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The short answer
GTBank's Smart Kids Save (SKS) account is for children aged 0 to 12, opened by a parent or guardian who signs on it, with a minimum opening and account balance of ₦1,000. You need the child's birth certificate and NIN, the guardian's NIN, BVN or NIN for each signatory, a utility bill and a passport photograph of the signatory and the child. GTBank's page showed an interest rate of 5.25% when we checked in October 2026.
Opening a bank account for a child is mainly about habit and record-keeping: a place where gifts, school savings and small regular amounts can build up under your control. GTBank's version is called Smart Kids Save, usually shortened to SKS. This guide sets out what GTBank publishes about it and what to ask at the branch.
Who the account is for
- Age
- Children from birth to 12 years
- SKS Teen
- An additional account opened when the child turns 13, for ages 13 to under 18, with a Trendy Teen MasterCard issued on the parent's request
- Who signs
- A parent or guardian is the signatory; the child is the account beneficiary
- At 18
- The account can be converted to a regular savings or current account, with the young saver as an authorised signatory
Because the parent or guardian is the signatory, they control withdrawals until the account converts. GTBank's page does not set out the withdrawal rules, so ask how many withdrawals are allowed and whether interest is affected.
Documents to take
- One passport photograph of the signatory and one of the child
- The child's NIN and the guardian's NIN
- BVN and/or NIN of each signatory
- A utility bill
- A copy of the child's birth certificate
If your child does not yet have a NIN, you will need to enrol them with NIMC first. Ask the branch whether they can open the account while the NIN is pending; the page lists the NIN as a requirement.
Money in: minimum balance and deposits
GTBank states a minimum opening and account balance of ₦1,000. Deposits can be made in cash, by transfer, or set up as periodic deposits through a standing order or automated direct debit from a parent's account. Cheques, drafts and dividend warrants can be lodged up to ₦1,000,000 per instrument, which is useful if relatives give cheques or the child holds shares.
One limit to note: GTBank's 737 FAQ says 737 USSD transfers are not available on SKS accounts. You can send money into the account from 737 on your own account, but you cannot use 737 to move money out of the SKS account. The full menu is in every *737# function listed.
Interest, as GTBank states it
The SKS page showed an interest rate of 5.25% with the line "the more you save, the more you earn", when we checked in October 2026. The page is undated and does not say whether the rate is per annum, how often interest is credited or whether withdrawals reduce it, so confirm these at the branch. Savings rates change with market conditions; check the page or ask the bank for the rate on the day you open the account.
Worked example
Example only, assuming 5.25% a year on a steady balance with no withdrawals: ₦100,000 held for a full year would earn ₦100,000 × 5.25% = ₦5,250 before any tax on interest. Monthly crediting or changing balances would give a different figure. Compare that with rising prices before treating the account as an investment: it is best seen as a disciplined home for a child's money.
Questions to ask at the branch
- Is the 5.25% rate per year, and is interest credited monthly, quarterly or yearly?
- Is there a limit on withdrawals, and does a withdrawal reduce or cancel the interest for that period?
- Are there any account maintenance or SMS alert charges on SKS, and can alerts go to the parent's email instead?
- Can both parents be signatories, and what happens if the signatory dies or moves abroad?
- What documents are needed to convert to SKS Teen at 13 and to a regular account at 18?
A child's account or saving in your own name?
A child's account keeps the money visibly separate and builds a banking history in the child's name, and gifts from relatives can be paid straight into it. Saving in your own name gives you more flexibility, since the money can be used for anything, but it is easier to dip into. Many parents use both: a child's account for gifts and long-term savings, and their own savings for planned costs such as school fees.
Steps to open
Allow time for the visit: account opening for a minor involves checking documents for both the child and the signatory.
- Gather the documents above, including the child's NIN.
- Visit a GTBank branch with the child's documents and your own ID.
- Complete the account opening form, naming yourself as signatory.
- Fund the account with at least ₦1,000.
- Set up a standing order if you want regular deposits.
- Ask about SKS events and how the account changes when your child turns 13.
Where Pryme fits
If you are saving for a child's school fees rather than opening a child's own account, Pryme's Savings Boxes let you set money aside in naira in your own name, with the rate shown in the app. Our guide to fixed deposit vs savings account compares the options.
Questions people ask
What is the minimum to open GTBank SKS account?
GTBank states a minimum opening and account balance of ₦1,000.
What is the age limit for GTBank Smart Kids Save?
SKS is for children aged 0 to 12. From 13 to under 18, the child can have an SKS Teen account with a Trendy Teen MasterCard issued on the parent's request.
What is GTBank SKS interest rate?
GTBank's page showed 5.25% when we checked in October 2026. It does not say how often interest is credited, so confirm at the branch and check the current rate before opening.
Can I use 737 on my child's GTBank account?
GTBank's 737 FAQ says 737 transfers are not available on SKS accounts. You can still pay into the account from your own account.
Sources
- GTBank: Smart Kids Save (SKS) · accessed Oct 2026
- GTBank: 737 frequently asked questions · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.