FirstBank's Kidsfirst account review

Nabanker


Home | Savings | ( 1 ) | Subscribe

Posted by on Thursday May 8, 2014 at 16:30:36:

First Bank of Nigeria has a savings account designed to cater for your child's interest and it's called Kidsfirst.

Kidsfirst is a form of children's savings account setup on behalf of kids within the ages of 0 - 12 years old. It is specifically suited to suit the needs of your kids while they are kids and just before they become teenagers.

As a kiddie's account, it requires the approval and initiative of the parents to help get it started. It is normally opened by parents on behalf of their kids in order to help secure their future in the long term.

You can open an account with a start up balance of at least N2,000 or more and it can be withdrawn to as low as N1,000. There is no mention on the maximum amount of money you can put in it though.

Requirements
===========
- Minimum Opening balance of N2,000 only
- Valid form of identification for the Parent/Guardian
- Utility Bill of the Parent/Guardian
- Birth Certificate of the child
- 2 passport size photographs of the child
- 2 passport size photographs of the Parent/Guardian

Benefits:
==========
Are there any really any benefits for operating this type of account for your Kids? Well here are some benefits:

- The account earns an interest rate that is 1% higher than normal savings account
- A debit card can be issued on request

- Debit card can be use to pay for bills related to the child e.g medical bills, hospital bills, school bills e.t.c.
- It allows you to keep track of expenses and income made on behalf of your kid

- A standing order can be placed on it for paying your Kid's school fees and other bills
- It doesn't require references

- It is opened in the name of the child. So the child owns it and develops a saving culture by the time he is 18.

- It allows you to easily transfer your financial wealth to the child. This is an easy way to secure his future, even when you are not around.

At First bank, a Kidsfirst account matures to a MeFirst account when the child becomes a teenager and then transforms to a normal savings account by the time the child is 18 years old. He can then have full access to the account by then.




Comments:


Comments:
Re: FirstBank's Kidsfirst account review Reply by Adebanjo Ayo on Saturday October 3, 2015 at 4:27:20:

for how long will I operate the account before I have access to the fund say : for example pay his school bills.



Re: FirstBank's Kidsfirst account review Reply by Felix Okoli on Saturday October 3, 2015 at 4:27:20:

Not sure. Ask at the bank.


Re: FirstBank's Kidsfirst account review Reply by bunmi ogunde on Tuesday June 21, 2016 at 23:15:7:

if I need to open for a kid between 13-17years which account do I open



Re: FirstBank's Kidsfirst account review Reply by Felix Okoli on Tuesday June 21, 2016 at 23:15:7:

This Kidfirst account would be ok for the child


Re: FirstBank's Kidsfirst account review Reply by BABY REJ on Monday October 31, 2016 at 16:50:29:

can a teenager between 13-17yrs open an account for him or herself? if yes what are the requirements?





Post a Comment

Required fields are Name and Comment.


Name:

Email: (Optional)

Comment:


Recent Posts

Nigerians can now pay Cheques into savings accounts - Saturday September 17, 2016 12:58:19
Nigerian banks are sacking workers - Wednesday September 14, 2016 17:59:41
How I transferred money from GTBank with my mobile phone - Wednesday September 14, 2016 17:42:57
How Nigerian banks can attract and retain customers - Friday September 2, 2016 9:59:27
GTBank Naira MasterCard exchange rate per US dollar - Sunday August 28, 2016 22:57:39
Cash Deposit ATM stole my money - Tuesday August 23, 2016 12:44:30