Imagine this: your child, beaming with pride, walks across the stage, diploma in hand, ready to embark on their exciting career journey. Now, picture yourself, stress-free and bursting with joy, knowing you’ve played a vital role in making their dream a reality. This dream doesn’t have to be a distant fantasy; it’s achievable with the right education savings plan.

Navigating the world of education savings can feel overwhelming, but fear not! We’ve compiled a comprehensive guide to 7 popular education savings plans, each with its unique advantages and considerations. Let’s delve into these options and help you choose the path that best fits your family’s financial goals and values.

The aim of this post is to briefly explain what education savings plans are, and also list out top seven (7) financial institutions that provide them in Nigeria.

1. Stanbic IBTC Bank
At Stanbic IBTC Bank, they have a scheme called the Children Education Saving Scheme (CHESS). With a CHESS savings account, you are allowed to set up and manage your child’s account just the way you want. The account is available to children ages 1 month to 17 years, with additional benefits for parents who already have an account with the bank.

CHESS offers the following:

1. 1% interest above the interest rate earned on savings accounts
2. One free withdrawal every quarter
3. Payments of cheques and dividend warrants once KYC requirements are met

2. Leadway Insurance
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