Are you looking for a student bank account in Nigeria? Go nowhere we have some of the best tips to get you one of the best student bank accounts in a very short time.
Students often need reliable accounts that can also give them lots of benefits while in college to better finance their studies, that is why it is necessary to carefully select a college account.
If you are considering opening any student account, you will need to think about which bank will see you through your years as an undergraduate, where you can get cool freebies and overdrafts when it is needed.
Your decision in determining the best lender could have a great negative or positive impact on your financial situation while in school, we like to encourage you to read this post as it may help you make the right choice in your student banking journey.
What do you need to open a student bank account
- A valid means of identification such as a passport, driver’s license, admission letter
- Proof of address: recent utility
- Recent passport photography
- Proof of student status: a letter of acceptance from your university.
These are the most common demanded documents through the traditional banks, now in the next time’s students can open a bank account without the need to visit the bank, as a student, you can apply through the traditional bank or bank accounts.
What Are The Best Tips for picking the best account
If you are choosing the student bank account, you should look for the offer the bank has to offer to you and if you are satisfied with what the bank has to offer to make your study worthwhile, you can sign up for the bank.
Here are some of the points to consider when making your choice:
1. Choose the one with the biggest overdraft
Look for the bank that can give you the biggest and longest 0% overdraft facility.
With an overdraft facility, students can borrow money when they need instant cash, the best is that student overdraft is always of low interestst rate.
As a student, choose the bank account with an overdraft offer that has the lowest interest rate. The lower the rate, the less your debts.
2. Choose the one with almost zero transaction fees
It is a common thing among banks to charge, users, for transaction fees but as a student, this may be hard on you, that is why it is necessary to compare banks and look for the one that best suits your need.
Most of the traditional banks will charge you for every transaction, thanks to online banks, they have now made it possible to transact free of charge, an online bank like Kuda gives you about 35 free daily free transactions to any bank when you sign up with them.
As a student, you should be saving more money than letting it out, those transaction charges can buy you something else within the campus.
3. Does the bank Has The Tendency to Give You Some Coin at month-end
As the salary earners make income, you should be able to earn some money too as a student from your money kept in the bank, if there is a bank promising to add up a little monthly gain to your money, it is best to consider such bank.
The money can be used to cover some bank charges or toward something else in the school.
6 Best student bank accounts
These are the best student banks, we are presenting to you, they have some cool benefits as per each student need, and you can choose any of choice after checking each out.
1. FCMB FLEXX Student Account
The First City Momentum Bank offers student account with a lot of benefits, students from the age of 16years to 25years can enjoy this account designed by the students.
Benefits of FCMB Flexx Student Accounts
N1,050 opening balance, you have access to a dividend warrant of up to ₦20,000, zero Minimum operating balance, zero-fee for E-mail transaction notifications, Free monthly electronic statements, Branded MasterCard debit card, Entrepreneurship/Employ-ability Forums, Interest on savings, and Internet/Mobile banking access.
2. GTCRea8 Account
GTBank leavers account gives extra funds of about 2.5$ yearly interest on savings to help you in school and it provides Education Support Grant for students that need it during their stay in the college.
It is very good for students who are looking to make some extra cash on their money saved, there is a lot f value-added that can take students throughout the school with this account.
Benefits of GTCRea8 e-savers bank account?
Access to MasterCard, Payments of cheques and dividend warrants, to the sum of N100,000, into your account, 2.5% interest per annum on account balance, Unlimited banking halls and ATMS gallery cash withdrawals, Internet Banking access, and Lodgement of cheques and Dividend warrants subject to a maximum of N100,000 per instrument.
3. First Bank Student Accounts
First Bank has two different accounts for students, the FirstInstant and the Xplore First account.
The Xplore First is meant for students who are age18 – 29 years and the FirstInstant account is meant for those who wish to open a no-frills account at the Bank. Students can open any of these accounts from the First bank to enjoy the benefits that come with each account.
FirstInstant Bank Benefits
minimum opening balance of
N1000, operating balance of N500 for 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, interest rates are good, no limits to the number of withdrawals you can make monthly and instant debit card.
Xplore First Bank Benefits
Minimum opening balance of N1,000, Minimum operating balance of N200., Automatic migration to regular savings account after graduation, Flexible means of identification, Cheques/Dividend warrants lodgement, Discounted cost of Verve Debit Card, Participation in all savings loyalty campaigns.
4. Kuda bank
Kuda Bank is a free, digital bank good for everyone; most suited for the student who is looking for free banking services with other money management tool, some of the helpful tools on the platforms includes tools for tracking your spending habits, saving more, and making the right money moves.
It is an online bank for the young who are ready to take charge of their finances, highly good for students because it has an overdraft feature, which enables you to borrow money and payback that same day interest-free, but once the repayment exceed that day, there is an 0.3% daily interest that comes on the money borrowed until the day you are ready to pay.
Benefit Of Using Kuda As a Student
Free virtual card, Good user experience, zero transaction fee, free withdrawals, 15% annual interest rates on savings. No paperwork during signing up, very fast to bank, Automatic budgeting tools, no card maintenance, no account maintenance fees and, it comes with an overdraft feature.
5. Eco Bank Student Accounts
This account is much like Saving accounts, you can perform all the vital commands and you can access the most portals as a student.
Benefits of Eco bank student account
Mobile banking, internet banking, Debit card, free alert, and free checking of the bank account balance.
6. United bank for Africa – Uba
UBA Student Account can help college students reach financial independence, undergraduate between the ages of 16 to 25 are the target of this scheme, and it is designed to help them make the most of their money.
Benefits of the UBA Student Account
Pay bills easily and send money quickly, spend using the UBA cards on ATM, POS & Online, ability to bank everywhere, and digital channels support.
there are some other best student bank accounts you can try out, especially the online bank’s apps are better for students as they have more features for students than the traditional banks.