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At What Age Should I Open Bank Account For My Child? - Family (2) - Nairaland

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At What Age Should An Adult Leave Their Parents’ House? / My Wife Still Uses Her Maiden Name To Open Bank Account / At What Age Should A Child Leave His/Her Parents And Start An Independent Life? (2) (3) (4)

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Re: At What Age Should I Open Bank Account For My Child? by touwo: 3:47pm On Jul 19, 2017
When you have money to deposite

2 Likes

Re: At What Age Should I Open Bank Account For My Child? by holluphemydavid(m): 3:48pm On Jul 19, 2017
i tink dis question is very relevant,let me read people's comments

1 Like

Re: At What Age Should I Open Bank Account For My Child? by Fhemmmy: 3:48pm On Jul 19, 2017
A child should be exposed to savings from the day the child knows what money is . . .

1 Like

Re: At What Age Should I Open Bank Account For My Child? by lonelydora: 3:49pm On Jul 19, 2017
Joyekpen:
After naming ceremony. Any money received as gift during the ceremony should be used to open the account. Thereafter get a piggy bank for the child as soon as he starts talking to save any cash given to him, which should be sent to bank every year end. Let the child go to the bank with you, explain the process to him, even if he doesn't understand all the details. With time the child will come to understand and be proud of such act.

I take my son to the bank always. Explain how money is put and taken from the bank. If you ask him today, he will say, bank is a place daddy goes to bring money. It's nice doing this stuff.

2 Likes

Re: At What Age Should I Open Bank Account For My Child? by macsvc: 3:50pm On Jul 19, 2017
This is a nice question and my candid answer is once your child is of good age say 15 years of age so that he/she can always access his/her account personally .
Re: At What Age Should I Open Bank Account For My Child? by Jabioro: 3:50pm On Jul 19, 2017
skillzbae:
After 8 days once u have his/ her passport taken
Too late.. immediately he/she is out of birth blood.. I did something very funny when I wanted to registered my corporate company and I need a share holders name I used the name of my unborn kids to do the needful. Some times ago she was searching through my private drawer at home and she found all the filed and date along with her name... two years ahead of her birth.. Daddy how come you know I was coming, I have to prepared for tomorrow by today.. I knew you will definitely arrived my dear.. then I have not even met her mother. ..

2 Likes

Re: At What Age Should I Open Bank Account For My Child? by akreest(m): 3:51pm On Jul 19, 2017
Damminglola:
The moment he or she has a name.....

Supported. Did the same and have paid in a fixed amount every month since then towards their University education

2 Likes

Re: At What Age Should I Open Bank Account For My Child? by Kokaine(m): 3:52pm On Jul 19, 2017
first thing tomorrow morning.
Re: At What Age Should I Open Bank Account For My Child? by RillJ(m): 3:52pm On Jul 19, 2017
skillzbae:
After 8 days once u have his/ her passport taken


Gifts and donations at naming ceremony would make a good first deposit.
Try a do monthly deposits. If on salary, monthly direct debit from your salary to credit the child's account is the best way to go. You can always increase the monthly deposit as your salary increases. (N10k monthly will yield N120k per year - N2.04m (minus accrued interest) by the time he/she is 17.
Whenever you make profits from side biz, gift your child some money and credit the account
You will need to discipline yourself a lot, never consider 'borrowing' from this account.

The child can easily be a millionaire by the time he is to enter university, then you may draw from here to pay the fees if you cannot handle it otherwise.

2 Likes

Re: At What Age Should I Open Bank Account For My Child? by ofuonyebi: 3:54pm On Jul 19, 2017
I think the question here should really be, do you have money to save?

No one tells a grown up how to open the can of a milk to drink it...No bi so?s

1 Like

Re: At What Age Should I Open Bank Account For My Child? by Jacksonmava(f): 3:55pm On Jul 19, 2017
NwaAmaikpe:
shocked


Why do you want to train up your child to start saving at such a young age.
That's inhibiting his social development.

Your child will grow up being a miser,
Please allow him to flex his life and enjoy the money as it comes

We've only got one life to live and it should be just to jaiye ooo

What is the essence saving all the money on earth and when you die one useless next-of-kin will blow your life savings at one sitting.

