HOW TO OPEN FIRST BANK OF NIGERIA PLC SAVINGS ACCOUNT

This article will explain to all our readers what they need to open First bank savings account and how they will go about it.

Before you go to any First bank branch nationwide to open a savings account; here are the necessary things to bear in mind.

Features of First bank Savings account opening

1. Customers need to go with minimum of N2000.00 for opening balance of N2, 000.00.
2. Customers need to know that after opening of the savings account, you must maintain a minimum operating balance of N1,000.00 that must not be withdrawn at all.
3. Allows Intersol withdrawals from any FirstBank Branches nation-wide.

Documents needed for first bank saving account opening

Please bear in mind that before going to any bank, I mean first bank nationwide, do not forget to go along with listed documents:

·        Customers need a valid means of identification (National ID, International passport, driver’s license)

·        Utility Bill of Applicant (Nepa bill, Water Rate bill, Tenement rate, Rent receipt)

·        Two passport size photographs of Applicant

 But we know that students may not have above listed documents. If you are a student and you didn’t have above listed documents then you should have below documents:

·        A valid student ID card

·        College Admission Letter that state your full name and Matric number

·        Two passport size photographs

After you had gathered all above necessary requirements, then you can proceed to any of their branch or you can download the personal account opening form here

To open a personal Savings account,

• Download the Individual Account Opening Form
• For joint account holders, download the Joint Account Holder Form
• Complete the form and with the accompanying documents, submit at the nearest FirstBank branch

Hope these help?

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MAJOR TYPE OF ACCOUNTS OPENING

You will be wondering on the type of account you want to open. Whether the account type should be savings or current and you wouldn’t know which to go for. Never bother anymore because here, we are going to explain the major type of account should have.

To make the decisions, it will be helpful to first understand the differences between the two (2) major accounts; which are common bank account types.

Below are some definitions that will explain better and also will help you to make your banking needs choice:

Two (2) Major types of accounts – We have two major types of account.

      1.  Checking of Current account

      2.   Savings Account

• Type 1 - Checking account or Current: A checking account allows you and gives the easy access to your money for your daily transactional needs and also helps to keep your cash secure. You can use a debit card or checks (depending on the bank) to make purchases and to pay bills.  This type of Accounts gives you different options of packages that help waive certain monthly service fees. To make the most economical choice, kindly compare the benefits of different savings account packages with the services you really need. Note: Checking account of Current account as Duty Charge, COT (Cost of Transfer) at the end of the month.

• Type 2 - Savings account: A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest, and minimum opening deposit.

• Understanding your bank account’s terms and benefits will allow you for a more informed decision on the account best suited for your needs.

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