When it comes to investing, there is no age limit. Anyone can invest regardless of age or status. In fact, the earlier you start investing, the better your chances of earning reasonable returns. Hence, it is only wise to start investing for your children as early as possible. If you want to start investing for your kids but don’t know how to get started, you will be learning a few tips. Here, you will learn how to invest for your kids through savings and some good child investment account in Nigeria.

How does investing in a savings account work?
Many people assume that savings accounts are just regular accounts in which you put the money that you spend at will. However, this is not what a savings account is meant for. Ideally, you should have a current account in which you put money for recurrent spending. A savings account, on the other hand, should be just for you to save your money.
Now, when you put your money in a saving account without touching it, you will earn interest on whatever money you put in the account. This is one good way to invest using a savings account and a simple way to secure your child’s financial future through investment. Basically, you create an investment for your child by:
1. Opening a savings account in any legit Nigerian bank with a high interest rate on their savings.
2. Next, leave the cash and interest to accumulate till your child is ready to handle the account. This way, your child earns passively, through the interest the account generates.
Also, you can keep on putting money in your child’s savings account until you are ready to hand it over. The more money in the account, the bigger the interest will be able to accumulate.
Best Child Investment Account In Nigeria
As earlier stated, you can invest through a savings account. Here is a list of some of the child investment account in Nigeria:
1. First Bank
First Bank has two packages for children called KidsFirst and MeFirst. Basically, these packages enable children between ages 0-12 years to own their accounts.
You can open a KidsFirst account in your child’s name and operate it yourself with a zero account opening balance. The KidsFirst account opening comes with a gift item for your child if you open the account with at least N10,000. First Bank automatically transits this account to the MeFirst account when your child reaches 13.
The MeFirst account is a package for teenagers between the age of 13 to 17. This account helps teenagers to adopt the culture of savings and financial responsibility as they grow into adulthood.
2. Access Bank
Access Bank’s children package is called the Early Saver account and is strictly for kids below the age of 16. As a parent, you can open the Early Saver account and handle it till your child strains adulthood and is ready to handle it.
Basically, this account has an opening balance of N1,000 and permits you to deposit dividend warrants of up to N10,000. However, it comes with a limited number of withdrawals and will not allow you to obtain an arm card.
3. Zenith Bank
Zenith Bank’s Children Account (ZECA) is a special savings account solely for children within ages 0-17. Zenith bank designed this account in two tiers – for both young children and teens.
The Zenith Bank children’s account is for children between the age of 0-12. On the other hand, Zenith Bank’s account for teens is for kids between the age of 13 to 17 years. This account has a zero account opening balance and an interest rate of 1.15 per cent.
4. Polaris Bank
Polaris Bank has a savings account for kids known as the Polaris Rainbow Savings account. Basically, the bank designed this account for kids between the ages of 0-12 years. Also, you as a parent will be the trustees of the account until your child reaches 18 years.
This account has an opening balance of at least N1,000 and also a competitive interest on the savings. Once your child gets to Age 13, the account automatically migrates to Polaris Young Achievers Account.
5. Wema Bank
The Wema Bank children package is called Royal Kiddies. The bank designed this account for children between the range of zero to 12 years. Also, you will need to handle this account till your child reaches adulthood.
The unique features of the account include an opening balance of at least N2,000 and an interest rate of 2.15 per cent. However, withdrawals are limited on this account to once a month to qualify for the interest rate.
6. Unity Bank
The Unity Kids account is a savings account for kids and teenagers who are below 18. This account attracts a competitive interest rate and automatically converts to a major account when your child reaches 18.
7. United Bank for Africa (UBA)
UBA Kiddies is an account that was designed solely for children between the range of 0-12 years. On the other hand, the UBA Teens Accounts is for kids between the ages of 13-17 years.
Owners of this account will earn a 13 months reward of 10 per cent of their monthly savings plan for more than 12 consecutive months as long as they maintain a minimum of N5,000. This account has a yearly interest rate of 1.15 per cent which is payable monthly.
8. Guaranty Trust Bank (GTB)
GTB’s Smart Kids Save is a unique savings account that was designed for children below 18 years of age. Basically, this account is available in two main sections: the smart kids section (0-12 years) and the smart teen section (13 -17 years).
The components of this account include an opening balance of at least N1,000 and an interest rate of 1.15 per cent.
9. First City Monument Bank (FCMB)
The FCMB’s children account is known as Kids Account. The bank designed this savings account for children between the range of 0-17 years. This account has an opening balance of at least N5,000 with competitive interest rates.
10. Fidelity Bank
Fidelity Bank’s children account, known as SWEETA is an account for children between the range of 0-17. This account functions on an opening balance of N1,000 with a competitive interest rate for the beneficiaries.
11. Stanbic IBTC
Just like every other bank, Stanbic IBTC also has its own package for children called the Children Education Daving Scheme (CHESS). Basically, this savings account is meant for children between the ages 0-17 years. The account has a unique interest rate of 1 per cent above the regular savings account.
Final Thoughts
Opening a savings account for your kid is a good investment strategy that allows your child to earn from the interest it accumulates. Any of the savings accounts listed above can serve as a great child investment account in Nigeria. Just ensure that you limit your withdrawals from the account so it can grow fast.
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