Kids’ bank accounts in South Africa compared (2026): FNB, Capitec, Absa, Standard Bank, Nedbank
Nedbank4Me is gone, TymeBank is now GoTyme, Capitec’s account has a new name, and most of the big banks offer a children’s account with no monthly fee. Here is the 2026 line-up, checked against the banks’ own pages in October.
The short answer
- As of October 2026, FNB’s FNBy (when linked to a My Family profile), Standard Bank’s (sum)1, Absa’s MegaU and Nedbank’s MiGoals4Kids all cost R0 a month.
- Capitec has no dedicated children’s account: a parent opens a standard Main Account for a child under 16 in a branch, at R7.50 a month.
- FNBy is the easiest choice for FNB families, Nedbank MiGoals4Kids has the most detailed parental controls, and Standard Bank (sum)1 has the most generous free transactions.
- GoTyme Bank (formerly TymeBank) only opens accounts from age 16, and Nedbank4Me has been replaced by MiGoals4Kids.
- A bank account holds the money and pays interest, while an app like Savella handles chores, paydays and lessons, so many South African families use both.
In this guide
South African parents rarely search for “kids money app”. They search for the bank already in their pocket: an FNB account for kids, a Capitec card for a thirteen-year-old, whether Absa’s MegaU is still free. This is the honest local answer to those searches: what each big bank actually offers a child in 2026, what it costs, how to save with it, and where a bank account is genuinely the better tool than an app like ours.
The facts come first and the caveat second. Every fee, age limit and rate below was checked against the banks’ own published pages and pricing guides on 23 October 2026. Bank pricing changes every year, and in a few places the banks’ own pages disagree with each other, which we point out where it matters. And a disclosure, same as in our kids’ money app comparison: Savella is our product, so weigh the section about it with that in mind.
The 2026 landscape has moved
If your mental map of kids’ banking is a few years old, four things have changed. Nedbank no longer sells Nedbank4Me, and its children’s account is now MiGoals4Kids. TymeBank has rebranded as GoTyme Bank and offers no account for under-16s at all. Capitec’s standard account, which children use too, is now called the Main Account. And the Absa MegaU tasks feature that once let parents pay children for jobs no longer appears on Absa’s current pages, so do not choose MegaU for it. The bank-by-bank detail follows.
FNB: FNBy (ages 0 to 17)
FNBy costs R0 a month when it is linked to a My Family profile on the FNB App, and it hangs off the parent’s banking profile, which is both its strength and its catch: the parent must already be an FNB (FirstRand) customer. The child gets a personalised FNBy bank card and a linked savings account at no extra cost, with FNB’s Bank Your Change feature switched on. FNB lists cash withdrawals, including at shop tills, as free, with a monthly cap on free cash deposits at ATMs and branches. The perks are real: a quarterly Wimpy voucher through eBucks, FNB’s rewards programme, when the parent qualifies, and an FNB Connect SIM with unlimited WhatsApp and 35 voice minutes a month, under a fair-use policy. Opening needs your ID, the child’s unabridged birth certificate and proof of residence no older than three months, with the child there in person. If you already bank with FNB, this is the path of least resistance.
Standard Bank: (sum)1 (under 16)
(sum)1 stays free in 2026, and its free allowances are generous for a child’s life: unlimited card swipes, ten free electronic payments a month, free withdrawals at Standard Bank ATMs up to R1,000 a month and free cash deposits at its ATMs up to R1,500. You manage the account from your own banking app, with notifications, and you do not need to bank with Standard Bank yourself. Opening means a branch visit with the birth certificate, your ID and proof of residence. Junior Perks (Krispy Kreme, Nando’s, Burger King and free Ster-Kinekor tickets) sweeten it. At 16 a teen can move to MyMo, which costs R7.50 a month and comes with a physical card and a virtual card, which is a card number that lives in the app for online shopping.
Capitec: no kids’ account, but a workable route
Capitec still has no dedicated child product. Under its Family Banking offering, a parent opens a standard Main Account for a child under 16 in a branch, and standard pricing applies: R7.50 a month with a R30 minimum balance, free card purchases, and R10 per R1,000 withdrawn at any ATM. The parent’s link in the Capitec app is view-only (you see transactions across several children, but payments and changes happen in a branch, including spending limits). At 16 the child can take full ownership with their own ID, in a branch with the linked parent present. One detail to diarise: an account that is never upgraded is frozen at 18 until the child’s identity is verified.
