Are you an O’level holder? Undergraduate? or currently in school but looking forward to opening a student account but not sure which bank to go with or how to apply? Well, you’re in the right place! Today, we will help you find the best student bank accounts in Nigeria.
Students usually pass a lot to open a bank account in Nigeria, and it is quite painstaking but with the help of the below simple guidelines, you will find it more easy and efficient.
- 1 What do you need to open a bank account?
- 2 Why you need to get a student bank account?
- 3 When to open Student Bank Account
- 4 Best Student Bank Account in Nigeria
- 5 FCMB FLEXX
- 6 Diamond S.W.A.G
- 7 GTCRea8 Account
- 8 Eco Bank Student Accounts
- 9 First Bank Student Accounts
What do you need to open a bank account?
Thankfully, you don’t need much to open your best student bank accounts, after all, you are a student opening an account without any aid from your parent. Here’s the major requirement:
*. Passport ID: Opening an account in Nigeria requires a minimum of two passports, most banks prefer red background, while others don’t. But you can go with any background of your choice.
Meanwhile, they are numerous banks that did not specify any color. So, going with red, purple, white, or any random colors might not deprive you of your student accounts. And some just need the two passports for easy opening.
*. Photo ID: You need at least two forms of photo ID: student ID, Departmental/Faculty ID card, N.Y.S.C Identity Card, or School Admission Letter along with driver’s license or National ID or PVC ID card
You are required of two different types of ID for clearance. First, you must come with a Student / School ID, School Admission letter, which will serve as proof of student status. It might also be a letter of acceptance from your university but the Admission letter might serve that purpose.
While on the other end, you are to come with any other ID for more clarification, something like a Temporary / Permanent Voter’s card / National ID card, or possibly go with your driver’s license.
*. A completed application form: Most banks now allow you to apply online for a student bank account, but you will still have to send off supporting documents or take them to your local branch. Documents must be original copies, not photocopies.
Another important document that is required of you, is a duly completed application form, along with your dual passports, student ID, driver’s license, or NIMC, you are good to go.
Why you need to get a student bank account?
After passing through the serious procedure to open your first account, you might find it absurd to get a separate new bank account, called a Student bank account. As a student, this account can help you do more perfectly in the future and help your academic session.
– Saving up for your future: Most banks gives you the ability to save up for your future, but as a student.
– Few Banks offer loans to students.
Most Nigerian banks don’t support the following apart from Student loan:
– Largest overdraft: An arranged over-draft is a simple way of borrowing money through your current account. But a student account overdraft helps you borrow money but with little or no interest.
As student, who are always on budget, there are trying times. Times when you may need help from anyone, anywhere or any place, that is where Student bank account holder comes in, look for the largest and get the biggest interest-free one you can find.
As aforementioned, don’t be deceived by bank’s free gifts or complimentary, try to check out the future over-draft, the current offers might not be the same as next three, check out the next three – four years charges.
– Don’t need large over-draft: You might be one of the students, who is not looking for any big over-draft, you can actually do something more spectacular.
Before opening a student account, you may have gotten yourself a saving account, after getting your student account, you can apply for it then take some of it out (interest-free) and balance up your savings account, which will in return earn you some interest on the borrowed money whilst you’re a student.
The interest on Saving account is not much of, just few currencies but as a student, every single penny is worth thousand of them. And you really don’t need much to get your interest.
– You will repay them later: This is the most distressing moment, hence, don’t consider the loan as a free money. You will have to balance them up later. Most banks automatically turns your student account into a graduate account.
It is advisable to know the bank repayment condition before applying for one. And also ask more questions, when you visit the bank, that is getting the basic understanding. Remember that the bank 0% interest period is not forever, it only lasts a certain number of years after you graduate before interest charges set in. You’ll need to starting paying up before you start getting inferior by higher repayments.
Whichever bank you choose, remember that you may need their help if you have money troubles later on, and they will likely offer you as much support as they can. If you are ever in financial difficulty it is a good idea to contact the bank and discuss it with them.
When to open Student Bank Account
Fortunately, if there is any little possibility to open the student bank account right away, then it is a good idea, don’t hesitate, go for it. It is a good idea to open a student account before you start university.
As students, you might want to apply for a loan at least, once or more times. Getting a student bank account now requires a few documentaries from yourself and your school, but if there is a means of bypassing the school’s / student ID, then go for it.
This will help your financial life as a student. Especially if you are applying for a student loan as the money will be paid directly into your bank account.
Best Student Bank Account in Nigeria
There are a lot of Nigeria Banks today, that offer more incentive in opening an account with them. But don’t be too gullible, as the offers don’t stand much longer. You must have followed the above instruction to choose the best student account.
There are different types of student bank account, including Saving and Current student bank account. Below are the top best 5 student bank account to open in Nigeria. There are numerous banks in Nigeria, we have the big names, the microfinance banking system, and many others. But we will list out the best for each.
The First City Momentum Bank offers an intriguing student account with an amazing bonus. And fortunately, the FCMB FLEXX Student account target both teenagers, o-level holders, undergraduate, from the age of 16years to 25years.
