Before opening a savings account in Nigeria, there are things that you should know and it includes the question what we have here, what is the maximum amount for savings account in Nigeria.
By knowing the maximum limit in a savings account, you will know the type of account to go for and also the type of account that suits your need. This is missybanker, and I’m here to explain all that you need to know in a savings account in Nigeria.
All I need from you is patience, and endeavor to read the post from the beginning and until the very end of this post.
So now let’s jump in to the topic we have here, what is the maximum amount a savings account can hold in Nigeria.
What is the maximum amount for savings account in Nigeria
The maximum amount for savings account in Nigeria is N300k for tier 1 savings account, N500k to N1M for tier 2 savings account, while unlimited for a tier 3 savings account.
To answer this question straight ahead, I will say no maximum amount or unlimited amount if you have a standard or regular savings account in Nigeria.
This now leads me to explain the different categories of savings account we have in Nigeria, and I will group them under three different tiers.
They are as follows;
- Tier 1 savings account
- Tier 2 savings account
- Tier 3 savings account
These are the three tiers we have in a savings account in Nigeria and you will definitely come across them while opening a bank account in Nigeria.
Now let’s start with the first tier and for you to know the answer to the question of what is the maximum amount for savings account in Nigeria.
1. The Tier 1 savings account in Nigeria
The tier 1 savings account in Nigeria is the least type of savings account one can open in this country. I see this type of account as an emergency savings account or probably the first step towards having a bank account in Nigeria.
The reason why I’m saying this is because the tier 1 savings is limited so much that it may be frustrating to a lot of people. The limit here is the maximum amount you will have in a Tier 1 savings account.
Going by the question;
What is the maximum amount for savings account in Nigeria under the tier 1 savings account in Nigeria?
The tier 1 savings account in Nigeria is limited to just N50k maximum single cash deposit, and a maximum operating balance of N300k respectively.
You cannot transfer, send, or deposit more than fifty thousand naira into a tier 1 savings account in Nigeria. Also you cannot have more than three hundred thousand naira in a tier 1 savings account in this country.
This is why I said it is the first step towards having a standard bank account in Nigeria. The tier 1 savings account doesn’t necessarily require a person going to the bank to open the account.
Now let’s see the type of account that falls under the tier 1 savings account.
The Instant Account
This is a typical example of a tier 1 savings account, and the instant account I’m talking about is the bank account you opened using your mobile phone through ussd code, the bank mobile app or using the web (bank official website).
Any type of savings account opened using a mobile phone or the computer, that is an instant account and it falls under the tier 1 savings account in Nigeria.
All banks in Nigeria has a name for their tier 1 savings account. For example, first bank Nigeria named it FirstInstant, Access bank named it Instant Savings Account 1, zenith bank called it Zenith Eazy Account, etc.
The Student Account
The student account also falls under the category of tier 1 savings account. Talking about what is the maximum amount a savings account can hold in Nigeria under the student account, it is N50k single deposit limit and N300k maximum operating balance.
You can learn more Maximum amount for student account in Nigeria
Opening a tier one savings account
To open a tier 1 savings account only requires you to use your mobile phone and dial a bank ussd code, or download a bank mobile app to register your account, or use a bank official website to open the account online.
As a student, you have go to the bank to open a student bank though some banks offers services to open such account online. You can open the account with or without a bvn but must enroll for a bvn before withdrawing money from the account.
All that is required to open an instant account is just a passport in some banks, and a school ID, or school fees receipt, or the acceptance fee receipt for a student account. Now where done with what we’re looking for, what is the maximum amount for savings account in Nigeria under the tier 1 now moving on to the tier 2.
2. Tier 2 savings account in Nigeria
The second type of savings account we have in Nigeria is the tier 2 savings account, and you will also come across this while opening a bank account in Nigeria.
What is the maximum amount for savings account in Nigeria under a tier 2 savings account in Nigeria?
The tier 2 savings account is limited to a maximum single cash deposit of N100k and N300k, and a maximum operating balance of N500k to N1M respectively. This tells you that you can’t transfer, send or deposit more than one hundred thousand naira, and also you can’t have more than five hundred thousand naira in a tier 2 savings account in Nigeria.
I’m sure that Zenith bank tier 2 savings account is limited to a maximum operating balance of one million naira, while the likes of first bank is five hundred thousand naira.
If maybe someone send or deposit N120k into the account, the transaction will be put on hold by the bank until the bank customer upgrade the bank cause it has exceeded the maximum single deposit limit.
Also, if you have N450k in a tier 2 savings account and someone sends N100k into your account, the bank will also put the transaction on hold because it has exceeded the maximum operating balance.
Looking at the tier 1 and the tier 2 savings account, there’s no doubt that the tier 2 savings account is way better compared to the tier 1 account.
Let’s see the type of account that falls under the category of a tier 2 savings account in Nigeria.
What is the maximum amount for savings account in Nigeria: The salary account
The salary account is a typical example of a tier 2 savings account in Nigeria, though this depends on the type of salary account one opened with the bank.
