Best Children’s Bank In South Africa

What is Children’s Bank?

Children Banking enables parents to open a digital account in the child’s name, set savings goals, and incentivize family chores to earn reward points.

Best Children’s Bank In South Africa

In South Africa, young people under the age of 18 are able to open a bank account. These accounts often come with low fees and may even be able to be combined with adult accounts.

Having a bank account at a young age can help young people gain a better understanding of banking and money management.

Additionally, many of these accounts offer rewards and perks, such as access to discounted rates on streaming services and food vouchers. Here are four top bank accounts for teens in South Africa to consider when opening an account:

1. FNBy Account for Children Under 18

This account is available to children between the ages of 0 and 18 and can be opened with the help of a parent or guardian.

The account offers specially designed rewards for children, such as data and voice minute bonuses, as well as discounted rates on Netflix and Spotify. It also has no monthly service fees and allows account holders to open a savings account at no additional charge.

2. (sum) 1 Banking Account by Standard Bank

This account is available to those aged 16 and under and is provided by Standard Bank to encourage young people to start banking and managing their own finances.

The account comes with benefits such as free ATM cash deposits and withdrawals, free electronic debit transactions, unlimited till-point swipes, and free bank card and transaction notifications.

3. Absa MegaU Youth Account

The Absa MegaU Youth Account is available to those aged 20 and under, and charges no monthly account fee. Every month, account holders are eligible for 100MB of data and an R20 food voucher to be used at select restaurants.

To qualify, the account must have a monthly balance of R300 or the account holder must make at least four banking transactions per month, including two prepaid transactions. This account also offers discounts on various products and services.

4. Capitec Bank Global One Account

The Capitec Bank Global One Account is available to those aged 18 and under and comes with no monthly account fees. It offers free ATM cash deposits and unlimited free card swipes at till points.

It also includes a free Global One card, which can be used for free transactions at any merchant that accepts Mastercard. To qualify for this account, the applicant must have a valid South African ID or passport and proof of residence.

Can a child have a bank account in South Africa?

A copy of a parent/guardian’s valid South African identity document. The child’s unabridged or abridged birth certificate or a valid South African identity document.

Proof of residence (not older than 3 months) and a signed declaration proof of residence form per child.

At what age can a child open a bank account in South Africa?

16 years or older and have a South African ID, and. a South African citizen living in South Africa.