This post will guide you through on first bank savings account limit in Nigeria. The maximum amount of cash a first bank customer into his or her account without raising a red flag on the account.
Having a bank account is essential as it is the best means to receive money money or get paid, I don’t buy the idea of bank account is worthless. Indeed it is very essential and helpful in today’s economy.
How will you get paid without having a bank account.
We are not here to talk about the importance of having a savings account, but rather the first bank savings account limit. I chipped this in for those that condemned having a savings account.
What is first bank savings account limit
First, I want you to know that first bank savings account is unlimited and not limited, there’s no limit imposed in first bank savings.
Please do not get confused here.
As long as you have the normal, regular or standard savings account in Nigeria, there’s no limit imposed in your bank account. You can have more than one trillion naira in a standard savings account in Nigeria.
Now the question is;
Standard savings account am I talking about?
The savings account you opened using a means of identification like the international passport, driver’s license, permanent voter’s card, national ID. Utility bill and a passport.
These are the requirements needed to open a standard savings account in Nigeria. So if you have a standard savings account with first bank Nigeria, your savings account is unlimited.
To properly answer the question on what is the first bank savings account limit, I will break it down by the three major types of savings account we have in Nigeria.
They are;
- Tier one savings account
- Tier two savings account
- Tier three savings account
For the tier one savings account, some banks do call it solo account, early savers, instant account etc. This also goes with the tier two and tier three savings account.
Let me now take them one after the other.
1. Tier one savings account
When you hear the word tier 1 or tier one savings account, kindly know that it is usually an instant savings account which has the least maximum balance for a savings account in Nigeria.
Tier one bank account is usually an emergency savings account, this is how I see it. If you’re desperate in need to have a savings account immediately without going to the bank, you can easily open a tier 1 savings account.
Maybe you’re in dire need to receive a cash from someone, and the person requested for a money transfer. Without a bank account, such transfer won’t go through.
So most times this will make a person open a tier 1 bank account in order to receive the money.
However, the savings account comes with lots of limitations. Though the limitations vary from bank to bank.
As this post focuses on first bank savings account limit, I will only discuss about the FirstInstant savings account.
First bank of Nigeria FirstInstant savings account is limited to a maximum of three hundred thousand naira (N300,000). The amount can’t be exceeded unless you upgrade your account.
It doesn’t end there.
First bank of Nigeria FirstInstant savings account has a maximum single deposit of fifty thousand naira (N50,000), and also the amount can’t be exceeded.
What I’m trying to tell you is that the highest amount you will deposit into your first bank instant account is N50,000 per a transaction.
You need to bear this information in your mind cause it is what you’re asking for, the first bank savings account limit.
Let’s say someone wants to transfer one hundred thousand naira (N100k) into your first bank instant account. The transaction won’t go through cause it has exceeded the sum total amount required per transaction, and which is N50k.
Another example, someone wants to transfer five hundred thousand naira to your first bank instant account, such transaction won’t go through cause it has exceeded the sum total maximum balance for an instant savings account.
In this case, the bank or probably your account manager will call you to upgrade your savings bank account. The bank will put that transaction on hold until you upgrade your savings account from tier one to tier two or probably tier three savings account.
Now you have know the first bank savings account limit for this very tier one bank account, now is the list of savings account in this category.
- First bank FirstInstant savings account
- First bank student savings account
This two are the only savings account that falls into this category at this time of writing this post.
The first bank student account maximum amount is three hundred thousand naira, and same goes with the first bank FirstInstant savings account.
The requirements needed to open the tier one savings account are;
FOR STUDENT ACCOUNT >>> School ID card and school admission letter only.
FOR INSTANT ACCOUNT >>> Only a bvn or no bvn at all.
You must open the first bank student account in the bank, while the instant savings account can be done in your house by mere dialing *894# or using the bank mobile app.
Now you have seen why first bank savings account limit for this category is very low, limited to three hundred thousand naira.
Requirements for first bank instant account includes;
One passport photograph and if you are opening this account online however, you do not need any documentation to open the FirstInstant account.