Even if you don't die, the bank will use hidden charges to deplete all your savings.
Pls shut up.... It seems you've ran out of things to say. Like someone said, you're becoming boring, but to me, you're now boring as f**k!

7 Likes

Re: At What Age Should I Open Bank Account For My Child? by Macmoni(m): 3:55pm On Jul 19, 2017
Wen he or she have mmature enogh to Bleep
Re: At What Age Should I Open Bank Account For My Child? by Philinho(m): 3:57pm On Jul 19, 2017
When he or she is in d womb
Re: At What Age Should I Open Bank Account For My Child? by lPOB: 4:01pm On Jul 19, 2017
superdokun:
good day house.

please at what age do you think its appropriate to open a bank account for my child and also expose my child to the habit of saving?

thank you

This is not my kind of issues to address. But let me tell you as a fellow father.

Open an investment, not a bank account.

Funnel the money you want to save into that investment, even if its a barbing salon.

Don't let the banks do business with your money. Use it for her own investment. Pay school fees and every other thing from the proceeds of the business. Do not use it for house feeding.. Be the wiser one.

4 Likes 1 Share

Re: At What Age Should I Open Bank Account For My Child? by NwaAmaikpe: 4:02pm On Jul 19, 2017
Jacksonmava:
Pls shut up.... It seems you've ran out of things to say. Like someone said, you're becoming boring, but to me, you're now boring as f**k!

shocked


Spend more time on your brain than your makeup.
Beauty is a cerebral thing.

Boring??
I'm not a novel or a movie, I'm commenting just like you.

7 Likes 1 Share

Re: At What Age Should I Open Bank Account For My Child? by CHAVINCI: 4:02pm On Jul 19, 2017
NwaAmaikpe:
shocked


Why do you want to train up your child to start saving at such a young age.
That's inhibiting his social development.

Your child will grow up being a miser,
Please allow him to flex his life and enjoy the money as it comes

We've only got one life to live and it should be just to jaiye ooo

What is the essence saving all the money on earth and when you die one useless next-of-kin will blow your life savings at one sitting.

Even if you don't die, the bank will use hidden charges to deplete all your savings.
when a person is mentally disable,he wuld neva feel any pain except dose around him,same likewise when a person iz foolish
Re: At What Age Should I Open Bank Account For My Child? by MTKbudapest(m): 4:03pm On Jul 19, 2017
why u no come adopt me?
For sure i go follow u go then u just open d account 4 me. u shouldn't care abt d age anymore cos im almost old
Re: At What Age Should I Open Bank Account For My Child? by Agozie48: 4:08pm On Jul 19, 2017
NwaAmaikpe:
shocked


Why do you want to train up your child to start saving at such a young age.
That's inhibiting his social development.

Your child will grow up being a miser,
Please allow him to flex his life and enjoy the money as it comes

We've only got one life to live and it should be just to jaiye ooo

What is the essence saving all the money on earth and when you die one useless next-of-kin will blow your life savings at one sitting.

Even if you don't die, the bank will use hidden charges to deplete all your savings.



WRONG ANSWER

1 Like

Re: At What Age Should I Open Bank Account For My Child? by Jacksonmava(f): 4:09pm On Jul 19, 2017
NwaAmaikpe:


shocked


Spend more time on your brain than your makeup.
Beauty is a cerebral thing.

Boring??
I'm not a novel or a movie, I'm commenting just like you.
guy, wetin concern you with my make-up or beauty? If you want to comment, make small sense Abeg!! All you say is trash.

2 Likes

Re: At What Age Should I Open Bank Account For My Child? by ogbada33: 4:09pm On Jul 19, 2017
Your child can have an account at any age but since legally binding contracts can only be sealed at maturity, the child would not be able to operate such an account. You will operate the account and at 18 it will be ceded to the child.
Re: At What Age Should I Open Bank Account For My Child? by angusm: 4:12pm On Jul 19, 2017
[quote author=superdokun post=58610729]good day house.

please at what age do you think its appropriate to open a bank account for my child and also expose my child to the habit of saving?

thank you[/ when ever u wish
Re: At What Age Should I Open Bank Account For My Child? by nextstep(m): 4:17pm On Jul 19, 2017
NwaAmaikpe:
shocked
Why do you want to train up your child to start saving at such a young age.
That's inhibiting his social development.

