TOP 7 BEST BANKS FOR STUDENTS IN NIGERIA

Best banks for students in Nigeria

Hey guys,

Today, we’ll be looking at the best banks for students in Nigeria. These banks offer some of the best student account options for Nigerian undergraduates.

If you are looking for a good account best suited for you as a student, read this article till the end.

As a student, you want to make sure that your money is safe, protected, and easily accessible. But as someone who’s been in that system, I can assure you that many students don’t always get the luxury of these three – safety, accessibility, and ease.

Sometimes your money could be secure but not easily accessible or vice versa. I once had a situation where I needed money urgently in school and even though I had up to 20k in my account, I couldn’t access my money for days. I’m sure you can relate too.

Agreed, no bank is perfect but you don’t want to keep your money with a bank that will always make life difficult for you. Hence, the reason I’m putting this article up to guide you.

Apart from this list, ensure you always make more findings, like ask from senior colleagues in school about the bank services before making a choice.

If you want to get a quick loan in school, these 7 Apps to get a fast loan as a student will sort you.

Best banks for students in Nigeria

1. Table of Contents

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   FCMB Flexx account for students

First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.

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The bank has been in operation since 1977. It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank.

The FCMB Flexx account is a savings account designed for youths between the ages of 18 to 30 (students). The Flexx account is designed to provide banking solutions to youths with fun, service, and the future as the cornerstone. It is a naira-denominated account.

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Features of FCMB flex account

• ₦1,050 opening balance
• 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/Employability Forums
• Interest on savings
• Access to loans for qualified Flexx customers
• Annual interest of 3.75%

Flexx is targeted at Students, Corpers and Young Professionals

Requirements to open a Flexx Account

In order to open a Flexx Account, students must provide 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.
• National ID or international passport.

2. GTB GTCrea8 E savers account

The GTcrea8 E savers account is for undergraduates between the ages of 16 and 25, this account is designed to help you make the most of your money.

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If you are a student in Nigeria looking for the best bank for students, GTB got you.

We all know that GTB is the king of tech in the banking industry in Nigeria. Their leveraging technology has positioned them as the best bank when it comes to delivering instant banking services to customers.

As a student, you need a GTcrea8 account, it’s one of the best banks for students in Nigeria.

Features of GTCrea8 savers account for students

• 24/7 Banking services via our various e-channels.
• 15% Interest rate per annum to be paid on your Account Balance.
• Lodgement of cheques and Dividend warrants subject to a maximum of N100,000 per instrument for a Tier 2 account and N1,000,000 for a Tier 3 account
• 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 N500,000
• Complimentary invites to GTCrea8 events and Masterclasses

Benefits of GTCrea8 savers account

• As an account holder, you enjoy exclusive banking privileges, including:
• No transfer charges to any bank (737 & Mobile App)
• No SMS charges
• No charges on standing instruction
• Zero account opening fee
• What Else Do You Get

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• Zero opening and minimum balance
• 24/7 Banking services via our various e-channels.
• 15% Interest rate per annum to be paid on your Account Balance.
• Complimentary invites to special GTCrea8 events and Masterclasses
• Automatic eligibility for the GTCrea8 Education Support Grant

Requirements to open a GTCrea8 account

GTCrea8 eSavers Account customers are grouped into three different categories; Level 1, Level 2, and Level 3. As such, each category has different operational requirements. Please see below for the features of each level.

Level 1

Documentation: Completed AOP with school details and passport picture.

Transaction limit: • N50,000 max single deposit • N300,000 cumulative balance

Naira card: Instant card.

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Level 2

Documentation: Completed AOP • Student ID (school/ departmental/ association/ library card) or Biodata Page

Transaction limit: • N100,000 max single deposit • N500,000 cumulative balance • Cheques & Dividend warrants to a maximum of N100,000.

Naira master card: GTCrea8 card (Local) with N500,000 spending limit

Level 3

Documentation: Completed AOP • Student ID • Regulatory ID

Transaction limit: Allows lodgments of cheques, drafts, and dividends into the account, subject to a maximum of N1,000,000 per instrument

Naira master card: GTCrea8 (Int’l) with N150,000 ATM limit, $100 spend limit

Best bank for student account in Nigeria

3. UBA NextGen Account

The UBA NextGen account is for students of tertiary institutions and NYSC Corps members is definitely one of the best banks for students in Nigeria. It’s simple to open and has lots of benefits for students.

