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At What Age Should I Open Bank Account For My Child? - Family (3) - Nairaland

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Re: At What Age Should I Open Bank Account For My Child? by Orpe7(m): 4:46pm 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

First thing; open an armlife education plan for ur child, then an armlife savings plan for him/her. Trust me, you wont regret the day u did. If u need more on how to open, just holla me. I work with ARM
Re: At What Age Should I Open Bank Account For My Child? by Entom(m): 4:47pm 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

FROM DAY EIGHT.... FROM THE MOMENTARY GIFT REALIZED ON THE DAY OF HER OR HIS NAMING CEREMONY
Re: At What Age Should I Open Bank Account For My Child? by Olukat(m): 5:06pm On Jul 19, 2017
You will pay for fees and other things and still save money for a child? angry angry angry
That's why our politicians steal so much money angry angry
What will that child do with his/her education if you must save for them?

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Re: At What Age Should I Open Bank Account For My Child? by Saintdaprince(m): 5:13pm On Jul 19, 2017
At birth. Once friends and well wishers start to visit and drop money for soap,papers and etc , The money should be used to open an account for the baby. The mother should be the custodian to the account.
Re: At What Age Should I Open Bank Account For My Child? by Nobody: 5:14pm On Jul 19, 2017
When they enter JSS1, they are old enough for a sim card, a cheap smartphone, a monthly allowance, and a bank account.

My opinion.

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Re: At What Age Should I Open Bank Account For My Child? by bisiki2: 5:15pm On Jul 19, 2017
Orpe7:


First thing; open an armlife education plan for ur child, then an armlife savings plan for him/her. Trust me, you wont regret the day u did. If u need more on how to open, just holla me. I work with ARM

I would rather advise the OP to open an ARM or Stanbic IBTC money market fund for his/her child as I consider it to be the best package of all the mutual fund, least risk( Almost no risk ).
Re: At What Age Should I Open Bank Account For My Child? by mrcyril66: 5:25pm On Jul 19, 2017
As a financial ad visor, i think you need a financial plan for your child at birth.
If you need more guide on financial security email me c.aka@rosabon-finance.com
Re: At What Age Should I Open Bank Account For My Child? by femi4: 5:35pm 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
1 and 2 are irrelevant accounts. That's the gimmick bank use to make more money
Re: At What Age Should I Open Bank Account For My Child? by Damminglola(f): 5:43pm On Jul 19, 2017
akreest:


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

I guess that's an educational insurance policy. A very good plan I must say.
Re: At What Age Should I Open Bank Account For My Child? by Nobody: 5:52pm On Jul 19, 2017
from the first day of birth, so he can start earning interest early grin
Re: At What Age Should I Open Bank Account For My Child? by mechanics(m): 6:19pm On Jul 19, 2017
18
Re: At What Age Should I Open Bank Account For My Child? by zonax(m): 6:57pm 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.

It's called financial literacy not teaching a child to be a miser
Re: At What Age Should I Open Bank Account For My Child? by sophiathefirst: 7:12pm On Jul 19, 2017
People sef, instead of one to secure ur his/her child's future, by investing in a life cover educational plan for him or her, u want to go n put it in a bank, so that what will happen, so that service charges will be deducting what u re saving? Even at that how much interest will bank give u. Have u asked yourself what if u re no longer there. Who will be doing the savings for that child, is not by force oo or a must, but if u sincerely want to save for ur child's future. Better go with life assurance cover.
For more info u can reach me on sophiadominic9@gmail.com
Re: At What Age Should I Open Bank Account For My Child? by Jaiyeola24(m): 7:30pm On Jul 19, 2017
Go to Fidelity Bank even if the baby is a day old as long you have name for him/her + passport the account will be opened in fact I will suggest you start the savings from all the money given to the child or the mother from hospital. Remember to collect birth cert from the hospital it will be requested.
Re: At What Age Should I Open Bank Account For My Child? by Ezionye(f): 7:35pm On Jul 19, 2017
As soon as ders a name and a face for passport
Re: At What Age Should I Open Bank Account For My Child? by Akell(m): 8:08pm On Jul 19, 2017
akreest:


Supported. Did the same and have paid in a fixed amount every month since then towards their University education
Re: At What Age Should I Open Bank Account For My Child? by Akell(m): 8:19pm 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

Buy a Child Education Insurance Plan for your wards. The interest rates are better than what the banks would give you.

