Best Bank For Current Account In Nigeria

Read all about the best banks to open current account in Nigeria

A current account allows a customer to separate personal money from their business money and handles heavy transactions in payment regularly.

Moreover, a current account is one of the Nigerian banks’ most common bank accounts. A current account is a business account that allows customers to withdraw as much as possible to run the day-to-day activities of their businesses.

As a businessman/woman in Nigeria, it is advisable to have a current account because it smoothens all business transaction processes. Unlike saving accounts, there is no withdrawal limit to a current account.

This article will discuss the best bank for a current account in Nigeria, the requirements to open a current account, and the benefit of creating a current account.

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The Requirements To Open A Current Account

The requirement to create a current account is the same for all banks, but the procedure might differ. The following are the major requirement;

• Means of identification such as voter’s card, NIN.
• A recent utility bill, such as the Nepa bill
• Two passport photographs
• A bank Verification Number is required
• two references signatory.

Five Best Bank To Open A Current Account

The following are the best bank in Nigeria to open a current account with;

1. GT Bank

GT Bank’s current Account is a checking account that allows its user to carry out bank transactions with third parties, cheques, ATM cards, or Via GT Bank electronic channel. It offers a seamless and convenient way to manage your day-to-day business activities.

Features of GT Bank Current Account

• GT bank offers 24/7 Banking services via our various e-channels
• Naira MasterCard is issued
• Cheque book is available if requested at any of GTBank branches
• Internet and mobile banking are available.

2. First Bank

First bank’s current Account is designed for small, medium, and large-scale businesses to enable them to perform a variety of transactions at a predetermined fee. However, the first bank offers four types of current Account to fit your business needs, namely;

1. Premium Current Account

• The minimum account balance is N15,000
• The fixed monthly charge is N2,000
• The maximum monthly debit turnover is N5 million.
• Excess on the debit turnover limit attracts a default account maintenance charge of N 1 million.

1. Silver Current Account

• The minimum account balance is N20,000
• The fixed monthly charge is N2,000
• The maximum monthly debit turnover is N5 million.
• Excess on the debit turnover limit attracts a default account maintenance charge of N 1 million.

1. Gold Current Account

• The minimum account balance is N50,000
• The fixed monthly charge is N10,000
• The maximum monthly debit turnover is N50 million.
• Excess on the debit turnover limit attracts a default account maintenance charge of N 1 million.

1. Platinum Current Account

• The minimum account balance is N100,000
• The fixed monthly charge is N30,000
• The maximum monthly debit turnover is N100 million.
• Excess on the debit turnover limit attracts a default account maintenance charge of N 1 million.

3. Zenith Bank

Zenith bank’s current account offers minimum charges on the transaction and maximum interest on daily account balances. However, zenith bank offers four types of current Account to fit your business needs, namely;

1. Individual Current Account

• Zero account opening balance
• Access to the internet and mobile banking
• Cheque book, MasterCard, Visa, and Verve debit cards are available.

1. Gold Premium Current Account

• The minimum opening balance is N1,000,000
• The internet rate is 1% p.a. On N1,000,000
• There is no account maintenance fee on the first five withdrawals.
• The international transaction monthly limit is $3000
• Cheque book and MasterCard Gold debit card is available
• Discounts on the transaction from selected merchants
• Emergency cash disbursement
• Emergency card replacement
• Access to the internet and mobile banking

1. Platinum Premium Current Account

• The minimum opening balance is N3,000,000
• The internet rate is 1% p.a. On N3,000,000
• There is no account maintenance fee on the first five withdrawals.
• The international transaction monthly limit is $4,000
• Cheque book and MasterCard Platinum debit card is available
• Discounts on the transaction from selected merchants
• Emergency cash disbursement
• Access to the internet and mobile banking
• Offer prepaid card forwards or domestic staff
• Emergency card replacement

1. Timeless Current Account

• Offer free cheque book, statement printing, and debit card
• Zero account opening
• No account maintenance fee
• Priority service at any branch

4. UBA

The UBA current account is a Demand Deposit Account (DDA) designed for individual & joint individuals, in which funds deposited are payable on demand, either in person or by the presentation of the Cheque by a third party, bank draft, and electronic fund transfers.

Features of UBA Current Account

• The minimum opening balance is N5,000
• Zero minimum operating balance
• Cheque book and MasterCard are issued
• It allows lodgment of cheques and dividend warrant
• No restrictions on withdrawal and deposit
• Access to mobile and internet banking

5. Access Bank

Access bank’s current bank is designed to support the day-to-day transactional needs of affluent customers conveniently.

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Features of Access Bank Current Account

• The minimum opening balance is N25,000
• There is no fixed monthly fee
• There is no interest on the credit balance
• Offer free banking, if N1 million is maintained monthly
• Cheque book and MasterCard are issued.

Benefits of Current Account in Nigeria

• It provides an overdraft facility for its user
• It allows people in business to make direct payments using pay orders or Cheques
• It has no limit on withdrawal
• It can hold a higher amount of money compared to saving account
• Access to mobile and internet banking
• It makes business transactions easy.
• It allows third-party withdrawal.

FAQs

How much money can a current account hold in Nigeria?

Current account has no limit placed on deposit and withdrawal. In other words, it can hold as much money as you deposit.

Which is better current or saving account?

Current account is most suitable for traders and entrepreneurs, while saving account work best for a salaried individual.

Can I withdraw all my money from my current account?

Yes, it is possible to withdraw all your money from your account

Conclusion: Best Bank For Current Account In Nigeria

There are several banks in Nigeria, but only a few are suitable for opening a current account. However, opening a current account is beneficial to any serious business, and it’s advisable to open a current account with one of the above-listed banks because they offer some of the best services.

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