In most cases, the salary account is limited cause it is mandatory that immediately the salary payment goes into the account, the bank customer will withdraw the entire the money.
I’ve seen lots of cases whereby bank customers do complain that money was paid into their salary account but it didn’t reflect on their account balance. This is so because the money has exceeded the maximum operating balance for a tier 2 or a salary account.
In this type situation one needs to update or upgrade the bank account to receive the money into it’s account.
Remember, the salary account includes the nysc account as well. Previously nysc account falls under the tier 1 savings account but now they are paying 33k alawee, some banks has upgraded it to a tier 2 savings account.
Upgraded Student Account
Student account also falls in this category and I’m sure of the zenith bank student account 2, which has a maximum operating balance of one million naira, and a maximum single cash deposit of three hundred thousand naira.
Access bank instant account 2 also falls in this category and you can have up to N500k in your instant account with a maximum deposit of N100k.
● Access bank student account limit in Nigeria
Opening a tier 2 savings account
Now you have seen the answer to the question of what is the maximum amount for savings account in Nigeria under the tier 2 savings account, what follows next is the requirements needed to open the account.
The requirements includes a passport, and a means of identification like the permanent voter’s card, driver’s license, international passport, or the national ID card.
For this this type of account, an utility bill is not needed but rather these requirements mentioned above and you’re good to go.
So if you don’t fancy the tier 1 savings account, you can go for the tier 2 but I recommend you going for the standard or regular savings account in Nigeria and which is the tier 3 savings account.
Now you have seen the answer to your question of what is the maximum amount a savings account can hold in Nigeria, let’s move to the last tier.
3. Tier 3 savings account
Thie is the regular or the standard savings account in Nigeria given by the central bank of Nigeria. If you want to open a new bank account in this country, I recommend you to open this type of savings account cause everything is unlimited.
I know this is what you’re looking for, what is the maximum amount for savings account in Nigeria under a tier 3 savings account.
A tier 3 savings account in Nigeria is unlimited or has no limit whatsoever. You can receive up to fifty million naira into the account as long as the source of fund is legit and not money laundering or illegal.
Once you’re done opening a tier 3 account in Nigeria, you can receive five million naira into your account, have five billion in your bank account without any limit. Everything about the account is unlimited and no limit.
Opening a tier 3 account in Nigeria
To open a tier 3 savings account in Nigeria, you must have the following requirements;
- A passport photograph
- An utility like the electricity bill or rent bill
- A means of identification like the national ID card, permanent voter’s card, driver’s license or the international passport
These are the requirements you will have to provide in the bank before you can open a regular savings account in Nigeria.
All you need to do is to have the three requirements, go to any bank of your choice and move to the customer service section. Speak with the representative that you want to open a savings account, the representative will give you form to fill after asking if you have the requirements needed to open the open the account.
Fill the form correctly and pay a closer attention to your name arrangement starting with the first name, middle name and the last name. This is followed by your date of birth and your mother’s maiden name.
Also make sure that the phone number you wrote is very correct cause the bank won’t be able to notice that you made a mistake on your phone number.
Lastly is the home address and I do always stress this part.
Make sure that the address you wrote on the form is the same with the address on your utility bill. They should never be different else the bank won’t accept your form.
Why I’m saying this is for those that will borrow an utility bill from their family or friends, they will forget themselves and fill their home address instead of the address on the nepa bill or the rent bill.
Honestly, you’re telling the bank that;
Hey, this is not my bill. I actually borrowed the bill from someone.
Please that is very essential that the address on your utility bill must match the address on the form. Banks don’t care about the address on your ID cause you may get an ID this month, and relocate to another area next month and you can’t change or easily update an ID until it expires.
KINDLY NOTE THIS: Because of the issue of borrowing of utility bills, banks come up with the idea of know your customer (KYC).
In this process the bank will send it’s agent to come pay you a visit and know where you’re living using the address you provided on the account opening form. It can be really annoying cause they will come during the weekdays and not weekends.
First bank is very much good in KYC along with access bank but you should know how to bypass this if you’re not available during the weekdays or probably used another person’s utility bill to open your account.
Once everything is set, you’re good to go.
Remember my answer to the question of what is the maximum amount for savings account in Nigeria under a tier 3 savings account in Nigeria. Once again the account is unlim as it is a regular savings account given by the central bank of Nigeria.
Which savings account do i recommend?
There’s no doubt about this, since you’re looking for the maximum amount for savings account in Nigeria, I’m sure you’re not pleased with N300k operating balance, or the N500k to N1M operating balance for a tier 2 account. Then you don’t need to told that you should go for the tier 3 or regular savings account we have in this country.
As long as you have the three requirements for a tier 3 account then there’s no need for tier 2 or tier 1 account. However if you don’t have the requirements then you don’t have any option but to go for a tier 2 or the tier 1 though I don’t recommend a tier 1 unless you’re a student.
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Now you have seen the answer to what you have been looking for what is the maximum amount for savings account in Nigeria, it is left for you to make your decision. This is missybanker and I’m here to assist you with all your comments, and don’t forget to contact your bank for inquiries and solutions.
Thanks for this enlightenment