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The short answer
Most Nigerian banks run a children's savings account operated by a parent or guardian until the child comes of age. On the pages we read in October 2026, Access Bank Early Savers opens from ₦1,000 for ages 0 to 18, GTBank Smart Kids Save needs ₦1,000 for ages 0 to 12 (with SKS Teen to under 18), and UBA Kiddies and UBA Teens each open with ₦1,000. Interest rates are shown on each bank's page and change, so confirm them at the branch or in the app.
How children's accounts work in Nigeria
A child cannot sign a bank contract, so a children's account is opened and run by a parent or guardian in trust for the child. The bank collects identity documents for both, the adult signs, and the money legally belongs to the child. Most of these accounts are savings accounts with a low opening balance, a modest interest rate and limits on withdrawals that reward leaving the money alone. Some add a debit card for teenagers, usually with spending limits a parent controls.
Banks split children into age bands. A typical pattern is a kids account up to 12 and a teen account from 13 to 17, after which the account is converted into an ordinary savings or current account in the young person's own name.
The products, bank by bank
Figures below are taken from each bank's own product page as read in October 2026, unless marked otherwise. Interest rates are as stated on those pages at that date; banks update rates without always updating the page.
| Bank and product | Ages | Opening amount | Stated rate (page, Oct 2026) | Notable rules |
|---|---|---|---|---|
| Access Bank Early Savers | 0 to 18, including unborn children | From ₦1,000 | 7.95% a year | Four withdrawals a month without losing interest; standing instructions; dividend warrants accepted |
| GTBank Smart Kids Save (SKS) | 0 to 12 | ₦1,000 minimum opening and balance | 5.25% (page undated) | Cheques, drafts and dividends up to ₦1,000,000 per instrument; converts to savings or current after 18 |
| GTBank SKS Teen | 13 to under 18 | As SKS | As SKS | Trendy Teen Mastercard on the parent's request |
| UBA Kiddies | 0 to 12 | ₦1,000 opening and operating balance | 7.95% a year (FAQ shows 7.425%) | No debit card; more than four withdrawals in a month loses that month's interest; 13th Month Reward needs a ₦5,000 standing instruction for 12 months |
| UBA Teens | 13 to 17 | ₦1,000 opening and operating balance | 7.95% a year | Debit card at 50% off the first issuance; parents set limits |
| Nova Bank Kiddikash | 0 to 17 | Not stated | Not stated | Listed among Nova's personal accounts |
| Other banks | Varies | Varies | Varies | Several other banks and microfinance banks advertise children's accounts; ask for the product sheet |
FirstBank and Zenith
We did not find a current FirstBank product page giving ages or opening amounts for its children's accounts. A 2015 BusinessDay report described KidsFirst for ages 0 to 12 and MeFirst for 13 to 17 with ₦1,000 to open; treat those figures as old until FirstBank confirms them. Zenith Bank's website did not load for us in October 2026, so we cannot describe its children's product from its own page.
How to compare them sensibly
The headline rate matters less than it seems. On a balance built up gradually, the difference between two rates over a year is small next to the effect of regular deposits. Compare these instead:
- Withdrawal rules. Access allows four withdrawals a month without losing interest; UBA Kiddies forfeits the month's interest after four. If you plan to dip in for school costs, this matters.
- Standing instructions. A monthly transfer from your own account is what actually grows the balance. Access and UBA both mention them; UBA links its 13th Month Reward to one.
- Cards for teenagers. GTBank SKS Teen and UBA Teens offer cards with parental control. Kids accounts generally do not.
- What happens at 18. GTBank says the account converts to savings or current after 18. Ask the others before you open.
- Convenience. An account at the bank you already use is easier to fund and to monitor.
A worked example of what regular saving does
Example only, ignoring interest and charges. A parent sets a standing instruction of ₦10,000 a month from a child's first birthday. By the tenth birthday that is 108 deposits (nine years × 12) and ₦1,080,000 saved. A rate of a few per cent a year adds to that, but the habit of the monthly transfer does most of the work. Your statement shows the interest actually credited, which is the figure to watch.
What to check first
- Confirm the current rate and opening amount with the bank in writing; product pages lag.
- Ask how many withdrawals a month are allowed before interest is lost.
- Ask what the account becomes at 13 and at 18, and what documents the child will need then.
- Check the documents list; our guide to opening a savings account for a child covers it step by step.
- For a lump sum you will not touch, compare a fixed deposit in a child's name.
Where Pryme fits
Pryme Personal Accounts are for adults, so a parent who banks with Pryme keeps the child's goal in their own Naira Savings Boxes, for example a Fixed Box for a lump sum earmarked for the child. The trade-off is that the money stays legally the parent's; a bank children's account puts it in the child's name. For school costs specifically, see saving for school fees term by term.
Questions people ask
Which bank is best for a child's savings account in Nigeria?
There is no single best. Access Early Savers, GTBank Smart Kids Save and UBA Kiddies all open from ₦1,000 on their own pages; compare withdrawal rules, teen cards and what happens at 18.
How much do I need to open a kids account at GTBank?
GTBank's Smart Kids Save page states a minimum opening and account balance of ₦1,000 for ages 0 to 12.
What is the interest rate on UBA Kiddies account?
UBA's Kiddies page stated 7.95% a year when we read it in October 2026, while its FAQ showed 7.425%. Confirm the current rate with UBA.
Can I open a savings account for my unborn baby?
Access Bank's Early Savers page says the account covers children from 0 to 18, including unborn children, opened by a parent in trust.
Sources
- Access Bank: Early Savers Account · accessed Oct 2026
- GTBank: Smart Kids Save · accessed Oct 2026
- UBA: Kiddies Savings Account · accessed Oct 2026
- UBA: Teens Account · accessed Oct 2026
- Nova Bank: Personal accounts · accessed Oct 2026
- BusinessDay: FirstBank promotes financial inclusion through product design for teenagers, children (17 Jun 2015) · 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.