Opening a bank account for your child? Check out these 4!
Your child may be too young to know anything about banks or money, but that shouldn’t stop you from instilling financial discipline. One of the ways you can do that is by opening a bank account where they can save their money.
Bank accounts are the new piggy banks!
Lourens Bester, a partnership director at the financial services company Adviceworx, says parents should open bank accounts for their children as soon as possible. He says this will teach them responsibility, budgeting and how to work with money.
Bester recommends a savings account that pays good interest.
“You can start putting money into the account monthly, so it builds a nice balance,” he says.
The Moneyshop team searched for the best savings accounts to open for your children.
Product |
Benefits |
Documents |
Nedbank4Me |
|
Aged under 16
Aged 16 – 18
|
Standard Bank (sum)1 |
|
Aged under 16
|
Absa MegaU Account |
|
Aged under 16
Aged 16 -19
|
Capitec savings account |
|
Aged under 16
Aged 16 and above
|
*Standard Bank (sum)1 is linked to the parent’s bank account. The parent must have an account with the bank.