Children are the future of tomorrow and if this sayings is true then they have to learn how to save for the future. Access Bank have introduced a a type of Savings Account for the children. This Savings Account is called the the Access Bank EARLY SAVERS ACCOUNT.
This Savings Account is meant for children below the age of 17. In fact parent and guardian can also decide to open this Account type for their unborn child. It is important to note that other Nigeria Banks also offer this type of Account. For example we have The Polaris Rainbow Account, The FirstBank KidFirst Savings Account and The Fidelity Sweeta Account
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What Is Access Bank Early Savers Account
The Access Bank Early Savers Account is a type of Savings Account created by Access Bank of Nigeria to help children below the age of 17 save money. It is usually opened by the child’s parent or guardian.
This Savings Account type is also managed by the parent or guardian until the child comes of age. When the child comes of age he/she can then automatically migrate to another suitable type of savings account.
Features Of Access Bank Early Savers Account
- Minimum opening balance of N1,000
- Zero minimum daily balance
- Interest rate of 4.2% p.a.
- Allow deposits of dividend warrants up to N10,000 (a/c payee only)
- The account is opened by the parent and held in trust for the child, until the child becomes of age to operate the account
- Allows direct debit instruction
Benefits Of Access Bank Early Savers Account
- Opportunity to exclusively attend the Access Early Savers events.
- Membership of the Early Savers Financial Literacy Club
- Unrestricted Access to the Early Savers Microsite via the Online Portal
- Free Early Savers Quarterly newsletter.
- Lodgment of dividend warrants in child’s name is allowed (subject to a maximum of N10, 000).
- Access to school fees advance (for parents/guardians)
- Ease of saving through standing order instructions
- The Early Savers Account is online and real time.
- Read Also: Family Saving Scheme: Access Bank Savings Account For The Family
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Requirements To Open The Access Bank Early Savers Account
- Duly completed account opening form
- Proof of Residence
- KYC Documentation of the child and guardian(KYC means “Know your customer”)
- Valid proof of residence(use of utility bill e.g electricity bill payment, water bill payment etc).
- Visitation report
- AML risk assessment of the guardian
- 1 passport photograph each for parent/guardian and child /ward
- Parent’s means of identification. Note: a valid means of Identity, with same address as quoted in the account opening package, will serve both as means of ID and address verification.
- Birth certificate of the beneficiary(child)/International Passport
- Parent/ Guardian’s BVN
How To Open Access Bank Early Savers Account
There are two methods of creating this savings account. One is offline and the second is online using either you computer or mobile device.
For offline you have to visit any Access Bank branch nearest to you, request for the form, fill it and submit. Please take note of the requirements above.
Second is from home with your computer or mobile device. To do this you need data, good internet connection and well charged phone lets 50% and above.
The best way to open this Account type is by visiting the nearest Access Bank branch. You can also follow this Step by Step Guide with picture proof to help you open an Access Bank Account online.
Even our kids needs to learn how to save for the rainy days. The Access Bank Early Savers Account is just a good way to teach them the importance of Savings from early age. Please share our articles on Facebook and Twitter using the share button below.