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Benefits of UBA NextGen Account

• A chance to win Pocket Money for a Year
• A chance to become a UBA Campus Ambassador
• Complimentary invites to NextGen events and Masterclasses
• Annual interest of 1.15% (payable monthly)
• 50% discount on your first debit card.
• N15,000 monthly pocket money
• Free online business workshops for your side hustle

Requirements to register for the account

One passport photo

– A valid ID card and recent utility bill OR School fees receipt or hostel allocation document is required, in addition to the student ID (Tertiary Institution) or Corpers ID (NYSC).

No SMS charges, no card maintenance fees.

4. First Bank MeFirst account

The first bank MeFirst account helps teenagers embrace the culture of financial responsibility from a young age, while also keeping them positively engaged and entertained.

Teenagers between the ages of 13 – 17 learn all about money in fun ways as benefits enjoyed for opening this account.

First Bank Student Accounts

There are different types of First Bank for students, there are the FirstInstant account and the Xplore First, both target students from 18 years.

Both target 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 it targets 18 years and above.

Best bank accounts for student account in Nigeria

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 branch 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.

Best banks for students in Nigeria

5. Zenith Bank Aspire Account

Aspire Account

The Aspire Account by Zenith is unique savings account for Nigerian undergraduates with a distinctive sense of identity.

Designed to enhance the lifestyle of the discerning student, the Aspire account provides a platform for its holders to follow their dreams, supporting them as they aspire to greatness.

Features of Zenith aspire account for student

Interest Bearing

Your money never sleeps in an Aspire account, earning interest at 1.15% and growing steadily even while you sleep.

Unique MasterCard card design

Students can choose any of the three-different card designs of Ultra, Ace & Zeal at N500 only. One of them is sure to mirror your lifestyle and reflect your identity.

Cashless banking

Counting cash is so 1990. Embrace the future with cashless banking via ATM, Mobile, POS and Web.

Deep discounts

Enjoy exclusive discounts and periodic promotions from our partner merchants to help you get more out of life.

Transaction notifications (Alertz)

Be the first to know when transactions occur on your account via email and SMS transaction alerts.

Requirements

Account opening form duly completed.

2. One recent clear passport photograph of the signatory.
3. A valid School Identity Card, Admission Letter, or National Identification Number Card/NIN (for 16-25 years).
4. Details of Parents/Guardian (for 16-25 year

5. ECO Bank Student Banking Savings Account

Whether you’re saving for a project or have a longer-term goal, you can save your money digitally, easily, and conveniently with the Student e-Savings Account. The account comes with low banking charges too, if you continue to do all your banking electronically on our e-channels.

You’ll be able to access a range of e-alerts, for when you make deposits or view account balances or statements on your mobile phone. In selected countries, you can also bank digitally at our new Direct Banking Centres.

Eligibility requirements

Completed account opening form

1 mandate card [ PDF ]

A valid proof of Identity of each signatory (current Driver’s License/ National ID/ International passport/ Student ID card-for students)

Proof of address – utility bills for the 3 previous months/ site-visitation report/ certificate of residence/ tenancy agreement

2 passport photographs

Employer’s letter of introduction (for salary account)

So, there you have it for the list of the best banks for students in Nigeria.

For more information, you may visit the websites of these banks or better still, visit them in any of their branches closest to you.

If you do not want to open any of these special student accounts with the banks listed above, you may want to open normal savings account with any of these other best banks in Nigeria as of today.

The best banks in Nigeria as of 2021 are:

• Guaranty Trust Bank – GTB
• First Bank of Nigeria
• Zenith Bank
• United Bank for Africa – UBA
• Keystone Bank
• Eco Bank Nigeria
• Access Bank Nigeria PLC
• Union Bank of Nigeria
• Fidelity Bank
• Sterling Bank

You may want to simply open a saving account with any of these banks if you are looking a seamless, fast, and convenient banking services as a student.

Rounding Up

As always, if there is anything I didn’t touch on in this post, feel free to let me know in the comment session.

Also, let me know if there is anything you want me to talk about in the blog or my YouTube channel.

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