Types of First Bank Savings Account (2023)

When it comes to managing your finances, having a reliable savings account is very important. First Bank, one of Nigeria’s leading financial institutions, offers different types of savings accounts designed to meet your different needs. So if you’re looking to know the types of first bank savings account and the one tailored to meet your needs, then you’re in the right place. In this post, I’m going to walk you through on the types of first bank savings account available, explaining in details what you get to benefit from them.

Types of first bank savings account

Below are types of first bank savings account, their minimum opening balance, Minimum Operating Balance, interest rates, access to online banking/ATM and cheque withdrawal.

Savings account

Minimum opening balance – 0
Minimum operating balance – N100
Interest rates – Attractive interest rates
Access to online banking/ATM – No
Cheque withdrawal – Yes

This is a good entry level account for those who want to start their savings journey. It allows you to start your savings journey with minimal requirements and low opening balances. This savings account is suitable for people who want an account that is easy to maintain.

FirstSavings Plus

Minimum opening balance – N50, 000
Minimum operating balance – N50, 000
Interest rates – Attractive interest rates
Access to online banking/ATM – Yes
Cheque withdrawal – Yes

If you want to earn higher interest rates on their savings then this type of savings account is the best for you. It offers competitive interest rates and additional benefits to help grow your savings faster. Your savings will grow steadily over time and you can access your account via their internet banking.

FirstInstant Plus

Minimum opening balance – 0
Minimum operating balance – N100
Interest rates – Attractive interest rates
Access to online banking/ATM – Yes/Issued at discounted rate
Cheque withdrawal – No

This account is an ideal option for individuals who like to have instant access to their funds. It allows you to make transactions and withdrawals at any time without any restriction or incurring charge. It’s a good choice for people who perform day to day transactions.

First Bank Nigeria interest Rate on Savings Account

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KidsFirst

Minimum opening balance – 0
Minimum operating balance – N100
Interest rates – Attractive interest rates
Access to online banking/ATM – Yes/Available on request
Cheque withdrawal – No

This account was specially designed for kids between the ages of 0-12 years. It encourages kids to be young savers until they are 18 and allowed to solely operate the account. This account offers exciting benefits and your child also gets to enjoy fun activities. It’s advisable for parents or guardians to open this account on behalf of their children and manage it until they reach the age of maturity.

MeFirst

Minimum opening balance – No
Minimum operating balance – N100
Interest rates – Attractive interest rates
Access to online banking/ATM – Yes/Available on request
Cheque withdrawal – No

This account was specially designed to help teenagers develop a healthy savings habit. It helps to instill in them, a sense of responsibility and discipline for their finances from an early age. Young people between the ages of 13 and 17 can open a MeFirst Savings Account with their parents or guardians. With this they can learn the value of money management and develop healthy saving habits. This account offers competitive interest rates, and ensures that their savings grow over time.

ExploreFirst

Minimum opening balance – 0
Minimum operating balance – N100
Interest rates – Attractive interest rates
Access to online banking/ATM – Yes/Issued at Discounted rate
Cheque withdrawal – No

This account is for young people between the ages of 18–29 years. It is designed to cater to the needs of young adults and students who want to chase their dreams and aspirations. It comes with loads of exciting benefits for the account holders

Conclusion

First Bank Nigeria offers a wide range of savings accounts to meet your diverse financial needs. Opening a first bank savings account today is the first step to achieving your financial goals. To open a first bank savings account, visit any first bank branch nearest to you with valid identification and proof of address. Meet the customer representative to guide you through the process of opening a first bank savings account.

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