As a student, you want to open an access bank account but first would like to know the access bank student account limit, you’re at the right place I can assure you that cause I will explain all you need to know.
Let’s say you’re 16 years or maybe 17 years and you think that you are only eligible for a student account in Nigeria, no problem about that that cause that’s the type of account that is good for your age.
Now let’s jump in to the topic we have here, the access bank student account limit in Nigeria.
What is access bank student account limit
The access bank student account limit is three hundred thousand naira and it cannot exceed that amount.
The student account is also limited to a single deposit of fifty thousand naira and which cannot be exceeded. The access bank student account is very much helpful to students in order to save and to receive money from family and friends.
Now you have seen the access bank student account limit in Nigeria, the question is;
Are you okay or satisfied with the maximum operating balance which is N300k, and the maximum single deposit which is N50k?
I’m sure you may be disappointed with the limit but there’s nothing you can do about other than to go for a higher savings account than the access bank student account or solo account.
Let me explain bit more of the access bank student account limit in Nigeria to avoid unnecessary questions.
N300k Maximum Operating Balance
The three hundred thousand naira maximum operating balance is the highest amount of money you have in your access bank student account.
If for example, you have N290k in your access bank student account and your family or friends send N50k to your savings account, the money won’t be deposited into your account. The bank will put the transaction on hold cause N290k plus N50k equals N340k and that has exceeded the maximum operating balance for a student account.
In this case the bank will call you to update or upgrade your bank account to a Tier 2 or tier 3 savings account. Afterwards the money will be deposited into your savings account.
N50k Maximum Single Deposit
This is another access bank student account limit in Nigeria, fifty thousand naira maximum cash deposit and which for me is way too low.
In this situation, you cannot receive more than fifty thousand naira into your access bank student account here in Nigeria. This isn’t just applicable to access bank but rather all banks in Nigeria.
For example, someone wants to send N55k or N100k to your access bank student account, the transaction won’t go through cause it has exceeded the maximum amount for a single deposit in a student bank account in Nigeria.
In this situation, the bank will put the transaction on hold, give you a call to upgrade or update your savings account before the money will be deposited into your bank account.
The solution for this
If you’re up to 18 years of age, instead of opening a student account I will recommend you to open a tier 3 or the standard savings account in Nigeria.
At 18 you should get yourself registered or enrolled for nin, with the nin ID or the paper given to you you can open a standard savings account in Nigeria. Collect an electricity bill or rent bill from your family or even friends along with a passport and you’re ready to have a regular savings account instead of the student account that has limits.
Even if you opt to open a student bank account there will be a time when you will have the need to upgrade or update your bank account, especially when you start working.
Right now that you have seen the access bank student account limit in Nigeria, it is left for you to open the account or probably go for the standard savings account in Nigeria.
Now let’s see the benefits derived from opening a student account in access bank.
According to the bank, below are the benefits of opening an access bank solo account or the student account in Nigeria.
- Access to exclusive events
- Access to student loans
- Financial management tools
- Internship / Campus Ambassador program
- Access to exclusive events at discounted rates
- Online Entertainment via www.acceleratetv.com
- Special package for customers turning 18-years
- 50% discount on Debit Card (applicable on first card issuance only)
- Promotional offers and lots of freebies
- Provides account information updates via SMS/Email alerts
- On-the-go banking via all our e-channels platforms
- Personal development workshops and seminars
Now you have seen the benefits of opening the access student account, let’s see the requirements cause it is very much essential and important.
Requirements to open access bank student account
- Completed Account Opening forms, including signature mandate card
- Means of identification: a valid means of identity, with same address as quoted in the account opening package. will serve both as means of ID and address verification
- KYC Documentation of the customer
- BVN of signatory(ies)
- AML risk assessment
- Means of Identification – A Tertiary Institution ID, NYSC ID, Valid Primary ID or any documents from the school that bears matric no and passport photograph or that clearly indicates the student is a member of the school.
- Means of address verification (Optional)
- 1 Passport photograph
- Residence Permit (Foreigners)
Looking at the requirements to open an access bank student account, you will notice that you can use your school ID card to open the account.
Kindly note that the access bank student account falls under the access solo savings account. And the requirements above falls under the solo account and which is a tier 1 savings account in Nigeria.
You don’t have to bother yourself if you don’t have a voter’s card, driver’s license, international ID or the international passport.
Again an utility bill isn’t required and this is why there’s a limit on the savings account cause the requirements didn’t meet all that is required to open a standard account in Nigeria according to the central bank of Nigeria.
Having explained the access bank student account limit, let’s move on to how to open a student account in access bank.
How to open access bank student account
This is so simple and easy, all you need to do is to go with your school ID or any means of identification but the school ID preferable. If you don’t have a school ID, you can go with your school fees receipt or acceptance school fees receipt.
Also, don’t forget to go with a passport cause it is needed to open the account.
When you reach any of the access bank branch, go inside the bank and move to the customer service section. Speak with any of them and tell the customer service representative that you want to open a student account.
You will be given a form to fill, and please don’t be in a haste to fill the form. Sit down and calmly fill out the form and when you’re done, go through it to be sure that all you have written are very correct and no mistake made especially your name, address and your phone number.
When you’re done, submit the form back to the customer service representative. If you’re confused on filling out the form, please don’t be shy to ask questions.
The bank verification number
As you know that bank valuation number (bvn) is very important in the Nigerian banking system, you will need to link your student account to a bvn.
Without a bank verification number, you cannot withdraw money from your bank account in Nigeria.
If this is the first time of you opening a bank account, then you must enroll for a bvn. So you have to tell the customer service representative that you don’t have a bank verification number, and right there you will be enrolled for a bvn.
Afterwards the bank will link the bvn to your access bank student account.
How to upgrade my Access bank account from student account
If you’re not satisfied with the access bank student account limit, then the solution is to upgrade or update your bank account if you have already opened the account.
I’ve already made a post on this and what you have to do is to go through the post on how to upgrade my Access bank account from student account.
Kindly open the link and you will see all that is required and how you can upgrade your access bank account right here in Nigeria. After that, you can receive any amount of money in your savings account without any limit or restrictions.
Right now you have seen the access bank student account limit in Nigeria, it is left for you to open the student account or probably go for something higher like the standard savings account. If you have questions you can drop your comment below or probably contact access bank customer service representative for more inquiries.