Types of First Bank Accounts- All you need to know

First Bank is a multinational financial service provider that offers numerous services to individual customers and various establishments.

In this article, we will discuss the types of First Bank accounts and all you need to know.

First Bank Profile

First Bank is a top financial service provider, which was established in 1894 as the Bank of British West Africa.

Its name eventually got changed in 1979 to the popularly known First Bank. First Bank Accounts are designed to meet the various needs of individual customers and various businesses.

First Bank began operations in Lagos State, Nigeria, and functions as the parent company with subsidiaries in other African countries like Ghana, Guinea, Senegal, and the Republic of Congo, among others.

First Bank is one of the best and most considered banks in Nigeria, with over 53,000 locations. The bank has earned many awards, including Best Retail Bank, for 8 years.

First Bank Accounts that interested individuals can suitably consider include savings accounts, current accounts, and domiciliary accounts, among others.

Who Owns First Bank

First Bank is owned by FBN Holdings PLC, which is one of the largest financial service organizations in Africa.

The bank where individuals can access First Bank Accounts is one of the best in Africa for personal and business usage.

FBN Holdings PLC suitably offers numerous financial-related services through its subsidiaries, including Commercial and Merchant banks, among others.

First Bank Accounts are available to handle the increasing financial needs of various customers.

How To Open A First Bank Account

An individual looking to derive and enjoy the enormous benefits of the First Bank Accounts would need to create an account with First Bank.

Creating an account with First Bank is relatively easy and fast. One can either utilize the bank code, FirstMonie Agent or visit the nearest branch of First Bank.

Below are the steps to opening a First Bank Accounts.

• Download the First Mobile Apo.
• Select the “Bank Creation” option.
• Choose the type of bank account to create.
• Provide basic personal information and submit.
• After that, head to a First Bank branch and provide vital documentation, including an ID card and Utility bill.

Requirements For Opening A First Bank Account

Before a particular individual can use either of the available First Bank Accounts, they need to meet some requirements, which include:

• An applicant must be up to 18 years of age.
• An applicant must present a valid means of identification.
• An applicant must provide other personal details, including name, address, and phone number.

Information First Bank Will Ask You To Provide

• Name.
• Phone number.
• Passport photograph.
• Valid means of identification.
• Utility bill.
• Bank Verification Number (Optional).

Types Of First Bank Accounts

First Bank has numerous accounts that individuals and businesses can consider and use. Below are the types of First Bank Accounts that one can consider.

• Savings Account

One of the First Bank Accounts is the savings account that an individual can use to save money. Individuals looking to maintain a savings culture can consider this specific account.

• Current Account

A current account is the best choice for business-oriented individuals looking to manage their finances. Some current account options include FirstCurrent Plus, FirstGem Current, and FirstCurrent Business.

• Domiciliary Account

A domiciliary account is another type of First Bank Account that individuals and businesses can utilize for their financial needs. It is the best account for sending and receiving foreign currencies.

• Diaspora Account

The diaspora account is an excellent and very suitable option for Nigerians who are residing abroad. They can utilize this account to conduct their respective financial-related transactions.

• Fixed Deposit Account

A fixed deposit account is one that an individual can use to save a certain amount for a fixed time. Investment-seeking individuals can use the fixed deposit account for their needs.

How To Get A Loan From First Bank

An individual who is an account holder with either of the available First Bank Accounts can obtain loan facilities from the bank.

To obtain a loan from First Bank, you would need to visit their official website or the nearest branch of First Bank.

Requirements For First Bank Loan

Below are the requirements for an individual to access a First Bank loan.

• A loan seeker must have a good credit score.
• A loan seeker must have been banking with First Bank for 6 months.
• There are no documents required (Personal Loan).

The Benefits Of First Bank Accounts

First Bank Accounts allows customers to manage their respective finances while benefiting from numerous features.

Some of the benefits of First Bank Accounts include:

• Ease of conducting transactions.
• Interest on savings and fixed deposit accounts.
• Access to various credit facilities.
• Debit cards for offline and online transactions.

First Bank Cards

An individual gains access to First bank Cards after successfully creating either of the available First Bank Accounts.

These cards can be used in conducting several physical and online-based transactions.

One can get the First Bank Accounts Cards which include Naira Master Card, Verve, and Visa Debit Card.

First Bank Fees

First Bank charges customers specific fees on transactions conducted from the First Bank Accounts.

There’s a transfer charge of N10.75 on every transfer from First Bank Account to other banks.

How First Bank Makes Its Money

First Bank makes money by providing customers with access to multiple financial services.

The bank makes a lot of profits from deposits made by its list of customers.

Below are the means through which First Bank makes its money.

• Through interest on loan facilities.
• Deposits from a long list of customers.
• Charges on transactions conducted by customers.

Pros Of First Bank

First Bank is one of the well-known, trusted, and most utilized financial service providers in Nigeria. Below are the pros of First Bank, which First Bank Accounts holders can benefit from.

• Access to multiple loan products.
• Interest on daily balances with First Bank.
• Ability to conduct transactions efficiently through the FirstMonie App.

 

Cons Of First Bank

• There are more fees on the massive transaction amounts.

First Bank USSD Code

First Bank Account holders can carry out multiple financial transactions from their account through the transfer code. The USSD code which First Bank Accounts holders can use for transactions is *894*0#.

Requirements To Register For The First Bank Transfer Code

For an individual to utilize the First Bank transfer code, they need to register on their mobile device. Some of the requirements for the USSD code registration include:

• Debit card details.
• First Bank account number.
• Phone number linked to First Bank Accounts.

How To Contact First Bank Customer Care

First Bank Account holders can connect with the bank’s customer care service whenever they need help. One can either visit the official website of First Bank or contact their helpline.

Below are the contact details for individuals looking to contact First Bank customer care.

• Call: 0708 062 5000

• Email: firstcontact@FirstBankNigeria.com

First Bank is a trusted and highly respected bank that individuals and businesses can consider.

The bank provides its customers with access to numerous financial services to help them reach their goals.

We hope this article provides enough information on the types of First Bank Accounts.

Kindly visit our comment section for your views and opinions.

Read Also:

• Types of Eco bank Accounts- All you need to know
• Types Of Fidelity Bank Accounts – All You Need To Know
• Types Of Guaranty Trust Bank Accounts – All You Need To Know