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2. Tier 2 savings account (FirstInstant Plus)
Now is the tier two savings account.
This type of savings account is opened using a passport only. A typical example of a tier 2 bank account is the Nysc savings account.
The nysc savings account is the saving account you opened in the nysc orientation camp. This type of account is a tier 2 bank account cause a corp member can save up to five hundred thousand naira using his or her nysc bank account.
First bank savings account limit for a tier two bank account is a maximum amount of five hundred thousand naira, and this amount cannot be exceeded. In first bank, it is called FirstInstant Plus savings account.
Apart from the fact that the first bank FirstInstant Plus can be used for nysc monthly allowance (alawee), salary earners can also use the account to receive their salary. As long as your salary doesn’t exceed five hundred thousand naira, you can use the FirstInstant Plus to receive your salary.
Let me repeat this again.
What is first bank savings account limit for FirstInstant Plus?
A maximum amount of five hundred thousand naira (N500k).
Aside from that, the Maximum cash deposit is one hundred thousand naira (N100,000) per transaction. Again if your salary is above one hundred thousand naira, you can’t use the FirstInstant Plus tier 2 savings account to receive your salary.
This is why I said that the nysc savings account is a typical example of a tier 2 savings account. The maximum amount deposited by the Central bank to all serving Corp members is thirty thousand naira.
So when you see first bank in the orientation camp opening a bank account for Corp members, be rest assured that it is a FirstInstant Plus and it is limited to N500k maximum.
The requirements for tier 2 bank account includes;
Trade or Market Association ID cards, valid e-tax clearance card, students ID card (backed with Admission Letter) Military or Paramilitary ID cards, NYSC ID card, ID Cards of government parastatals, etc.) and two passport photographs.
3. Tier 3 savings account (standard savings account)
Here comes the regular or standard savings account in Nigeria, the tier 3 savings account. This is a type of savings account which you opened using the following items;
- Means of identification like the permanent voter’s card, National ID card, driver’s license, or international passport.
- Utility bill like Electricity bill, Water Rate bill, Tenement rate, Rent receipt
- One or two passport depending on the bank
- The form whicg you will fill and sign your signature
What is first bank savings account limit for a regular or standard savings account?
Unlimited.
I repeat unlimited. There’s no limited fund or a maximum account balance to have in a standard savings account in Nigeria. You can have up to onr trillion naira in your first bank standard savings account.
This is one of the answer Nigerians would want to hear, the maximum amount I can in my savings bank account. As long as you opened a standard account, you can have all the entire UK budget in your account.
So first bank savings account limit for a standard bank account is unlimited.
Now see where people got it wrong.
Since you opened a savings account, you haven’t received up to five million or maybe ten million naira in your account. Suddenly, you received ten million naira into your account and it is a single lodgment or deposit, and it happened like three to five times.
This attracts a red flag to your bank account.
The bank will be suspicious of your bank account, and can even call your attention to clarify where the money is coming from (source of the transfer). However, this doesn’t mean you won’t receive the money into your bank account.
But in the case that the bank sees a foul play, your account will be frozen though it is very rare to see in Nigeria.
So if you’re to receive a large amount of money like twenty million naira or even ten million naira, and you’re in your 20s, I will advise you to first contact your account manager before receiving the money or better still split the transfer into four deposits. Like two two million each per deposit.
But if you’re sure that the source of money is hundred percent genuine or legal, no money laundering or fraud, there’s no need to be afraid. Go ahead and receive the money into your savings account and if bank shows the red flag, show them the source of the money.
So first bank savings account limit for a standard savings account is unlimited and there’s nothing like maximum account balance for this type of bank account.
If you have a tier one or tier two bank account, I will advise you to upgrade your account in order to receive unlimited amount of money to your savings account.
Right now you have understood that first bank savings account limit for a standard bank account is unlimited while the tier 1 is limited three hundred thousand naira, and the tier two is limited to five hundred thousand naira.
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With this i round it up on first bank savings account limit in Nigeria. For questions or inquiries, kindly contact your bank or account manager though you drop your comments for assistance.