

I hope you got a lot of helpful information from this article; please share and leave your comments.

 

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