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

Nedbank

4Me
  • No monthly maintenance fees
  • Interest rates are higher than those of a normal savings account
  • The bank donates to a charity of your choice whenever you use your card
  • You can use your card when making purchases
 Aged under 16

  • Parent’s/guardian’s ID or Smart Card
  • Birth certificate
  • Proof of residence

Aged 16 – 18

  • Identity Document
  • Proof of residence

Standard Bank (sum)1
  • No monthly fees
  • Two free withdrawals and deposits at STB’s ATM
  Aged under 16

  • Birth certificate

Absa MegaU Account
  • No monthly fee
  • 100 MB of free monthly data
  • Buy food at selected stores at discounted prices
 Aged under 16

  • Parent’s/guardian’s ID or Smart Card
  • Birth certificate
  • Proof of residence

Aged 16 -19

  • Identity Document
  • Proof of residence

Capitec savings account
  • Lower transaction fees
  • Monthly interest on balance
 Aged under 16

  • Parent’s/guardian’s ID or Smart Card
  • Birth certificate
  • Proof of residence

Aged 16 and above

  • ID or Smart Card
  • Proof of residence

*Standard Bank (sum)1 is linked to the parent’s bank account. The parent must have an account with the bank.