For those of you who don’t know, Union Bank of Nigeria (UBN) is one of Nigeria’s oldest, successful and most respected financial institutions that was established in 1917 when it was then called Colonial Bank. But note that the name Union Bank of Nigeria came in the year 1990 after the bank had some ownership changes and reformations.
Today, I will be showing you different union bank account types with their opening requirements.
THE UNION BANK ACCOUNT TYPES & REQUIREMENTS
The Unionsave Account
This is an account you can open with just N2,500, and you don’t need any documents. Note that with the UnionSave account, there is the ability to get a safe and fast banking platform.
The Account Benefits
- You get N2,500 minimum account opening balance
- A daily minimum operating balance of N1,000
- A maximum single deposit of N50,000
- A maximum cumulative daily balance of N300,000
- Get access to online banking and debit cards
- You earn 1.15% interest
The Account Opening Requirements
- You must have a duly completed account opening form
- Summit one new passport photograph
- Your BVN
The Unionsave more Account
This is another account that you can have access to secure, quick, and convenient 24/7 banking on UnionOnline and UnionMobile. With it, you also have online banking and debit cards and also earn 1.15% interest per annum. You can get this account with just N2,500.
The Account Benefits
- You get N2,500 minimum account opening balance
- A daily minimum operating balance of N1,000
- A maximum single deposit of N100,000
- A maximum cumulative daily balance of N500,000
- You will access online banking and debit cards
- You earn 1.15% interest
The Account Opening Requirements
- Provide a duly completed account opening form
- Provide them a new passport photograph
- Your BVN
- You will provide a means of identification
- Provide your home address
The Savings Account
If you have just N2,500, you can open a Union Bank savings account. Having this account will give you secure, quick and convenient 24/7 banking with Uniononline and Unionmobile.
The Account Benefits
- You can earn 1.15% interest.
- You get an account opening balance of N2,500.
- You get a daily minimum operating balance of N1,000.
- You use mobile and internet banking.
- You have a debit card.
- You get a cheque deposit of up N2m
The Account Opening Requirements
- Provide a duly completed account opening form
- Provide them a new passport photograph
- Your BVN
- You will provide a means of identification
- Provide your home address
The Union silver Account
Here is an account that is a unique savings account which offers concessions and other benefits. Once you have an account opening balance of N20,000, you will use mobile and internet banking platforms, you get a premium debit card and also interest rates based on the available minimum daily balance.
The Account Benefits
- You get a premium debit card
- You will use mobile and internet banking platform
- You get an account opening balance of N20,000
- You have a daily minimum operating balance of N20,000
- An interest rate that is based on available minimum daily balance
The Account Opening Requirements
- Provide a duly completed account opening form
- Provide them a new passport photograph
- Your BVN
- You will provide a means of identification
- Provide your home address
- Two references (This is optional for cheque deposits that is above N2million)
The Payroll Savings Account
This is a customized salary account meant for employees in the formal and informal sector that has special offers and benefits. As an employee, you will use a mobile and internet banking platform and also a personalized 3rd party withdrawal booklet.
The Account Benefits
- You will use mobile and internet banking platform
- You get a personalized 3rd party withdrawal booklet
The Account Opening Requirements
- Provide a duly completed account opening form
- Provide them a new passport photograph
- Your BVN
- You will provide a means of identification
- Provide your home address
- Your company identification card
- An introductory letter from the company
The Unionvibe: Student/NYSC account
This UnionVibe is an account that is specially designed for young people. Note that the UnionVibe account balance can be zero, but 1k is needed before a debit card will be issued.
The Account Benefits
- You earn 1.15% interest
- You get a debit card
- You get a zero balance
The Account Opening Requirements
- Your NYSC Call up letter
- BVN
- An introduction letter from NYSC
- Provide them with a temporary ID card issued by NYSC /School ID
The Unionhybrid Enterprise Account
This account is designed for businesses with low turnover. Owners can earn interest on this account.
The Account Benefits
- Owners earn 1.25% interest.
- There is no maximum debit turnover.
- You get a customized cheque book.
- An account opening balance of N20,000.
- You get a third party withdrawal across the counter
- The daily minimum operating balance is N5,000.
The Account Opening Requirements
- You must have a utility bill
- Submit minutes of the meeting.
- The bye-Law and constitution.
- You must have 2 Passport photographs of each of the signatories.
- A BVN is needed for all the signatories to the account
- You must have KYC documentation (A National ID, NIMC Slip,)
Domiciliary Account
This a foreign currency-denominated account that allows you to save in US Dollars, Euros, and Pounds.
The Account Benefits
- There is a zero daily balance
- There is an opening balance of $100
- You can use your MasterCard or Visa debit card for worldwide withdrawals in ATM centers and online transactions
- You earn interest with a limited monthly withdrawal (though interest will be forfeited after 3 withdrawals)
The Account Opening Requirements
- You must have 2 passport photographs
- You must have valid means of identification
- Submit a recent utility bill that is not more than 3months old
- Your BVN
- Submit a CIU Form
Fixed Deposit Account
This fixed deposit gives you a higher degree of investment whether short, medium, or long-term. Union bank’s termed deposits can either be re-invested or paid to any customer with the earned interest at the agreed time.
The Account Benefits
- The minimum tenor is 30 days
- The minimum deposit of N100,000
- There is no transfer limit
The Account Opening Requirements
- Submit two passport-sized photographs of Applicant
- Provide a utility bill
- Provide a means of identification
