Banking for babies
Does your kid have a bank account? Here are a few of the options you have when choosing a bank.
Banking is a fact of life that needs to be dealt with so you may as well tackle it as soon as possible, right?
We took to Facebook and asked 'Do your kids have bank accounts?
'. This is what our users had to say:
- My little girl is 2mnths old. We opened up a 12 month fixed deposit FNB account for her when she was 3 days old. We gave everyone that asked her account number. Now my mother and husband's father put money in each month. Great interest and no bank card so that no one can draw money out of the account for 12 months! - Amanda
- My little girl, almost 3, has had a bank account since before she was born. We have put money in it since I was pregnant. - Nicole
- All 3 of my kids have saving accounts. The oldest 2 have investments as well. They love to get bank statements to see how much interest they have earned. - Valarie
- Yes - we save on our toddlers behalf. - Bridget
These are a few of the choices you have when wanting to open a bank account for your little one.ABSA
ABSA’s youth account is called MegaU
. It is a debit card-based saving account for anyone under the age of 18. With one of 2 funky card designs to choose from, this account offers your child a chance to make it their own.
Your kid will also be able to buy airtime, check balances, and bank on a cellphone or on the internet.First National Bank
FNB offers anyone under the age of 18 the Fluid Account
to get them started. There are huge saving connected to this account, from saving 10% of airtime purchases to getting a 15% discount on Lego!
There is no monthly management fee but there has to be at least R1000 in the account at all times. Your child will also be able to draw money or purchase goods with their card and have access to cellphone or internet banking.Standard Bank
Could the Standard Bank (sum)1 account
be perfect for your little banker? It has all of the functionality of a normal savings account but without all of the charges!
Debit orders, stop orders, the ability to swipe at stores and internet banking are just a few of the functions. Your kid can even top up on airtime from their own account!Nedbank
The Nedsave Account
is all about encouraging your kid to store up that cash for when they’ll need it later in life. It also teaches your child about helping a good cause.
The Nedsave Account can be linked to any one of Nedbank’s Affinities at no extra cost. That means your child gets to help those in need without spending any of their own money.Still not convinced? See our table below:
Does your child have a bank account? If not, do you intend to open one?