Hello Family. Happy New Year

(behave yourselves on this thread or else no ice-cream for you on my birthday ! )

I'd like to ask about bank accounts for children. I want to open a bank account for Baby E. I remember that when I was growing up, my Union Bank had all sorts of perks to it (a chance at a scholarship, advice about shares and stockbrokering etc). So I'm looking for something like that.

I went to GTB and met the most unconcerned account officer there. The interest rate is lousy (1%) but I understand it's a savings account.

So my question is, which account from which bank are you using for your child and do you like the service? Thanks.

My baby banks with Skye Bank (Rainbow account).cant remember the exact amount we opened it with...either 5k or 10k then in 2010.They have packages for them though depending on the fatness of the accountblnc.

Swissheart:
My baby banks with Skye Bank (Rainbow account).cant remember the exact amount we opened it with...either 5k or 10k then in 2010.They have packages for them though depending on the fatness of the accountblnc.

okay, that's good to know. Thank you.

Any more answers please? I'm sure I'm not the only one thinking of this.

.

I opened diamond bank for my DD.no special perks to it .....i think

Kidsfirst with first bank.Interest rate is the same poor rate.There are some incentives like you could win gifts on special days e.g children's day.If you maintain a minimum of N150k for a year,you could win a scholarship.You also get invited(the kid) to some special events organised by the bank.

I opened sterling for my baby. I do not pay attention to the interest( I initially wanted a no interest account but they don't have for minors). She got a trolley backpack. the child also gets invited to special events based on whatever criteria they set. I also heard that two years ago, they took the kids shopping at shoprite (I think), and they did that ' shop as fast as you can' thing.
But they have an excellent customer care service especially my branch. It is really a one customer bank. I do not work with them, just an impressed customer.

Thanks for the replies. Please keep them. coming, have to make a decision next week. Also, for your accounts, can you pay cheques into them directly?

I believe these banks have websites. Why don't u look there and find their kids packages and what it entails

Onegai:
Thanks for the replies. Please keep them. coming, have to make a decision next week. Also, for your accounts, can you pay cheques into them directly?

Hotstepper:

I believe these banks have websites. Why don't u look there and find their kids packages and what it entails

I'm looking for personal opinions, not what the bank tells me. I'd like to hear from those of us who have made this decision and if they are happy with their choice.

I think it is better to let them have access to the account when they are teenagers or open it for them at that time. Such a joint account with the parents is good for learning about money before they are adults and fully independent.
That is what I did

I opened bud account for my kids in Heritage Bank and their interest is 3 %.The bank draft is free.

Thanks guys for the replies. I spoke to Access Bank and they told me their interest rate was 5% and the account could accept cheques.

So I guess we will sit down and weigh options.

@onegai why not consider an insurance policy made for kids. the benefits are enormous.

Rhukie:
@onegai why not consider an insurance policy made for kids. the benefits are enormous.

Could you share more please?

Onegai:


Could you share more please?

my analysis will be based on African Alliance Children Education Policy. Unlike banks saving which you can withdraw from at anytime, you can't withdraw from the insurance policy account because it is meant to save towards secondary or tertiary education. Also it provides regular income for the dependent in case of permanent disability or death (which no one prepares for but life xan happen to anyone.)

You can have a policy of between 10-25 year range but not less than that. An a bonus of 3% per annum will be paid on the sum assured unlike the banks where the interest is based on what is saved. That means if you intend to save 6,000,000 in period of 10yrs you'll be getting 180,000 annually for the 10yrs as bonus.

if death or total disability occurs (God Forbid) before maturity lets assume maturity is 10yrs, the family will be paid 2% of the sum assured monthly till the maturity date of the policy. and all outstanding premium to maturity date will be paid by the company.

Also, the policy can be transferred to another named child and you can withdraw if you are not satisfied but you must have paid 2yrs complete premium.

Rhukie:
my analysis will be based on African Alliance Children Education Policy. Unlike banks saving which you can withdraw from at anytime, you cant with from the insurance policy account cause it is meant to save towards secondary or tertiary education. Also it provides regular income for the dependent in case of permanent disability or death (which no one prepares for but life xan happen to anyone.)

You can have a policy of between 10-25 year range but not less than that. An a bonus of 3% per annum will be paid on the sum assured unlike the banks where the interest is based on what is saved. That means if you intend to save 6,000,000 in period of 10yrs you'll be getting 180,000 annually for the 10yrs as bonus.

if death or total disability occurs (God Forbid) before maturity lets assume maturity is 10yrs, the family will be paid 2% of the sum assured monthly till the maturity date of the policy. and all outstanding premium to maturity date will be paid by the company.

Also, the policy can be transferred to another named child and you can withdraw if you are not satisfied but you must have paid 2yrs complete premium.

How is the premium paid?. In addition, is the minimum number of years 10 years?.

NL1960:


How is the premium paid?. In addition, is the minimum number of years 10 years?.

the premium can be paid through an agent, through the company's account or can be deposited at the company. for children education plan the minimum is 10 yrs but you can withdraw after paying your premium for 2yrs

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Meanwhile make I lobby with these passwords: snake, olajumoke,tiwa savage e.t.c

Rhukie, thanks for that awesome breakdown. How much will the company charge to service it? How much is the premium?

Onegai:
Rhukie, thanks for that awesome breakdown. How much will the company charge to service it? How much is the premium?

the only time you will be charged is if you want to terminate the policy before maturity ie 2yrs upward. the least amount of premium is 6000

Rhukie:
the only time you will be charged is if you want to terminate the policy before maturity ie 2yrs upward. the least amount of premium is 6000

Iam always skeptical of insurance companies in Nigeria. They talk very sweet when they want to collect your money but when it is time to redeem, it is a different story.

NL1960:


Iam always skeptical of insurance companies in Nigeria. They talk very sweet when they want to collect your money but when it is time to redeem, it is a different story.

you are right about that but the industry has now been reformed and there are more institutions and regulatory bodies that ensure unwholesome practice are curbed

mavany:

Hi, no problem. I'll save your contact but please take it off NL so scammers don't start calling you.