Indeed, it is good to know how to open a First Bank saving account and know the savings account limits. So today’s article will show you types of First Bank savings account and first bank savings account limits.
The advantage of this type of First Bank Savings account is that it runs on a savings account platform with features of current account which is very good for customers.
Here are Types of First Bank Savings account in Nigeria
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The Normal Savings Account
As you already know, this is a normal saving account anyone can easily open without a lot of documents and yet has accumulative interest every month.
The Requirement for this type of Normal Saving account
- You need a savings account opening Application Form.
- Provide a valid ID such as a driver’s license, a National ID Card, or International Passport.
- Provide a valid proof of address of residency such as a current utility bill not exceeding 3 months
- Provide current two passport size photographs.
Here is how to open this savings account type:
Fill and complete the application form at any branch of First Bank near you with the above-listed requirement.
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The FirstSavings Plus account
Once you open this type of savings account called the FirstSavings Plus account, the bank will issue a cheque to you. Note that you can also pay cheques and dividend warrants inside the account holder’s name.
Also, you can be allowed to do withdrawals from any FirstBank Branches nation-wide.
The Benefits of FirstSavings Plus accounts are:
- Every customer will be allowed to issue cheques to third parties.
- Customers have the ability to pay cheques and dividend warrant in the account holder’s name.
- Customers are allowed to do withdrawals from any FirstBank Branches nation-wide.
The Account Opening Requirement For This Type Of Firstsavings Plus Account
- You need a FirstSavings Plus account opening Application Form.
- Provide a valid ID such as a driver’s license, your National ID Card or International Passport.
- Provide a valid proof of address of residency, such as a current utility bill not exceeding 3 months
- Provide two satisfactory references from First bank or other banks
- Provide two current passport size photographs.
Here is how to open this FirstSavings Plus account type:
Just go and download the FirstSavings plus Account Opening Form. Note that you can get the form at https://www.firstbanknigeria.com/assets/PDFs/Forms/Individual-Account-Opening.pdf
Fill and complete the application form at any branch of First Bank near you with the above-listed requirement.
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The FirstInstant Account
This FirstInstant Account happens to be the type of First Bank savings account that is meant for the unbanked and underbanked individuals to allow them to enhance their financial lifestyle.
Here are the Features and Benefits of FirstInstant Account
- Applicants must have at least an opening balance of N1,000 only
- Applicants must have at least an operating balance of N500 only
- You only need two (2) passport photos
- Note that deposit to this type of savings account is not allowed to exceed the sum of N20,000 per transaction
- Also, the maximum allowed balance on this type of account is N200, 000.
- The account daily lodgment should not exceed the sum of N20,000
- All customers must bring full documents whenever the account balance reaches the maximum of Twenty Thousand Naira only (N200,000)
- The savings account comes with a regular savings interest rate of 3.6%.
- The savings account can also be opened as a Salary Account
- No withdrawal limit.
Here is how to open this FirstInstant account type:
Fill and complete the application form at any branch of First Bank near you with the above-listed requirement.
First Bank Savings Account Limits
Note that in case you open standard savings account in First Bank, then there is no limit. This is because a standard savings account means an account that was open with all necessary documents. But an instant account that was opened with no documentation does not qualify as one, which has a maximum account capacity of N300,000 like other banks’ instant accounts.
