Every Nigerian child knows the line: “Bring it, I’ll keep it for you.” Your Christmas and birthday money went straight into Mummy’s purse, and now you’re the one saying it. But when your child’s money sits with your rent and foodstuff money, it’s hard to tell how much of it is theirs.
So, how do you save for your child and keep it separate? Well, with Piggyvest Kids, of course!
Piggyvest Kids is a separate account in your Piggyvest app where you save and invest for your child’s future, away from your own money. It works like your personal account, and you can manage it with one other adult.
In this article, you’ll learn what a Piggyvest Kids account can do, who can open one, what you need and how to set it up in a few taps.
What is Piggyvest Kids?
Piggyvest Kids is an account you create for a child from your own Piggyvest profile. It has the same interface as your personal account, so if you already save with us, you’ll know your way around from day one.
Every naira in it belongs to your child, and you can use it to save towards:
- School fees, from crèche to university.
- Important milestones, like a first birthday, starting secondary school or writing WAEC.
- A financial head start for when they become adults.
Because the money sits on its own, you can see at a glance how much you’ve built for them. And when they’re old enough, showing them that balance is a great way to start teaching them about money.
What can you do with a Piggyvest Kids account?
A Kids account gives you the same tools you use to save and invest on Piggyvest, set up for your child instead of you.
Here’s all you can do with a Piggyvest Kids account:
- Save separately from your own money. Your child’s savings never mix with your PiggyBank, HouseMoney, or emergency fund.
- Save and invest. Your child’s account includes every wallet in your personal account (except HouseMoney) and offers similar interest rates.
- Manage it with someone you trust. You can invite one other adult, like your spouse or your child’s grandmother, to manage the account with you.
- Keep your child’s details in one place. You can add your child’s National Identification Number (NIN) when you open the account or later, and attach their birth certificate if you have it.
- Receive money from family. Every Piggyvest Kids account has its own account number, so aunties, uncles and grandparents can send gifts straight to your child (no “bring it, I’ll keep it for you” required).
And it all happens in the Piggyvest app you already have, so there’s nothing new to download.
Who can open a Piggyvest Kids account?
You don’t have to be a parent to open a Piggyvest Kids account. When you set up the account, you tell us your relationship with the child, and the options go beyond “mum” and “dad” to include aunties, grandparents, older siblings and more.
After all, we know how Nigerian families work. Sometimes it’s Grandma who has been saving towards a grandchild’s university fees for years. Other times, it’s the big sister in Abuja who pays her younger brother’s school fees every term.
With Piggyvest Kids, you can have a home for that support.
There’s no age limit either, so you can open one for a newborn or a teenager in secondary school. (If you’re a new parent, congratulations! These money-saving strategies for new Nigerian parents should help too.) You can also open multiple Piggyvest Kids accounts, so each child can have their own.
All you need is a Piggyvest account and the latest version of the app. New to Piggyvest? You can read this guide to learn how we work.
What do you need to open a Piggyvest Kids account?
Most of what we ask for is optional, so you can open the account in one sitting and add the rest later.
You’ll need the following to open a Piggyvest Kids account:
- Your child’s name and date of birth, as they appear on their birth certificate or NIN. A middle name is optional, and you can add a photo too.
- Your child’s NIN (optional). Don’t have it handy? Skip it and add it later.
- Your child’s birth certificate (optional). You can upload it as a photo or PDF.
- Your relationship with the child. Mother? Aunt? We’ve even got grandfather and sibling.
- A partner’s phone number or email (optional). Want another adult to manage the account with you? Bring them along for the ride.
If you’d rather do it all at once, keep your child’s NIN slip and birth certificate close by before you start.
How to open a Piggyvest Kids account
Want to get started? It’s easy as ABC!
You can set up a Piggyvest Kids account in five steps:
- Update your Piggyvest app and log in. New to Piggyvest? You can download the app and create an account in a couple of minutes.
- Tap your profile picture at the top of your home screen. You can also get started from the “Save and invest for your child’s future now” banner on your home screen.
- Tap Create. You’ll see three tabs at the top of the screen: Accounts, Create and Join.
- Tap Create a Kids account and fill in your child’s details. You’ll add their name and date of birth, their NIN (optional), their birth certificate (optional) and your relationship with them.
- Add a partner if you’d like, then tap Create. Enter the other adult’s phone number or email, and we’ll send them an invite as soon as the account is created.
Raising a child in Nigeria is a team effort (just ask these four dads), so a Kids account can have two managers: you and one other adult. That could be your spouse, your child’s godparent in another city, or even a grandparent who wants to chip in.
That’s it! You’ll find your child’s account under the Accounts tab, right next to yours.
How do withdrawals work on a Piggyvest Kids account?
The money in Piggyvest Kids is for your child’s future, but we know that school fees won’t wait for their 18th birthday. So, of course, you can withdraw from a Piggyvest Kids account.
Here are a few things to know about withdrawals on Piggyvest Kids:
- Who can withdraw? The parent or parents with access to the account. That means you, your partner or both of you.
- How do withdrawals work? Withdrawals on a Piggyvest Kids account work exactly like they do on your personal Piggyvest account — wallet rules and all.
And when your child becomes an adult? You can transfer the money and account to them, so they step into adult life with savings of their own.
Start saving for your child today
Whether it’s next term’s school fees or a head start at 18, the money you keep for your child can now stay theirs. Update your Piggyvest app and open a Kids account today.
Got questions? We’re always here to help. Reach out to our support team through the Piggyvest app, on X (formerly Twitter) or Instagram, or send an email to contact@piggyvest.com. 💙
