What is a Tier 2 account? Banks that offer a tier 2 account and what it entails

A Tier 2 account is a type of bank account that offers moderate access to financial services with fewer documentation requirements than a Tier 3 account, but more than a Tier 1 account. Banks like Access Bank, GTBank, Zenith Bank, and UBA offer Tier 2 savings accounts with reliable features for everyday use.

Key takeaways

• A Tier 2 bank account is a savings account with more enhanced features than a Tier 1 account.
• It offers higher transaction limits than a Tier 1 account.
• Tier 2 account Nigeria requirements typically involve a BVN, and sometimes a NIN, linked to the account.
• Banks that offer a tier 2 account include Access Bank, Wema Bank, Stanbic IBTC, and Ecobank.

Tier 2 account bank options and features

When choosing a Tier 2 savings account in Nigeria, it is important to consider the bank options and the unique features each one offers. Here are some popular banks in Nigeria that offer Tier 2 accounts:

UBA (United Bank for Africa)

UBA is one of Nigeria's popular banks that offers its customers Tier 2 savings accounts. The features and benefits associated with the Tier 2 savings account offered by United Bank for Africa (UBA) in Nigeria include:

• Zero account opening balance.
• Zero minimum operating balance.
• Issuance of a debit card.
• Access to USSD banking via *919#, Internet Banking, and Mobile App.
• Enjoy exclusive offers on UBA debit cards.
• Earn interest on savings (if withdrawal conditions are met).
• Maximum single deposit of ₦50,000.
• Maximum cumulative balance of ₦300,000.

Requirements

• One recent passport photograph.
• Personal details (Biodata): Full name, phone number, and date of birth.
• BVN (Bank Verification Number).

GTBank

GTBank offers a Tier 2 savings account through its GTCrea8 e-Saver's account, designed especially for young adults and students, but available to others who meet the documentation requirements. Below are the features and benefits you can enjoy when you open a Tier 2 savings account with GTBank:

GTCrea8 eSavers account benefits

• Offers 24/7 banking services through various e-channels.
• A 5.25% interest rate per annum is paid on your account balance.
• A regulatory identification card must be presented when the account balance exceeds N500,000.
• Lodgement of cheques and dividend warrants is subject to a maximum of N100,000 per instrument for a Tier 2 account.
• Complimentary invites to GTCrea8 events and masterclasses.
• Zero opening and minimum balance required.

Requirements

• Completed the account opening form.
• BVN and NIN.
• Student ID (school, departmental, association, library card, or biodata page).
• Utility bill.
• Maximum single deposit of N100,000.
• The cumulative account balance limit of N500,000.
• Cheques and dividend warrants allowed up to N100,000 per item.
• GTCrea8 card (Local) with a N500,000 spending limit and N100,000 ATM withdrawal limit.

GTSave benefits

• 24/7 banking service via our various e-channels.
• Access to Internet banking, GTConnect and GTBank Electronic Notification Service (GeNS).
• Personalised Naira MasterCard for Online, POS and ATM transactions anywhere in the world.
• Competitive interest rates at 8.25% (the more you save, the more you earn).

Requirements

• A signed copy of the GTSave account opening form.
• BVN and/or NIN for identity verification.
• One passport photograph.
• Utility bill issued within the last 3 months.

Access Bank

Access Bank is one of Nigeria’s leading financial institutions, and its Tier 2 savings account, also known as Instant Savings (Instant Savings 2), is designed to bridge the gap between basic and full-service accounts. The features and benefits of this account include:

Features

• NGN1,000 minimum account opening balance.
• Account details can be uploaded via our contact centre, branch or website.
• Issuance of Verve cards (only).
• Interest rate of 8.175% p.a. (per annum).
• Maximum single deposit of N100,000.
• Maximum cumulative balance of N500,000.
• Transactions are limited to Nigeria.

Benefits

• Convenient and flexible account opening requirements.
• The account can be opened through the contact centre, website, or at any branch.
• It helps promote financial inclusion for the account holder.
• No monthly maintenance charges on the account.
• Provides account information updates via SMS and email alerts.
• Access to cash anytime, anywhere using debit cards at ATMs.
• Verve debit cards can be used on POS terminals.

Requirements

• Duly completed account opening form, including the signature mandate section.
• 1 passport photograph.
• Valid means of identification (such as NIN, voter’s card, driving licence).
• KYC Documentation of the customer.
• Valid proof of residence.
• Visitation report.
• BVN of the signatory.
• AML risk assessment.

Wema Bank

Wema Bank’s Tier 2 account is designed for individuals who may not have conventional identification but still want access to modern banking. Here are the key features and benefits associated with the Wema Bank Tier 2 savings account.

Features

• Zero minimum opening balance.
• No minimum operating balance.
• Interest rate (Same as existing savings account rate).
• Maximum savings limit of N500,000.
• Maximum single deposit limit of N100,000.
• E-dividend lodgement is allowed.

