V Children’s Day Target Savings Account

V Children’s Day Target Savings account is a special target savings account designed to help parents save effortlessly for their children.

V will match 20% of your first month’s contribution towards this special Children’s Day Target Savings account and you still get to enjoy 8% interest.

Operational Process

  • All Children’s Day Target Savings account must be opened on or before the 31st of May 2020
  • When you create your Children’s Day Target Savings Account use the ‘Target Description’ CDTS/Child’s name/Child’s age i.e. CDTS/Bolanle/16
  • You can create multiple target savings accounts for your children, one for each child
  • Contribution must be made monthly and same amount as the first month contribution
  • Tenure must be minimum 12 months or more to enjoy full benefits
  • if you skip a payment or break your target savings before 6 months, then you lose the bonus contribution from V and early liquidation will also lead to a surcharge on accrued interest.
  • if you skip a payment or break your target savings after 6 months then you lose 50% of the bonus contribution from V.

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To start, simply

Please fill out this form and a Vbank agent will contact you within 24 hours with more information.



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Frequently Asked Questions

20% of the first contribution is the bonus amount from V depending on the amount invested. E.g if you decide to make a monthly contribution of N10,000 V will give you a bonus of N2,000 in the 1st month. Please note that the 8% interest is applicable on the addition of both the bonus and the amount invested.

Yes, parents should open their children’s account on V.

The parent will create the new TS account under their existing universal account in the form prescribed CDTS /Child’s name/Child’s Age. For example: CDTS / Wale /5years

The monthly installment will also be debited from this account.

You can contribute any amount to the target saving, however, to earn the Children’s Day Target Savings Bonus at maturity, your monthly installments must be equal or more than your first month contribution.

No, you cannot. To qualify for the CDTS bonus, a monthly deposit of the initial startup amount must be made. If the monthly contribution of same amount is not received, the CDTS bonus will be reversed and the balance will continue earning interest at 8% p,a compounded monthly.

Yes, the account creation process is available on the app. All you need to do is:

  • Click the more button at the bottom of the screen
  • Click the open Target/Fixed Deposit Account
  • Select the Target Savings Account option
  • Set a monthly contribution.
  • Target Description should be: CDTS /Child’s name /Child’s Age

You can create the Children’s Day Target Savings Account for children between 0-18 years of age.

The bonus will be credited within 24 hours of creating your CDTS

Please log on to the V app and send a short mail via the “contact us” button.

The CDTS Bonus will apply to deposits that start on or before 31st May 2020

The CDTS will apply to only the first deposit. We therefore recommend a monthly contribution to create better value for your child. As long as the subsequent monthly deposits equal or exceed the initial deposit, the bonus stays.

The 20% bonus is a flat bonus. Your Child gets 20% of the initial/first month contribution within 48 hours of setting up the CDTS account.  Additionally, an interest rate of 8% per annum accrues monthly and is compounded monthly on the entire balance.

If you break your Children’s Day Target Savings Account before 6 months, you lose all the contribution from V, also target saving has a minimum of 6 months tenor, so early liquidation will also lead to a surcharge on accrued interest. However, if you break the Children’s Day Target Savings Account after 6 months, you lose only 50% of the contribution from V but the 8% interest will still stand

NB: Only complying deposits for the full period will enjoy full benefits.

The 8% interest rate on the Children’s Day Target Savings Account is applicable to the first contribution in addition to the CDTS Bonus.

No, there is no need to provide the child’s birth certificate to liquidate or to book your Children’s Day Target Savings Account. Ensure the target description has CDTS/Child’s name/Child Age for easy tracking.

Yes, you can create a Children’s Day Target Savings Account for any child you want to support. They must be less than 18 years of age to qualify for the CDTS Bonus.

If you skip a payment before 6 months, then you lose the bonus from V but if you skip a payment after 6 months you only lose 50% of the bonus from V. This does not affect your accrued interest as long as there is no liquidation and pay out from your target saving account.

Once set up, your target saving will be funded from your selected primary universal savings account or your individual current account. Your target savings also generates a unique account number and you can fund this account directly from any bank. To fund from other banks, the account name will also be the name of the primary account holder. You can set up direct debits from other banks to this account.

The Child Target Savings Account will have a unique account number. Please note this and we will use this number in all correspondence with you.

Yes, the 20% bonus from V also accrues the 8% interest rate

The account profile will be counted as one. However, the total balances will be counted towards your balance target requirement. This also helps you ensure all your accounts are active and remain active.

Log into your app, click on contact us and leave us a message quoting the account number of the target saving you want to liquidate and the account you want credited.