At this time that there is clamour for more financial inclusion in the country, it is becoming imperative to inculcate in children saving habit. And one of the best ways of doing this is teaching them how to save in their early life and by so doing you are investing in their future with better secured finances.

Business Hallmark this week will be looking at some children accounts you can explore across three different banks:  Zenith Children’s Account (ZECA) by Zenith Bank, GT Bank Smart Kids Save by Guaranty Trust Bank and Access Bank Early Savers account by Access Bank.


Zenith Children’s Account (ZECA)

Zenith Children’s Account is a special deposit product designed for children’s/wards’ education and future. ZECA is more than a regular savings account and more with a lot of benefits for both parents and account holders.


ZECA is a specially designed savings account for children within 0-18 years. It comes with a competitive interest rate.

This account can be opened for a child at birth and a child will take over when he or she is ready or attains 18 years and may operate it as current or Savings account.

To tame the temptation of withdrawing money from this account any time one is in need of liquidity, the bank has restricted the number of withdrawals that can be made in a month. Withdrawals can be made from ZECA using customized slips.


The ultimate benefit of ZECA is that it encourages parents to save for their children, while the same inculcates a savings habit in children at an early age.

Parents also take advantage of this account to plan for their kids’ education. And the larger deposits made into this account, the more interest earnable. ZECA’s account balance could also as be used as collateral for obtain loan from Zenith Bank.


To open ZECA, the bank would require a valid means of identification such as Passport or Drivers License, Voter’s Card of parent/guardian who will operate the account on behalf of the child. The parent/guardian would also have to submit completed mandate cards and two passport photographs of his or her and that of the kid on whose behalf the account is being opened.

Access Bank Early Savers account

Early Savers is a savings account for children below 18 years of age. This includes unborn children, in which case the parents are noted as primary account holders with responsibility for jointly running such accounts until their children become adults and can solely operate their own accounts.

The Early Savers account encourages financial literacy as children grow into responsible adults

Features and benefits

Early Savers is requires an initial deposit of N5,000 to open the account. It attracts competitive interest rates and allows lodgement of dividend warrants from any investment in the child’s name up to a maximum of N10,000.

Also, cheques written in the name of the child for who this account is opened could be lodged up to a maximum of N10,000. Another interesting thing about this account is that direct debit instruction given to the bank for payment of the child’s school fees once a quarter.

Children who have Early Savers are exclusive members of Early Savers Club. And benefit of this account is that it could be used to access to educational loan. Holders of this account are rewarded with branded Early Savers educational gift items and it does not attracts monthly maintenance fee.

Account opening requirement

All that is needed for the opening of Early Savers is a valid means of Identification – International passport, Driver’s license, or National ID card or Birth certificate; means of address verification such as utility bill, one passport photograph and minimum daily balance of N1000.

 GT Bank Smart Kids Save

The Smart Kids Save account is designed to enable parents and guardians save for their children aged between 0 – 17 years, whilst also developing a savings culture in them in order to enable them smart financial habits as they grow up.

The Guaranty Trust Bank Smart Kids Save (SKS) account comes in two: SKS (0 – 17 years) and SKS Teen (13 – 17 years).

The SKS Teen account is an additional account that can be opened when the Smart Kid becomes 13 years and older.

Features and benefits

This account requires a minimum opening balance of N1, 000.00. SKS can be converted into a regular savings or current account with the young saver as an authorized signatory. This is however only after the Smart kid saver has attained the age of 18.

The account holder gets a branded gift item when a SKS account is opened with a minimum of N10,000.

Cheques, drafts and dividends can be paid into SKS account once they are not above N100,000.

It also allows periodic lodgements through Standing Order/automated direct debits and comes with competitive tiered interest rates (the more you save, the more you earn). And when milestone points are achieved, the holders get gifts items.


Things needed for the opening of SKS are: one passport photograph of each signatory and Smart Kid, valid ID for each signatory (International Passport, National Driver’s license, National ID Card), utility bill and a copy of kid’s birth Certificate.


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