Benefits to customers

• Enables customers to open an instant bank account with minimal documentation and earn interest.
• Provides access to digital banking services through ALAT.
• Offers a personalised debit card (MasterCard or Visa).
• Sends transaction alerts via SMS and/or email.

Requirements

• One passport photograph.
• Completed the account opening form with a signature.
• BVN (Bank Verification Number).
• Any of these IDs: Employer’s ID, NYSC ID, Military/Paramilitary ID, Association or Union ID and a letter of identification from a local government official.
• A letter or reference card from a person of responsibility.
• Utility bill or rent receipt (issued within the last 3 months).

Zenith Bank

Zenith Bank is another Nigerian bank that offers Tier 2 savings accounts. Products available include EaZySave Premium Account and Aspire Account which align with the Central Bank of Nigeria's (CBN) Tier 2 classification.

EazySave Classic account

The EazySave Classic account is a simple bank account for people with little or no ID, making it easy to start saving and enjoy basic banking services.

Features and benefits

• Zero account opening balance.
• A maximum single deposit of N50,000 is required.
• Maximum cumulative account balance of N300,000.
• Earn interest at 8.175% Verve debit card.
• Email and/or SMS alertz.

Requirements

• Account opening form duly completed.
• One recent clear passport photograph of the signatory.
• BVN or NIN.

EazySave Premium Account

The EazySave Premium Account is a simple account that helps more people access banking, even with a limited ID, while offering useful banking benefits.

Features and benefits

• Zero account opening balance.
• Maximum single deposit of N100,000.
• Maximum cumulative account balance, N500,000.
• Earn interest at 8.175%.
• Verve debit card.
• Email and/or SMS alertz.

Stanbic IBTC

Stanbic IBTC Tier 2 savings account is ideal for students, small business owners, or individuals looking for a simple and quick way to start banking. Below are the features, benefits and requirements of the Stanbic IBTC Tier 2 Savings Account, based on the official account opening form:

Features (Tier 2 Account)

• Maximum single deposit of ₦100,000.
• Maximum cumulative balance of ₦500,000.
• Access to digital banking: Mobile app, internet banking, and USSD (*909#).
• ATM and POS access with a debit card (usually Verve or MasterCard).
• Transaction alerts via SMS and/or email.
• No monthly maintenance fees.

Requirements

• Completed and signed Tier 2 account opening form.
• Valid means of identification (such as a passport, driving licence, national ID, BVN/NIN, or voters’ card).
• Any proof of address, such as a utility bill, certified copy acceptable.
• One passport photograph.
• Phone number and email for digital and transaction alerts.

First Bank

First Bank offers a Tier 2 savings account, known as the FirstInstant Plus. Here is a full overview of its features and requirements:

Features and benefits

• Zero account opening fee and minimum opening balance of ₦0.
• Maximum single deposit of ₦100,000.
• Maximum cumulative account balance of ₦500,000.
• Minimum operating balance of ₦100.
• Access to digital banking through online banking, USSD (*894#), and the FirstMobile app.
• You get a debit card instantly as soon as you open the account.
• Transaction alerts via SMS and/or email.
• Cheque and dividend warrant lodgement allowed.
• The account can also be operated as a Salary Account.
• There are no limits to the number of withdrawals you can make from the account in a month.
• Easy upgrade path to Tier 3 accounts when full KYC and higher limits are needed.

Requirements

• Completed Tier 2 account opening form.
• Valid means of identification.
• NIN or BVN.
• Voter's card, driver’s license, passport, student ID, tax ID, etc.
• Utility bill or proof of address (may be self-certified).
• Two passport-sized photographs.

What are the Tier 2 banks in Nigeria?

Tier 2 banks in Nigeria are mid-sized banks like Fidelity Bank, Wema Bank, Polaris Bank, Unity Bank, and Heritage Bank, which operate under lower capital bases compared to Tier 1 banks.

How much can a Tier 2 Kuda account hold?

A Tier 2 Kuda account can hold up to ₦500,000 in total balance, with a maximum single deposit of ₦200,000.

What is the maximum single deposit amount for a Tier 2 account?

The maximum single deposit for a Tier 2 account under current Central Bank of Nigeria guidelines is ₦200,000, though many banks set a limit of ₦100,000 per deposit on their Tier 2 savings accounts.

Tier 2 savings accounts in Nigeria offer more flexibility than Tier 1 accounts, allowing higher transaction limits and moderate KYC requirements. Banks like Zenith Bank, Wema Bank, Access Bank, and UBA offer Tier 2 accounts with features such as interest earnings, debit card access, and mobile banking.

DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

Legit.ng recently published an article about the requirements for opening a bank account in Nigeria. Opening a bank account in Nigeria can be a straightforward process as long as you have the necessary documents and information.

Some of the key requirements needed are your Bank Verification Number (BVN), a valid identification, and proof of address. Explore the basic requirements for opening a bank account in Nigeria and the step-by-step process.

Source: Legit.ng