TYPES OF FIRST BANK SAVINGS ACCOUNT IN NIGERIA

It is no longer rumor or news on how to open a First Bank saving account in Nigeria. Nevertheless, this article will explain types of First Bank savings account in Nigeria and the type that is also suitable for your financial needs.

Good things about this type of First Bank Savings account are kind of hybrid savings account that runs on a savings platform with current account features for your convenience. Is that not good? 

Types of First bank Savings account in Nigeria

• Normal Savings account
•  FirstSavings Plus account
•   FirstInstant Accoun
•  KidsFirst Account
• MeFirst Account
• ExplorerFirst Account

Normal Savings account

We all know this type of account. As its implied, its is the Normal saving account that you can open easily without too much documents and yet with accumulative interest at the end of the month.

Documents Requires for this type of Normal Saving account

• Normal Savings account opening Application Form.

• A valid means of identification (Drivers License, National ID Card or International Passport)
• A valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
•   You two passport size photographs.

To open this FirstSavings Plus account type:

Complete the form at any First Bank branch nationwideand with the above listed required documents.

FirstSavings Plus account

As a customer, if you open this type of account called FirstSavings Plus account of First Bank Plc, you are allowed to issue cheques to the third party. You can also pay cheques and dividend warrant in account holder’s name.

You can also allows Intersol withdrawals from any FirstBank Branches nation-wide.

Other Benefits of FirstSavings Plus accounts are as follows:

·        As a customer, you are allowed to issue cheques to the third party.

·        You can pay cheques and dividend warrant in account holders name.

·        Allows Intersol withdrawals from any FirstBank Branches nation-wide.

Documents Requires for this type of FirstSavings Plus account

• FirstSavings Plus account opening Application Form.
• A valid means of identification (Drivers License, National ID Card or International Passport)
• A valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
• Two satisfactory references
• Two passport size photographs of Applicant.

To open this FirstSavings Plus account type:

• v Download the FirstSavings Plus Account Opening Form. You can get the form link here
• Complete the form and with the above listed required documents, and lastly, submit at the nearest FirstBank branch nationwide.

FirstInstant Account

 FirstInstant Account is a type of First Bank savings opening products that First Bank of Nigeria designed for the unbanked and underbanked people to enable them to enhance financial inclusion.

Features and Benefits of FirstInstant Account

• You must have a minimum opening balance of N1,000 only
• You must have minimum operating balance of N500 only
• This type of Account opening requires only two ( 2) passport photos
• Deposit to this type of Account must not exceed maximum of N20,000 per transaction and;
• The maximum allowed balance on this type of account is N200,000.
• A daily lodgement must not exceed maximum  of N20,000
• Also, customers must provide full documentation when the account balance reach maximum of Twenty thousand Naira only( N200,000)
• This type of account has a regular savings interest rate of 3.6%.
• This account can also be opened as a Salary Account.
• Its has an easy documentation on account opening
• No limit on number of withdrawals

To open this FirstInstant account type:

·         Complete the form at any First Bank branch nationwideand with the above listed required documents.

KIdsFirts Saving Account Type 

KidsFirst is the type of Saving Account created to encourage an exciting new account opening for children that are aged 0-12. 

You can see that First Bank Plc take their young customers seriously, so they have better offer for young generation in other to serve them better. So, at the First Bank Plc – “At FirstBank, Kids come First”

Features of Kids First Account

• This type of saving account is opened in the child’s name and operated by the parent or guardian.
• First Bank offers those child’s Gift items & Scholarships
• The minimum account opening or operating balance of N1,000
• They have Automatic Transition to MeFirst  account when the child attains the age of 13
• This type of account is easing and convenience to operate an online banking
• The accunt can receive Cheques or Dividend warrant which is up to N200,000 to the account

Other kidsfirst Account Benefits

• The Child get trendy of gift item when the account is opened with a minimum of N10,000.00 and above.

To open this KidsFirst account type:

·         Complete the form at any First Bank branch nationwideand with the above listed required documents.

MeFirst Saving Account opening

This type of account enable child as he moves through the teenage years. This account is design to meet customer’s special needs and also teach on how to spend and save money, while also engaging them with other fun activities.

The MeFirst account is for teenagers between the ages of 13 - 17 years

Features of MeFirst Account type

• Account is opened in the child’s name and operated by the parent/guardian.
• Minimum Account opening/operating balance is N1,000.
• Automatic transition to XploreFirst Account when the teenager attains the age of 18 years.
• Pre-paid card for the child (in 5 design options) on which parents/ guardians can load weekly/monthly allowances

Benefits of MeFirst Account type

• Gift item will be to the teenager when the account is opened.
• The Account holder qualify for raffle draws to win N300,000 when account balance  is on average of N150,000 for 12 months.
• Cheques & Dividend warrants lodgment into the account.

To open this MeFirst account type:

·         Complete the form at any First Bank branch nationwide and with the above listed required documents.

XplorerFirst Account Opening

This product is targeted at the youths between the ages 18 – 24 years as they evolve from their teenage years into adulthood and become independent

Features of XplorerFirst Account type

• You must attain a minimum of opening balance of N1,000.
• You must maintain minimum operating balance of N200.
• Automatic migration to regular savings account when the account holder graduates.
• Flexible means of identification

Benefits of XplorerFirst Account

• Discounted cost of Verve Debit Card
• Annual Youth scholarship award of N150,000 to 18 undergraduates from the six geo-political zones across the country.
• Participation in a bi-annual XploreFirst Essay and Quiz Competition to win “Youth of the Year”, with cash prizes, a fun filled year, and other attractive benefits. Runners up would also win cash prizes.
• Access to business startup capital upon graduation.
• Cheques/Dividend warrants lodgment
• Participation in all savings loyalty campaigns

To open this XplorerFirst account type:

·         Complete the form at any First Bank branch nationwide and with the above listed required documents.