Absa: MegaU (under 20, or 18 and under)
MegaU costs R0 a month with free card swipes, free Absa ATM withdrawals and free cash deposits up to R500, and the card is a contactless Visa debit card. Absa’s own page gives the age limit as both “under 20” and “18 or younger”, so confirm it in branch; parental consent is needed under 16. The headline perk is R50 in monthly food vouchers (Debonairs, Burger King, Steers, Wimpy, Spur and Fishaways). On the main product page that now takes at least four transactions a month, two of them prepaid purchases such as airtime or data, plus a balance of at least R300 for the whole month (an older Absa page still says five transactions). A child who spends everything early will not qualify. It opens in a branch with a R10 deposit.
Nedbank: MiGoals4Kids (children)
The Nedbank4Me replacement has the most detailed parental controls we could confirm on the banks’ own pages. MiGoals4Kids costs R0 a month with unlimited free card purchases, and the child gets a physical card plus virtual cards with their own spending limits. In Kids Digital Banking you choose which kinds of transactions your child can make, and they cannot add beneficiaries, make once-off payments, buy vouchers or gambling products, or apply for credit. You can block, freeze or replace the card from the app. Nedbank’s pages describe it as an account for under-16s in some places and under-18s in others, so check the age with Nedbank if your child is 16 or 17. You can open it online or in the Money app with your ID and the child’s birth certificate. ATM cash is the weak point, at R12 per R1,000 withdrawn on Nedbank’s standard pricing.
GoTyme Bank (formerly TymeBank): from 16 only
GoTyme Bank’s terms draw a hard line for families: you must be 16 or older. From 16, a teen with an SA ID can open the Current Account themselves in the app in a few minutes, with R0 monthly fees and free card purchases. Its GoalSave pockets pay 6% a year, rising to 10% if the teen gives ten days’ notice before closing a goal (a partial withdrawal loses the bonus). There are no parental controls, because it is an ordinary adult account. For a 16-plus first account it is excellent; for a younger child it is simply not an option.
The comparison at a glance
All facts checked against the banks’ published pages on 23 October 2026. Fees and rates drift, so verify before you open.
| Account | Ages | Monthly fee | Stand-out detail |
|---|---|---|---|
| FNB FNBy | 0 to 17 | R0 (linked to My Family) | Linked savings account; parent must be an FNB (FirstRand) customer |
| Standard Bank (sum)1 | Under 16 | R0 | Unlimited free swipes and generous free ATM allowances |
| Capitec Main Account (Family Banking) | Under 16, opened in branch | R7.50 | View-only parental link; full ownership from 16 |
| Absa MegaU | Under 20, or 18 and under (Absa’s pages differ) | R0 | R50 monthly food vouchers, with conditions |
| Nedbank MiGoals4Kids | Children (under 16 or 18, see above) | R0 | Most detailed parental controls we found; virtual cards with limits |
| GoTyme Bank Current Account | 16 and up | R0 | GoalSave up to 10%, but no under-16 option and no parental controls |
Savings accounts for kids and babies
An everyday account and a savings account do different jobs: one is for spending, the other is for money that should sit still and earn interest. Every bank above offers a way to save alongside the child’s account, but they publish very different amounts of detail.
| Bank | Savings option for a child | Interest, as published | Good to know |
|---|---|---|---|
| FNB | Linked savings account with Bank Your Change, included with FNBy | A “preferential” rate, not stated on the product page | Included at no extra cost; FNBy itself starts at age 0 |
| Standard Bank | PureSave for your child | 4.75% on balances under R20,000 (rate table effective 29 May 2026) | No minimum opening balance and no monthly fee; the parent opens it |
| Capitec | Up to ten savings plans on the child’s Main Account | From 2% on smaller balances | A parent can also open a tax-free savings account for an under-16 in branch |
| Absa | MegaU Savings | Not published online | R50 opening deposit, no monthly fee, opened in a branch |
| Nedbank | Up to ten MyPocket savings pockets | 6.25% on some Nedbank pages and up to 7.25% on others, for balances under R10,000 | No notice period to withdraw |
| GoTyme Bank | GoalSave (from 16 only) | 6%, or 10% with ten days’ notice | Up to 20 goals |
Saving for a baby? FNBy is the only children’s account here that states it starts at age 0, and Capitec opens accounts for under-16s on a birth certificate. The others do not publish a minimum age, so ask in branch. For money that will sit for years, a tax-free savings account in the child’s name is also worth a look. Interest and growth in it are not taxed, up to yearly and lifetime limits, and our guide to teaching kids to save covers the limits and the trade-off.
Opening an account at 16 or 17
At most banks, sixteen is when South African teens can start banking in their own name, though each bank handles it differently:
- GoTyme Bank: the teen opens the Current Account alone in the app, with an SA ID and a selfie check.
