Our little bunnies also deserve a bank account – Standard Bank caters to everyone regardless of age. The (sum)1 account is made for kids under the age of 16 and wants to do their own transactions. It is the best move for any parent to help open an account for their kids to start learning about the banking system and managing their money at a younger age.
This account has NO monthly fee and no income is required, your kid has to be younger than 16. This account lets you send mom and dad for data and airtime requests, and you can easily request cash when you most need it.
Save money for rainy days with free transfers between your saving accounts. Earn more with the Standard Bank (sum)1 account, just get the Kidz Banking App and manage your money.
- SnapScan and/or Masterpass apps are convenient when you want to shop online securely, you can link your card to maximize your online security payments
- You can swipe for free at till points as many times as you can
- Each month, you get 10 free electronic debit transactions as well as 2 free cash deposit at any Standard Bank ATMs
Your account includes maximum cash withdrawal of up to R1350 at any Standard Bank ATMs. The (Sum)1 Account gets you 50% off your TravelWallet card activation. You may view your balances for free on your phone.
For your Education, make use of the 50% off on your Siyavula subscription. Furthermore, you get 250MB or R25 airtime for free each month (see Standard Bank Mobile)
Know what is going on in your account with MyUpdates and keep track of your banking transactions. You can a secure chip and pin enabled card for the safety of your funds. You get MasterCard and Visa benefits and 24/7 support. Your card is automatically protected for any loss and you get full access to your card functionality using the Standard Bank Mobile Banking App.
Standard Bank (sum)1 account fees
- There are no monthly fees
- You will be charged R26 if you use your bundled transactions
How to apply
To qualify for (sum)1 account, your parent or guardian needs to be a Standard Bank account holder, and so the account can be linked together.
Here are the documents needed:
- You have to be under 16 and be a South African Citizen, your parent or guardian has to produce your Birth Certificate
- An ID of the parent or guardian
- Proof of Residence of the parent or guardian which is not older than 3 months
For more information visit the Standard Bank (sum)1 Account for kids Page, you can call 0860 123 000, or visit your nearest branch. Standard Bank is a licensed financial services provider and a registered credit provider (NCRCP15)
The Standard Bank (sum)1 account Review