Bank Accounts Available For Children

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Bank accounts available for children

As a parent it’s important to choose the right bank account for your child and to help them manage it properly. Banks in South Africa are doing a poor job of teaching and incentivising children to save money.

Current status of banking solutions for children in South Africa:

Parents have to teach children how to save and how to use the account. The cost of basic transacting for children is too high.

It’s important to always check the costs of withdrawing and depositing money.

It helps to get expert help from a financial advisor.

Opening a bank account for children:

Consider what your child will be using the account for. If your child will be using the account often, it may be better to find an account that will suit their needs.

When saving, you should aim for a bank account with a high interest rate. Many bank accounts designed for children don’t offer the best interest rates, so it’s better to find a bank account that will enable them to earn more interest on their savings.

In order to open the bank account for your child you need the child’s birth certificate and the parent’s or legal guardian’s ID. The child must be accompanied by the parent or guardian to open the account. Proof of residential address will also be required. Banking institutions give parents access to the account, making it easier for parents to monitor movements on the account

Bank accounts available for children:

FNB Fluid Youth Account

This account requires a minimum balance of R500 and is available to children 18 years old and younger.

Absa Mega U

This is one of the leading bank accounts available for children and offers a great way to take control of finances.

Capitec Global One Savings Account

Standard Bank Student Achiever

 

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