Best banks in Nigeria for students
If you are an O’level holder, An Undergraduate Or recently secured admission into a higher institution and you’re looking for the best banks in Nigeria for students then look no further because we have got you covered.
In this blog post, we are going to assist you in choosing the best banks in Nigeria for students so keep reading.
The truth is, opening an account as a student may not be difficult but opening an account with a good bank with low or no monthly charges can be challenging.
A great number of Nigerian banks operating today provide additional benefits for customers who choose to open an account with them.
In order to select the most suitable student bank, read this blog post all the way through because we have covered in detail the best banks in Nigeria for students.
Before we proceed, let’s get to know more about banks. In simple terms, a bank is a type of financial institution that offers a diverse range of financial services and products, including lending, the management of deposits, currency exchange, the management of valuables, and venture banking, in addition to acting as an intermediary in a variety of financial transactions.
Their clients consist of a wide array of individuals and organizations, including private individuals, businesses, and public and private institutions.
Now that you have known more about banks, let’s take a look at the best banks for students in Nigeria that you can choose from.
First City Momentum Bank (FCMB) is the first on our list of the best banks in Nigeria for students with incredible incentives.
The FCMB FLEXX Student account is aimed at young people between the ages of 16 and 25, including those who have completed their o-levels or are currently enrolled in undergraduate programs.
It functions very similarly to an account for savings that is intended for Young Professionals, Corpers, and Youths. Students are also eligible to open FCMB FLEXX accounts. Also, the account is denominated in Naira.
Advantages of having an FCMB FLEXX account
- The account can be opened with as little as N1,500.
- dividend warrants of up to 20,000 can be deposited.
- There is no required minimum operating balance
- Complimentary email alerts regarding transactions.
- No charge for electronic statements delivered monthly.
- Access to Mastercard debit card.
- Interest in savings.
- Access to banking via the internet and mobile devices.
Requirement for FCMB Flexx student account
- Account opening form or online account opening platform that has been completed in its entirety.
- One passport photograph.
- A student identification card or other appropriate document issued by the institution for the current session or academic year.
Guaranty trust bank (Gtb)
The next on our list of the best banks in Nigeria for students is Guaranty trust bank
With guaranty trust bank’s GTCReat8 e-savers bank account, you will be able to make transfers via online internet banking
Additionally, you will be given a fully paid Mastercard. The GTBank Leavers Account awards you an interest every year, giving you more funds to put toward the pursuit of your goals as a student.
Although it is the only one of its kind, the GTCRea8 e-savers bank account provides students who are having difficulty making ends meet with an Education Support Grant.
This is precisely what a student bank account is intended to achieve. However, you will need to meet the requirements in order to open a GTbank GTCRea8 e-savers bank account.
It targets both adolescents and young adults between the ages of 16 and 25, which is more than enough time for a significant portion of them to complete their education. Additionally, it bolsters the worth of your investments by accruing interest.
Advantages of having a GTCRea8 e-savers bank account
- Interest per annum on the account balance.
- Services offered by Bank 737.
- Unlimited cash withdrawals in banking halls, and ATMs within Nigeria and abroad; also cash withdrawals on ATMs abroad with MasterCard logo.
- Internet Banking
- Cash withdrawals in branches
- Cheques and dividend warrants may only be lodged up to N100,000 per instrument.
Now, here is a very important point to note, you will be asked to present a regulatory ID (driver’s license, national ID card, permanent voters card or international passport) when your account’s total balance exceeds N1 million.
That being clarified, let’s take a look at the requirements for opening a GTCRea8 e-savers bank account.
Requirements for opening GTCRea8 e-savers bank account
- A properly completed and signed application form.
- One passport photograph
- A valid form of identification, such as a school ID card or a school admission letter, together with any other type of ID card.
Ecobank is another bank where you can have a student account and you will never regret opening the account because their services are topnotch.
Eco Bank Student Accounts function quite similarly to savings accounts in that you have access to all of the essential features. Also, as a student, you have access to the majority of the portals.
Advantages of having Eco Bank Student’s Account
Here are the advantages of opening an account in Ecobank as a student.
- With an Ecobank Student Account, you will have access to Mobile banking.
- Access to internet banking
- You will be given a debit card
- You will also receive free alerts in all your transactions
- You can easily check your account balances
Requirement for opening Eco Bank Student’s Account
If you are a student and intend to open a student account in Ecobank but are scared of the requirements. Not to worry because the requirements for opening an account with Ecobank are very easy for students.
All you need is a means of identification like a student’s ID card and passport photograph.
First Bank is a long-standing bank in Nigeria and it’s known for its excellent banking services.
There are several types of student accounts available through First Bank. Two of these accounts are; FirstInstant and Xplore First. The two accounts are geared specifically toward students who are at least 18 years old.
Both accounts are aimed towards young adults, with the Xplore First account catering to individuals aged 18 to 29.
And the FirstInstant account caters to individuals aged 18 or older than eighteen years old who are interested in beginning their banking careers with FirstBank and opening a basic savings account.
Now that you have known the two types of student accounts that you can open in the first bank, let’s quickly look at the advantages of each of them.
Advantages of FirstInstant account
- FirstInstant Bank accounts require a minimum opening balance of N1,000
- With a firstInstant account, you only need an operating balance of N500
- It requires a maximum cash deposit of N50,000 per transaction
- The account can only have a total balance of N300,000 at any given moment.
- FirstImstant account offers Attractive interest rates.
- If desired, the account can also be utilized in the capacity of a Salary Account.
- The number of withdrawals you are permitted to make from the account in a given month is not restricted in any way.
- If you open a firstInstant account you will be issued a debit card as soon as the account is opened.
This type of account is best suited for students who perform fewer transactions with the bank.
Advantages of having an Xplore First Bank account
Here are the advantages of having Xplore first bank account;
- This account requires a minimum opening balance of N1,000 to be maintained.
- With Xplore’s first bank account, you only need an operating balance of N200
- A seamless transition to a standard savings accounts once the account holder has reached the appropriate age.
- Identification methods that are adaptable.
- Reduced price for Verve Debit Card.
- Xplore first bank account allows the depositing of checks and dividend warrants
- Involvement in any and all loyalty savings programs offered.
Requirements for opening a FirstInstant account and Xplore account
You have to go to one of the bank’s locations in order to open an account at Xplore First Bank, and the FirstInstant bank requires the following information from you:
- Two passport photograph
But if you are opening this account online, you do not have to worry about passports or any documents.
All you have to do is visit First bank’s website and proceed with the opening process.
You should know that having a student bank account in Nigeria is something that will help you obtain a little coin for your future.
You know, as a student who is constantly on a budget, there are moments that can be challenging.
There are times that you will need assistance from people and this is where a student bank account comes in handy.
Even though there are a lot of banks in Nigeria that cater to students, picking the best one can be challenging.
However, if you use the information in this post to your advantage, you will have no trouble picking the best one.