Types of Bank Account to know Before Opening an Account
Before taking a decision to open any bank in Nigeria or anywhere you should have clear details on all the types of bank account and how to open any bank account in Nigeria.
In this article, we are going to write on the topic of the types of bank account you can start operating. Opening a Bank account seems not to be the problem but the problem will consider is which type of bank account should I opened or operating.
According to Wikipedia Bank Account is a money-saving purpose maintained by a particular bank for a particular customer. The ability for a bank to handle someone’s monetary sake is to call a Bank Account which can appear in many like; deposit account, Credit Card Account, Current Account, NRN Account, ETC.
So many people made the mistakes to choose the right account for yourself or for business’ sake. To avoid the same mistake that is why we decided to publish this article to help you choose the right account.
Opening any bank account in Nigeria requires you a lot of eye searching before you’re satisfied in considering the right bank for you.
Below are some of the bank account you should follow with clue details of each which clarifies your thoughts. There are many types of the bank account you can open in Nigeria or anywhere which includes the following:
Types of Bank Account
- Savings account
- Joint account
- Corporate account
- Domiciliary account
- Current account
- Fixed deposit account
- Non-resident Nigerian (NRN) account
In the world banking today, saving account is the most common and basic account most people operate here in Nigeria. Saving account is designed to account just for deposits and to withdraw.
Operating saving account, you can be restricted to some types of transactions. It happens to be an interest-bearing account though the interest rate always appears in a low section.
Little or no cash is required to open a savings account. You can learn how to open any bank account in Nigeria.
This type of account is own co-operatively. As the name implies “JOINT ACCOUNT” is own by two or more peoples which can involve the making of decisions have to be co-operatively.
Making of any transaction without the others must be with a signatory or signatories to clarify the transaction statements. The Joint Account is major of two different types of account which are:
The two types of Joint Account:
- Joint Tenancy Account
- Tenants in Common Account
Joint Tenancy Account: is mostly used by couples. Which involves the coming together of boat two side the man and the woman to operate the account.
Tenant in Common Account: This type of Joint account is mostly operated by Business owners that are partners.
You may start thinking in differents angles seeing such an account name. Yes, there are many accounts you can hold as a person but when we are ingnorance we can choose the wrong bank account for ourselves.
Corporate account is the type of account that is design for Multinational COMPANIES and for BIG CORPORATION.
This account totally different from the savings account or investment banking accounts, in all, this account is designed for Business owners or purposes.
As the name applies “Domiciliary Account“: This type of account is design and made for carrying out foreign transactions that involved foreign currencies.
A Domiciliary Account holder is capable to share or transfer money to other countries in different currencies and also receive foreign currencies from other countries.
The purpose of this account is the limit the usage of Western Union Gram which enables you to transfer money to your loved ones in other countries. A DOMICILLIARY ACCOUNT HOLDER can now bank at his own convenience time.
If you’re a businesswoman or man then, this type of account is the best for you. Because the transaction is not limited unlike the saving account when some transactions are limited.
As a businessman or woman, this type of account is the best suitable for your business. After the successful opened the account, a cheque is also given to you.
Fixed Deposit Account
This type of account can be operated by an individual or corporate clients but, this involves a fixed deposit just as the name falls. Money in this account can be on hold for a period of time before one can make a withdrawal.
The minimum period of time that money can behold can be 30 days and a maximum of 180 days, during this time, money deposit in the account cannot withdraw not until the times given are accumulated or passed.
Fixed Deposit Account is good for those who want to invest their money and want them not to be touched which also enables them to earn a high commission from the Bank.
Non-resident Nigerian account
NRN Account is designed for those Nigerians living out Nigeria. Nigerians living in the USA, UNITED STATE, RUSSIA, GERMANY, ETC can now open any bank account where they are living in which is also called the diaspora account.
How to Open GTBANK Non-Resident Nigerian Account in Abroad
We drop the recent articles regarding this topic which will help you and including a short video explaining how to open NRN Account: Non-resident Nigerian account for Nigerians outside in their current Countries. You can open one and start banking with any bank in Nigeria.
If you have any questions regarding this article please make use of the comments box and as usual, comments will only be approved after marked as safe!