There are 5 major Access Bank Savings Account types and in this post, you are going to learn about all of them including features, requirements and how to open an Access Bank Savings Account.
Let’s Talk About Savings
Saving is as old as man, which is reflective of when man use crooked means of savings to protect his valuables before the evolvement of the industrial revolution that birthed various financial institutions (banks). Which include First Bank, Access Bank, United Bank of Africa, Zenith Bank, Guarantee Trust Bank, and a host of many others. But this article is focused on a specific bank known as Access Bank and all its services.
Moreso, if you take a survey or ask a general question about who wants to get rich, I’d bet you, that all hands will go up. And don’t get it wrong, everyone is meant to be rich as the universe is sufficient for all. but despite the abundance of nature, not everyone is going to be rich.
Curious? Here’s why.
Getting rich requires one to follow certain rules. This is also seen in one of the greatest books ever written “The richest man in Babylon” which spelled out certain principles to be followed. The first rule is to save 10% of all your earnings and don’t spend it.
Savings is a must when we talk about personal finance. The various financial institutions understand the importance of savings. So they built various structures to cater to individual saving needs. But to get rich and build that wealth, you must follow the first principle which is Savings, hence the presence of various financial institutions.
This article is not aimed at explaining the rules of wealth but rather on the financial institutions that provide leverage to save on the go but with a specific institution as earlier mentioned “Access Bank Savings Account” and everything you need to know about the account. Without much Ado, let’s jump in.
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Access Bank Savings Account.
Access bank is a multinational commercial bank, licensed by the Central Bank of Nigeria and has over 100 different locations in Nigeria.
It was founded in 1989 with headquarters at, 14/15 Prince Alaba Abiodun Oniru Road, Victoria Island, Lagos, Lagos State, Nigeria. With a generated revenue increase of US$1,419 million (NGN:514 billion) as of Sept 2019 and with a total asset of US $25.5 billion (NGN: 10.055 trillion) as of 2021.
It was initially a corporate bank before it expanded into personal and business banking in 2012. Access Bank and Diamond Bank merged on April 1, 2019. In conclusion of its merger with Diamond Bank, Access Bank unveiled its new logo, which signifies the commencement of a new enlarged banking entity. The bank has about more than 28,000 employees in 2021.
After the merger, with more than 42 million customers, Access Bank plc became the largest bank in Africa by customer base and the largest bank in Nigeria by an asset.
Currently, Access Banks have three types of accounts.
- Savings Account
- Current Account
- Domiciliary Account
With a laser focus on the savings account, in this article, we will talk about the features of the savings account, and the requirements for opening an Access Bank Savings Account. Types of Savings accounts in access bank, and how to open an access saving account.
Why Was The Access Bank Savings Account Created?.
The Access bank savings account was created for individuals who have specific financial savings goals. It serves as a means for them to meet their goal as well as earn interest in the process this is due to the fact that you get to earn up to 7-8% interest rate per annum.
One important thing you should take note of is that for every account type there are specific policies attached to it and a savings bank account is not exempted from this. This allows most banks to easily regulate money inflow and outflow on every account.
The Access bank savings accounts have a minimum and maximum balance limit depending on the account type. The minimum balance limit for most Access bank savings accounts is NGN 1,000, this is the required limit amount you must have in your savings account while the maximum limit for most Access bank savings account types is #500,000.
So from the look of things if you wish to deposit or save money higher than that you might want to consider other account type options available in the bank.
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Types of Access Bank Savings Account.
You should know that Access bank savings account comes in different types and they include the followings:
- Community Basic Account
This account is specifically designed for Non-Governmental & Profit Organizations (Clubs, Societies, Associations, Churches) who desire a banking relationship.
- Early Savers Account.
This account is designed for children within the age of 18 and below
- Instant Savings Account
This account type has an amazing account feature, you don’t need a minimum deposit to kick start and only your passport photograph and personal information are needed. As the name implies it’s a fast way to have a good savings account going to an access bank.
- Premier Savings Account.
This savings account is more like an insurance account because it helps you to save towards achieving the desired lifestyle you dream about, it gives you an avenue to achieve financial security and you get the additional reward of making easy withdrawals at your convenience
- Solo Account.
This savings account is specifically designed for students who want to save for their future.
Features Of Access Savings Account
Having highlighted the various account types and their meaning or purpose of creation, let’s talk about some of the features associated with the Access bank savings account.
Here are some of the features of the Access bank savings account.
- It requires a minimum opening deposit of #1,000.
- There are no restrictions on the number of withdrawals to be made.
- With an Access bank savings account, you get additional access to make use of their internet and mobile banking system.
- It also comes with different debit card variants depending on customer choice. The debit card included Visa, Verve, Mastercard e.t.c.
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Requirements For Opening An Access Bank Savings Account
A means of identification is often required which may include your international passport, National Identification Number Card, and Driver’s license. This is one of the major documents needed to open an account.
- The account opening form will be issued to you either online or in their various locations. The details on this form must be filled out accurately.
- Two clear individual passport photograph
- Your Bank Verification Number (BVN). If you haven’t opened an account before you will be issued a BVN when opening this account.
- An AML risk assessment.
- A valid proof of residence.
How to Open An Access Saving Account
Opening an Access Bank Savings account can be done online or offline.
To register online simply go to their website, follow the procedures and fill in the required details and you are good to go.
While opening an account off-site, requires you to go to the nearest Access Bank branch closest to you with the requirements listed above and make a request to open an account. You will be directed on what to do.
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Conclusion
You should note that each Access Bank savings account type differs and the requirements, interest rates attached to it, and its policies may also differ, it’s best to go to the bank to get the additional information and to choose the best saving account that fits in your preference.