- Standard Bank: MyMo is open from 16, and a teen with an ID can apply in the app. Without an ID, it is a branch visit with a parent.
- Absa: parental consent for MegaU is only needed under 16, so a 16- or 17-year-old can apply in a branch with their own ID and proof of residence.
- FNB: the Easy Account is open from 16 with the teen’s own ID and proof of address.
- Capitec: under-18s cannot open an account on their phone. A child who already has a Main Account upgrades it in a branch with the linked parent.
- Nedbank: its own accounts for young people start at 18, and some of its pages say MiGoals4Kids stops at 16, so ask Nedbank what applies to a 16- or 17-year-old.
Which account suits which child
| Age | What the account is for | Accounts to look at |
|---|---|---|
| Baby to 6 | A safe place for birthday money to grow | FNBy and its linked savings, or a savings option at your own bank |
| 7 to 12 | A first card, with you watching closely | MiGoals4Kids for controls, (sum)1 for free allowances, FNBy for FNB families |
| 13 to 15 | More independence and everyday spending | The same three, plus MegaU, or Capitec if you value its simplicity |
| 16 and 17 | An account in their own name | GoTyme Bank, Standard Bank MyMo, Absa MegaU, FNB Easy, or a Capitec upgrade |
A bank account or an app like Savella?
They do different jobs, and a bank account wins two of them easily. If you want a safe home for the money itself, the banks above will hold your child’s savings, most of them for free, pay interest, and put the deposit inside a regulated bank, which no app tally can match. And if your child needs a card of their own to tap at the tuck shop, Savella cannot help, because it deliberately holds no money and issues no card.
What none of these accounts provide is the parenting layer: a chore and payday routine under your control, money lessons pitched at your child’s age, and support for co-parents in two homes, none of which these product pages mention. MiGoals4Kids comes closest on controls, but none of these accounts is built around teaching. That is the job Savella was built for: chores with rand values, a payday, savings goals with progress bars and a game-style curriculum, run by both guardians without a shared wallet. Savella is in private beta, and it is our own product. For most families the practical answer is both: a zero-fee account as the vault, a money-skills app as the teacher, and the pocket money calculator to settle the amount before you open anything.
The bottom line
Bank with who you bank with: FNBy for FNB families, (sum)1 for generous free-transaction limits, MiGoals4Kids if parental controls matter most, MegaU if the voucher will actually get used, Capitec if its simplicity is worth R7.50, and GoTyme only once your teen turns 16. Whichever vault you pick, the teaching still has to come from somewhere, and that is the half we build.
Questions parents ask
Which bank has the best account for kids in South Africa?
It depends on the job. FNBy is the easy answer for FNB families, MiGoals4Kids has the most detailed parental controls we could confirm, plus virtual cards, (sum)1 and MegaU are solid free accounts with perks, and Capitec offers its standard Main Account from a branch. Pick the vault by the bank you already use.
Which kids’ bank accounts have no monthly fee?
At the time of writing (October 2026): FNB’s FNBy when linked to a My Family profile, Standard Bank’s (sum)1, Absa’s MegaU and Nedbank’s MiGoals4Kids all cost R0 a month. Capitec charges its standard R7.50, because it has no dedicated child account, and GoTyme Bank’s free Current Account only opens from age 16.
What documents do you need to open a child’s bank account?
The core set is the parent’s ID and the child’s birth certificate. FNB and Standard Bank also ask for proof of residence no older than three months, while Capitec no longer asks for it. Capitec, Absa and Standard Bank open children’s accounts in a branch, and Nedbank’s MiGoals4Kids opens online or in its app.
Can a 16-year-old open a bank account on their own?
Yes, at several banks. A teen with an SA ID can open GoTyme Bank’s Current Account or Standard Bank’s MyMo in the app, apply for Absa MegaU or FNB’s Easy Account with their own ID, or take full ownership of a Capitec account in a branch with the linked parent. Nedbank’s own youth accounts start at 18.
Can I open a bank account for my baby?
Yes. FNB’s FNBy is open from age 0 and includes a linked savings account, and Capitec opens accounts for children under 16 on a birth certificate. Other banks do not publish a minimum age, so ask in branch. A tax-free savings account in the child’s name is another option for long-term money.
Do kids’ bank accounts pay interest?
The savings options do. At the time of writing, Standard Bank’s PureSave for your child pays 4.75% on balances under R20,000, Nedbank quotes 6.25% on some pages and up to 7.25% on others for MyPocket balances under R10,000, Capitec pays from 2%, and GoTyme’s GoalSave pays 6%, or 10% with notice, from age 16. Check the current rate before deciding.