It is much like a savings account designed for Youths, Corpers and Young Professionals, which also involves students too and it is a naira denominated account.
Benefits of FCMB Flexx Student Accounts
– With just N1,050, you can open the account
– Allows lodgment of dividend warrant of up to ₦20,000
– Zero Minimum operating balance
– Free E-mail transaction notifications
– Free monthly electronic statements
– Branded MasterCard debit card
– Entrepreneurship/Employ-ability Forums
– Interest on savings
– Access to Internet/Mobile banking
To get a dignified FCMB Flexx student account, you can go with the following:
– Completed account opening form/ Online account opening platform
– 1 passport photograph
– Student ID or Appropriate document issued by the school for the current session or academic year
Another amazing place to get your student accounts is from Diamond S.W.A.G. The accounts target both students of Tertiary Institutions and Corps Members. It helps you save a lot of money, serves as a saving account.
Benefits of Diamond S.W.A.G Account
– Trendy International Debit card
– Enjoy great discounts when you shop with your S.W.A.G Card on selected merchant sites e.g. Adiba.com
– Eligibility to win PocketMoney4AYear and cash prizes on other Promos running from time to time
– Minimum opening balance of ₦525
– Free and secure monthly statements via email
– Diamond Bank cheques can be paid into the account
– Credit interest payable monthly
– Free Online Banking
– Access to the Mobile App
– 50% discount for the first issuance of our trendy Debit Card
– Limited account opening documentation
– Reliable and convenient access to Online & Mobile Banking
– Offers competitive interest on your savings; payable monthly
– Exclusive access to Diamond Bank Youth Portal (Coming Soon!)
To get a certified Diamond S.W.A.G student account, you need the following:
– Duly completed account opening form
– A minimum of ₦525.00 to get your Debit Card after account opening
– One passport photo of Student / Corp Member
– Student /Departmental/Faculty ID card or N.Y.S.C Identity Card
Visit Diamond S.W.A.G
With the GTCRea8 e-savers bank account, you can enjoy a fully due Mastercard, make transfers with online internet banking. GTBank leavers account gives you extra funds to pursue your dreams of 2.5$ yearly interest on your savings.
While the GTCRea8 e-savers bank account is one of a kind, offering an Education Support Grant for students that are struggling, something that a student bank account is meant to do. But you need to qualify for the Gtbank GTCRea8 e-savers bank account.
It targets both teenagers from 16years to the youth of 25 years, this is quite long enough for a substantial time to go through school. And it adds value, (interest) to your savings.
Benefits of GTCRea8 e-savers bank account?
– Payments of cheques and dividend warrants, to the sum of N100,000, into your account
– 2.5% interest per annum on account balance
– Bank 737 services
– Unlimited cash withdrawals in our banking halls, ATMs within Nigeria and abroad; also cash withdrawals on ATMs abroad with MasterCard logo
– Internet Banking
– Cash withdrawals in branches
– Lodgement of cheques and Dividend warrants subject to a maximum of N100,000 per instrument
– Presentation of regulatory ID ( Driver’s License, National ID Card, Permanent Voters card, or International Passport) when the cumulative balance in your account is above N1 Million
What is required of you:
– Duly completed application form
– A valid means of ID i.e. School ID card or School Admission Letter along with any other form of ID card
– One passport photograph
Eco Bank Student Accounts
This account is much like Saving accounts, you can perform all the vital commands and you can access the most portal as a student. Offers mobile banking, internet banking, Debit card, free alert, and bank account balance.
The above statement is only limited to the Saving accounts but for the current account, you can do much more for easier banking. You are required of the necessary documentation to do this, like 2 passports, student ID.
First Bank Student Accounts
There are different types of First Bank for students, there is the FirstInstant account and the Xplore First, both target students from 18 years. Both targets youths, the Xplore First is between the ages of 18 – 29 years while the FirstInstant account is for those who wish to open a no-frills account to start their banking experience with FirstBank and its target 18 years and above.
FirstInstant Bank Benefits
– Both accounts need a minimum opening balance of N1000
– Operating balance of N500 First Instant and N200 for Xplore First
– Maximum cash deposit is N50, 000 per transaction
– Maximum cumulative balance on the account at any point in time is N300,000
– Attractive interest rates
– The account can also be operated as a Salary Account.
– There are no limits to the number of withdrawals you can make from the account in a month
– You get a debit card instantly as soon as you open the account
– This account type is for those who carry out lower transactions with the bank
Xplore First Bank Benefits
– This account has a minimum opening balance of N1,000.
– Minimum operating balance of N200.
– Automatic migration to regular savings account when the account holder graduates.
– Flexible means of identification.
– The discounted cost of Verve Debit Card.
– Cheques/Dividend warrants lodgement.
– Participation in all savings loyalty campaigns.
How to Apply?
To open an Xplore First Bank account, you need to visit any of the bank branches and the FirstInstant bank needs the following:
– 2 passport photographs
– If you are opening this account online, however, you do not need any documentation to open the account.
They are numerous other best student bank accounts, UBA offers the same, in Nigeria. Having a student bank account in Nigeria is something, that will help you get a little coin for your future.