There's also a guarantee for your money. We all know that getting money back after the demise of an account holder is a herculean task here in Nigeria but with an insurance cover, you have no worries.
We share the risk with you!
Contact me: akelljoe@gmail.com
Re: At What Age Should I Open Bank Account For My Child? by Orpe7(m): 8:59pm On Jul 19, 2017
bisiki2:


I would rather advise the OP to open an ARM or Stanbic IBTC money market fund for his/her child as I consider it to be the best package of all the mutual fund, least risk( Almost no risk ).

Yes not bad. However armlife has other benefit like waiver of premium which those dont have. But thanx anyways
Re: At What Age Should I Open Bank Account For My Child? by stepup2know: 9:04pm On Jul 19, 2017
at the age of 43
Re: At What Age Should I Open Bank Account For My Child? by lPOB: 9:27pm On Jul 19, 2017
Similar to what I suggested.

darlenese:
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?


NL1960:


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.


You have no clue.
Re: At What Age Should I Open Bank Account For My Child? by initiate: 9:39pm 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.


like diamond bank abi? too many charges
Re: At What Age Should I Open Bank Account For My Child? by Nlove: 10:44pm On Jul 19, 2017
However there is no special time to start saving for ur kids present or unborn. I work for Cornerstone Insurance plc. we have a policy for kids called CHILD EDUCATION FUND. it has a 9% interest rate, tax free & minimum payment is 5k monthly. you can Google www. cornerstone insurance.com to verify our authenticity. if interested contact: 08033390149.
Re: At What Age Should I Open Bank Account For My Child? by muller101(m): 10:47pm On Jul 19, 2017
When he or she is older than u
Re: At What Age Should I Open Bank Account For My Child? by iRepNaija1: 12:54am On Jul 20, 2017
As early as primary school, once they learn how to count money. The earlier you insist on them saving money, the better.
Re: At What Age Should I Open Bank Account For My Child? by FRANKOSKI(m): 12:55pm On Jul 20, 2017
When he's old enough to sign his own signature.
Re: At What Age Should I Open Bank Account For My Child? by superdokun: 4:34pm On Jul 20, 2017
some of you have mentioned it is ok to open an account for your child at an early age.

which bank has the best account products for children? any suggestions please
Re: At What Age Should I Open Bank Account For My Child? by superdokun: 7:25pm On Jul 24, 2017
many Nigerian banks have these banking products but the concern is how can one get the monies to grow not the one bank charges will finish the money. compounding interest sort of thing.
Re: At What Age Should I Open Bank Account For My Child? by NL1960: 8:08am On Jul 25, 2017
superdokun:
many Nigerian banks have these banking products but the concern is how can one get the monies to grow not the one bank charges will finish the money. compounding interest sort of thing.

There are no charges on kiddies account products. Some give an interest rate that is above the prevailing interest rate for normal savings account. There might be some conditions like withdrawal in a month above a certain number of times will lead to forfeiture of interest for that month.
Re: At What Age Should I Open Bank Account For My Child? by Akell(m): 4:18pm On Jul 25, 2017
superdokun:
many Nigerian banks have these banking products but the concern is how can one get the monies to grow not the one bank charges will finish the money. compounding interest sort of thing.


Quality education is the desire of most parents for their children. However, quality does not come cheap, income is not stable and life itself is uncertain . It is against this background that Mutual Benefits Children Education Plan has been structured towards ensuring quality education for your children and wards easily and in a most efficient manner.

This policy allows you to conveniently save towards sending your children/wards to any school of your choice whether within the country or abroad.

The scheme guarantees the future education of your children/wards at whatever level. It ensures that they have access to the quality of education you desire for them, whether you are there to do it or not.

A plan holder starts making a regular savings for a number of years. The choice is however yours to decide on the duration of the policy, but this shall not be less than five years. The premium payable shall depend on the ability of every individual to contribute, although, the higher the premium, the higher the benefits enjoyed.

We also allow some flexibility in the frequency of the premium payment. In other words, you can pay monthly, quarterly, half-yearly or once in a year. We offer a very competitive compounded interest rate which guarantees a rapid growth of your investment in the scheme and at the same time cushion the harsh effect of inflation on the fund.

Please note that 50% of the account balance could be withdrawn to cater for part of the education expenses of the child after the scheme has been in place for a minimum of 24 months and at least two (2) years premium has been fully paid.

If the parent dies before the completion of the duration of the scheme, the total sum he/she intended contributing into the scheme till maturity shall be made available for the child’s education.

Contact +2348065466976 for further details

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