Students often have unique financial needs and challenges but what is the best bank in Nigeria for students in 2023?
Many banks offer special student bank accounts with features such as no or low minimum balance requirements, reduced fees, and sometimes higher interest rates.
Student banking refers to banking services specifically designed for students. Tailoring these services meets the financial needs and constraints of students who are typically managing their finances while pursuing their education.
Student banking often offers various benefits and features that help students manage their money effectively. This is why knowing the best bank in Nigeria for students is important.
All you need to know about student accounts
When considering student account options, it's important to compare offerings from different banks.
Look for accounts that align with your financial needs, provide convenient access to your funds, and offer the features that matter most to you.
Additionally, pay attention to any potential fees, as well as the terms and conditions associated with the account.
Here's what you need to know about student banking:
● Debit cards
Debit cards, frequently included with students' accounts, enable daily transactions and ATM withdrawals.
Additionally, certain debit cards provide rewards or cashback for purchases.
● No or reduced fees
Student accounts may have reduced fees or waive certain fees commonly associated with regular accounts, such as monthly maintenance fees.
● Overdraft protection
Some student accounts offer overdraft protection, which can help prevent accidental overdrafts and associated fees.
● Online and mobile banking
Student banking usually includes online and mobile banking features, allowing students to manage their accounts, pay bills, and transfer money conveniently.
● ATM access
Student accounts may offer access to a network of ATMs where students can withdraw cash without incurring additional fees.
● Student loans and lines of credit
Many banks offer student loans or lines of credit tailored to education-related expenses.
● Educational resources
Some banks provide financial literacy resources to help students manage their money wisely and understand financial concepts.
● Savings and investment options
Student banking might include options to open savings accounts or explore basic investment opportunities.
● Discounts and offers
Some banks partner with retailers or service providers to offer discounts and special offers exclusively for students.
● Parental oversight
Depending on the bank, parents may have the option to monitor and manage their child's student account to ensure responsible money management. knowing the best bank for students in Nigeria is important to guide parents.
● Scholarship and grant information
Some banks may provide information about available scholarships, grants, and other financial aid resources.
● Credit building
Responsible management of a student account can contribute to building a positive credit history, which is essential for future financial endeavours.
Best Bank in Nigeria for students
Before opening a student account, consider factors such as account fees, accessibility of ATMs, online banking services, and any special offers or discounts available to students.
See the list below to know the best bank in Nigeria for students:
1. GTBank – GTCrea8 Account
GTBank’s GTCrea8 Account is a student account that can be opened with just a passport photograph.
This level 1 account has a transaction limit of a single deposit limit of N50,000 and a cumulative balance of N300,000.
As account holders, students enjoy exclusive banking privileges, including no transfer charges to any bank, no SMS charges, no charges on standing instruction as well as zero account opening fee.
2. Zenith Bank – Aspire Account
The Aspire Account by Zenith Bank is a unique savings account for Nigerian undergraduates with a distinctive sense of identity.
Designed to enhance the lifestyle of the discerning student, the Aspire account provides a platform for its holders to follow their dreams, supporting them as they aspire to greatness.
The Aspire account generates interest at 5.5% and grows steadily.
3. UBA – Student Account
United Bank for Africa’s (UBA) Student Account is the first step towards financial independence for students of tertiary institutions.
The account is designed to assist undergraduates between the ages of 16 to 25 in maximizing their money.
4. Ecobank – Student Banking
Ecobank Student Banking taps into the power of the digital world to help undergraduates express themselves and do things their way.
The account is offered with lower banking charges than normal. It also includes a range of e-alerts, for when payments are made.
5. Access Bank – Solo Account
Access Bank’s Solo Account is for people between the ages of 16 and 30.
It is an account that is suitable for undergraduates but also changes and grows as needs change.
6. Fidelity Bank – Flex Account
Flex Account by Fidelity Bank helps students of tertiary institutions set their finances on the right path.
With the account, undergraduates can earn regular monthly interest and get a free invitation to Fidelity Bank’s quarterly membership program.
The account can be opened with one passport photograph
And a School ID or admission letter.
7. Stanbic IBTC – BluEdge
Stanbic IBTC Bank’s BluEdge Account helps boost students’ savings culture.
The BluEdge savings account is a product that allows individuals to open an account with zero balance.
BluEdge is a zero minimum balance account for students and young Nigerians currently enrolled in the National Youth Service Corps.
8. Polaris Bank – Campus Plus
Polaris Campus Plus is a youth-targeted savings account with special features designed to benefit students in tertiary institutions.
The account offers students with easy onboarding, a minimum opening balance of N1,000, zero operating balance, competitive interest in savings as well as an opportunity to participate in youth events.
9. Keystone Bank – Evolve Savings Account
The Keystone Evolve Savings Account is specifically designed for students in Tertiary Institutions as well as NYSC Corp members to help make the most of their funds.
With a minimum opening balance of N500 and no operating balance required, the Evolve Savings Account has no limit to the number of withdrawals and gives account holders access to e-banking services.
10. Globus Bank – Campus Account
The GlobusCampus Account by Globus Bank gives Nigerian students an opportunity to save with instant access to their money.
The account features competitive interest rates, and online banking services with no monthly service fees.
The GlobusCampus Account can be opened with one passport photograph of the signatory and valid student identification.
Money-saving tips for students
Managing finances as a student is essential for building good money habits and ensuring financial stability.
Here are some money-saving tips for students:
● Create a budget
Make a budget that outlines your monthly income and expenses.
Income could be from sources like part-time jobs, allowances, or scholarships while your expenses may include rent, food, transportation, and entertainment.
Stick to your budget to manage your money effectively.
● Cook at home
Cooking meals at home is usually more cost-effective than eating out or ordering takeaway. Prepare simple and nutritious meals to save money on food expenses.
● Take advantage of student discounts
Many businesses offer discounts to students. Always carry your student ID card and look for opportunities to save on transportation, shopping, entertainment, and more.
● Share housing costs
If you're living off-campus, consider sharing a rental with roommates. This can significantly reduce your housing expenses.
● Buy used textbooks
Textbooks can be expensive, so consider buying used or renting them instead of purchasing new ones. You can also explore digital versions or borrow from the library.
● Limit unnecessary subscriptions
Evaluate your subscriptions, such as streaming services, and consider canceling or sharing them with friends to reduce costs.
● Use public transportation
Opt for public transportation or ride-sharing services instead of using your own vehicle to save on fuel, maintenance, and parking expenses.
● Cut down on entertainment costs
Look for free or low-cost entertainment options like attending campus events, exploring parks, or organizing movie nights at home with friends.
● Save on energy
In this era of prepaid meters, turn off lights, and unplug electronics when not in use. Also, utilise energy-efficient temperatures to save on utility bills.
● Utilise campus resources
Take advantage of campus facilities like gyms, libraries, and computer labs to save on external expenses.
● Part-time work
Consider getting a part-time job or freelancing to earn extra income. Balance work with your studies to avoid impacting your grades.
● Save on Transportation
If possible, walk or bike to nearby destinations to save on transportation costs.
● Avoid expensive habits
Cut back on habits like smoking or excessive drinking, as these can drain your finances over time.
By implementing these money-saving tips, you can develop responsible financial habits that will benefit you not only during your student years but also throughout your life.
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