This article explains everything you need to know about tier 3 savings account or level 3 account in Nigeria.
First, this is the best and standard, or perhaps the regular savings account in Nigeria, which I recommend you open instead of a tier 1 or tier 2 account.
Now the question is;
What is the account about, and how do I open such account.
What is a tier 3 savings account
A Tier 3 savings account is a type of account offered by banks to their customers that helps bank customers receive and save funds, and the account has no limit.
You can say that a tier 3 account is unlimited or limitless.
Unlimited in the sense that you can receive any amount of money into the account.
This is what makes a tier 3 savings account to be special.
Both tier 1 and tier 2 account are limted, while a tier 3 account is unlimited. Now I want you to know that the Tier 3 account is the standard or regular savings account in Nigeria.
The next question is;
What are the requirements for a level 3 or tier 3 savings account in Nigeria?
Let’s proceed.
Tier 3 savings account requirements
The requirements are as follows;
- An ID be it NIN or the Voter’s card, driving license, international passport.
- An utility bill like the Electricity bill (nepa bill) or rent bill.
- A passport or two passport in some cases.
- Bank verification number.
So these are the requirements.
For ID, you can bring your voter’s card, NIN, driver’s license, or international passport.
Banks may require that you provide your NIN ID, as it is presumed that everyone in Nigeria has one.
What I am trying to explain is that banks are likely to request your NIN ID. If you do not have one, try to get enrolled, because banks now request it for customer identification.
For utilities bill, the most popular is the electricity bill, which we commonly call the NEPA bill.
I recommend you use your electricity bill or nepa bill to open your account, and the bill must not be more than three months.
For Example
If you want to open a bank account this January 2025, do not bring a utility bill dated before November 2024.
If the bill says September 2024 or August 2024, bear in mind that the bank will reject it because it is more than three months old.
For the passport, you may bring one with a coloured, white, or red background.
However, I recommend a white or red background passport photograph.
Lastly, a bank verification number (BVN) is required for a Tier 3 savings account.
If you have not yet enrolled for BVN and want to open a Tier 3 savings account, the bank will first open the account for you and then enroll you for BVN.
Once you have enrolled for BVN and received your Bank Verification Number, you then link the BVN to your bank account.
If you do not link your BVN to your bank account, the account will be blocked, or a post no debit will be imposed until you link a BVN.
This means you won’t have to withdraw or transfer money from the account. No bill payments or airtime purchases will be allowed as debit transactions will be restricted.
The account will be frozen until you link your bvn to your tier 3 savings account.
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How to open a level 3 account in Nigeria
To open a tier 3 or level 3 account in Nigeria, simply go to your preferred bank, move to the customer service section, and request to open a bank account.
The bank will issue an account opening form for you to fill. Calmly fill the form and do not make mistakes.
Crosscheck the form and confirm that all information is correct, especially your name, date of birth, address, and phone number.
If you are confused at any point, please do not hesitate or be shy to speak with a bank customer service representative for clarification and assistance with the form.
For your address, make sure to write the address you see on the utility bill.
The address you wrote on the form should match the address on your utility bill; otherwise, the bank will reject your form.
Once you have filled out the form, return it to the bank customer service representative to complete the account creation.
Receiving your account number
Once your bank account has been created, you will receive your account number within 24 to 48 hours.
The last 72 hours, though this is rare, as it is mostly 24 to 48 hours.
The benefits
The benefits of tier 3 savings account includes the followings;
Unlimited Transaction Limits
- Unlike Tier 1 and Tier 2 accounts, which have restrictions on daily and cumulative transaction amounts, Tier 3 accounts allow for unlimited deposits and higher withdrawal or transfer limits.
Access to All Banking Services
- Account holders can access a wide range of financial services, including loans, fixed deposits, investment accounts, and credit facilities.
No Account Balance Restrictions
- There is no limit on the total amount you can have in your account, making it suitable for individuals and businesses with high-value transactions.
Corporate and Business Use
- Tier 3 accounts are suitable for corporate and business transactions, offering tools such as bulk payments, payroll processing, and account reconciliation.
Access to E-Banking Services
- Full access to internet banking, mobile banking apps, and other digital banking services for seamless transactions.