Royal kiddies account is a type of children account that enables children get an early start to financial freedom at WEMA Bank and it is designed for children between ages 0 to 12 years.
If you’re a parent, financial literacy is one of the most important skills you can teach your kids at an early age. Opening a children account for your youngster can give them a head start on aspects of personal finance and make concepts such as savings, budget and financial goals become more real, practical and exciting to them.
Choosing An Account for Your Kid
Prior to taking the leap of choosing a children account, it is important to decide on what your goals and plans for your children’s savings account will be. Putting in mind these priorities will help you choose the right account option. Here are a few things to know before opening a savings account for your children.
Key Considerations when opening a children’s account
- What do you want to achieve with a child’s savings account?
- Trust fund or Kiddies Account
- Interest rates for Children account
- What are the extra perks
Features of Royal Kiddies Account
- Account is operated by the parent/guardian who may or may not have an account with Wema Bank
- Minimum opening balance of N2,000
- Competitive interest rate of 2.15%
- Limited withdrawals – Maximum of 1 withdrawal/month to qualify for interest payment
- Lodgment of dividend warrants & cheques in child’s name is allowed
- No debit card would be issued on this account
- A Royal Kiddies e-purse will be made available on request.
Benefits of Children Account
- Helps parents to save for their child’s future.
- Helps to teach a child the importance of saving from a young age and introduces the child to use financial channels through the Royal Kiddies e-purse.
- Ensures continuity of child’s education in case of death of parent or guardian.
- Allows standing order for regular savings from parent’s/guardian’s accounts for payment of school fees
- Higher interest rate than a standard savings account.
- Eligibility for the annual Wema Educational Award
- Transaction alerts through SMS and/or E-mail
- Access to school fees advance, scholarships and life assurance to fund their education.
Account Opening Required Documents
- Duly completed account opening form including signature mandate card
- Copy of National ID card, Driver’s License, Voters ID or International Passport of the account administrator (parents/guardian)
- 1 passport photograph each for parent/guardian and child/ward and alternate administrator
- BVN of administrator & Alternate administrator (Where applicable)
- Birth certificate or School ID of child
- Copy of utility bill (Water, electricity, Waste or telephone) issued within the last three months