A bank account is one of the best ways of keeping your money safe and accessible for emergency purposes. It is easier to monitor your finances, expenditure, and transactions made. There are different types of bank accounts; savings, current, and fixed deposit accounts.
Before you open an account, you need to know what you need to open a bank account in Nigeria. If you are currently looking for this, you are in luck. As we will explain what you need to open a savings or current account in Nigeria and other related questions.
What do I Need to Open a Savings or Current Account in Nigeria?
The requirements you need to open a Savings or a Current account in Nigeria will differ from bank to bank. But we will list the general requirements you need to have to open a bank account in Nigeria:
- A completed account opening form.
- Passport photographs of the signatory.
- Bank Verification Number (BVN).
- A Valid means of identification like a passport, driver’s license, and National ID.
- Utility bill.
- Two suitable and satisfactory references.
- Residence permit.
Once you have all these documents, you can proceed to open a savings or current account in any bank in Nigeria.
What are the Features of a Current Account?
A current account is known as a demand deposit account in bank terminology. Before you opt for a current account, you need to know the features. Here are the features of a current account:
- When you operate a current account, you do not get interested in your deposits. It is independent of how much you have in your account.
- There are no limits to how many transactions a customer can do per day (whether deposits or withdrawals).
- A current account enables a customer to carry out heavy transactions in payments and receipts daily.
- With a current account, an individual and a business can separate personal money from business money. A current business account can help handle your finances more efficiently.
- With a current account, you can issue pay orders, cheques, etc.
- You can get an overdraft when you have a current account.
All the above are the features of a current account. Depending on the nature of your business or personal needs, you can opt for a current account.
What are the Features of a Savings Account?
A savings account can only be used by individuals for personal use. It is best to know the features of a savings account to know if it is a suitable account for you. Here are the features of a savings account:
- When you operate a savings account, you are entitled to interest on your deposits.
- There are limits to the number of transactions that can be done on a savings account daily (whether deposits or withdrawals).
- A savings account does not allow a customer to make heavy transactions in payments and receipts.
- When you use savings accounts, it can help save money more efficiently.
- With a current account, you cannot issue pay orders and cheques.
- You cannot get an overdraft with a current account.
These are the features of a savings account. It is the best type of account to use if you want to save money and earn at the same time.