Your child will grow up being a miser,
Please allow him to flex his life and enjoy the money as it comes

We've only got one life to live and it should be just to jaiye ooo

What is the essence saving all the money on earth and when you die one useless next-of-kin will blow your life savings at one sitting.

Even if you don't die, the bank will use hidden charges to deplete all your savings.

Are you being sarcastic? There's nothing wrong with children learning to be responsible with money. Most adults get into serious trouble with money management because they were not taught early. If somebody is miserly, they would have been so anyway, and that's usually a sign of lack.

Teach your child to save 20%, tithe 10%, use 60% for your living, and flex with the remainder 10%. I will also echo the very smart comment by

lPOB:

Open an investment, not a bank account.Funnel the money you want to save into that investment, even if its a barbing salon.
Don't let the banks do business with your money. Use it for her own investment. Pay school fees and every other thing from the proceeds of the business. Do not use it for house feeding.. Be the wiser one.
Re: At What Age Should I Open Bank Account For My Child? by dallyemmy: 4:18pm On Jul 19, 2017
Age 0
Re: At What Age Should I Open Bank Account For My Child? by mfm04622: 4:20pm On Jul 19, 2017
Immediately you give birth to him or her
Re: At What Age Should I Open Bank Account For My Child? by NL1960: 4:23pm On Jul 19, 2017
lPOB:


This is not my kind of issues to address. But let me tell you as a fellow father.

Open an investment, not a bank account.

Funnel the money you want to save into that investment, even if its a barbing salon.

Don't let the banks do business with your money. Use it for her own investment. Pay school fees and every other thing from the proceeds of the business. Do not use it for house feeding.. Be the wiser one.

Do not agree with this. Opening a business requires capital and the OP is not talking like he/she inherited a huge sum of money that he/she wants to put into a savings account for the child.

People normally talk about opening a business as if a business is opened with a zero amount.

Constant and periodic putting of an amount into an account, no matter how small for the kid is the key here.

1 Like

Re: At What Age Should I Open Bank Account For My Child? by martyns303(m): 4:24pm On Jul 19, 2017
otijah:
Immediately that child is born u can open an account for him or her.
We have three series of account for kids
1 The kiddies Acc: which starts from the day he or she is born till 18 yrs whist u run the account at that period of time

2 The cool teen: specifically for teenagers and they can also hv access to their account including their ATM card. While you are also part of the signatories

3 The savings Acc: this one no need explanations, by now he a an adult

Can I open an account for an unborn child?
Re: At What Age Should I Open Bank Account For My Child? by darlenese(f): 4:26pm On Jul 19, 2017
after saving 1m for my son, I decided to use the get a property instead, it's been two years now and the property is now worth twice the amount I bought it.
my original plan was to save the money till he turns 18, but the business woman in me allow me, I felt cheated.

imagine saving in the bank for 18 years will the money appreciate or depreciate?

1 Like

Re: At What Age Should I Open Bank Account For My Child? by otijah(m): 4:28pm On Jul 19, 2017
martyns303:


Can I open an account for am unborn child?
No nah, that's not possible cause all accounts needs passport, both the child and the gaurantor's.
Re: At What Age Should I Open Bank Account For My Child? by martyns303(m): 4:36pm On Jul 19, 2017
otijah:
No nah, that's not possible cause all accounts needs passport, both the child and the gaurantor's.

Thanks, do they however have some sort of a program or system where one can be saving money for an unborn child?
Re: At What Age Should I Open Bank Account For My Child? by amosyanyan(m): 4:38pm On Jul 19, 2017
I love this...I'll look into it too but is it mandatory to take her alongside to the bank she's just 9months old
Re: At What Age Should I Open Bank Account For My Child? by Patented: 4:44pm On Jul 19, 2017
NOW!!!
Re: At What Age Should I Open Bank Account For My Child? by otijah(m): 4:44pm On Jul 19, 2017
martyns303:


Thanks, do they however have some sort of a program or system where one can be saving money for an unborn child?
well I don't think such occurs, its your own personal decision to do so. Thereby opening a fix deposit account, using it to save for ur unborn child

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