From making daily payments, paying utility bills, buying airtime, and topping up data to sending and receiving money, there's a whole lot you can easily do with a personal bank account. Opening a personal bank account is a simple and essential step to properly managing your finances. 

With benefits such as a debit card, a secure platform to save money, and access to financial tools, a bank account has become necessary in our current digital world. 

Thinking of opening a reliable bank account such as the Moniepoint Personal Bank account? This article will take you through all you need to know and the steps to open one today. 

Key Takeaways

• To open a personal bank account in Nigeria, you'll need Valid Identification, Proof of Address, Bank Verification Number (BVN), Passport Photographs, an Initial Deposit, and a Completed Application Form.
• When choosing a personal bank account, read the disclosures carefully to learn about any account fees or balance minimums.
• You can pick a bank or account based on the features you're looking for, such as low balance minimums, high interest rates, no ATM fees, and so on.

Why You Should Open a Personal Bank Account

A personal bank account helps you make easy financial transactions daily. Here are some reasons you should set up yours;

1. Convenience

With a bank account, you can easily handle and access your money anywhere and anytime. Features like online banking, mobile apps, ATM debit cards, and many more enable you to swiftly make and receive payments even without visiting a physical branch.

2.  Proper Financial Management

Having a bank account allows you to track your expenses, save efficiently, and even build credit. This ultimately lays the foundation for better long-term financial goals and decisions.

3. Security

It's no news that keeping your money in a bank account is much safer than keeping it buried in the ground or stored in a corner at home. This is because personal bank accounts like the Moniepoint Personal bank accounts are reliable, safe, and use multi-factor authentication security features. Ultimately, this will protect your funds from theft, fire accidents, or unexpected losses.

4. Yielding Interest

Keeping your money in bank accounts like a fixed deposit offers you a chance to earn interest in the long run. Rather than leaving your money dormant at home, you get to earn passively from bank interest rates.

Types of Personal Bank Accounts

When opening a personal bank account, there are various options, each with its unique features and requirements. Here are some types of personal bank accounts you can open in Nigeria;

1. Savings Account

This is one of the most popular account types, used to save or set aside money for emergencies or short-term goals. Unlike other account types, this is a basic account with benefits, including access to ATM debit cards, online and mobile banking services and apps, minimal interest rates, etc. 

So, if you're looking for an account to store your money and easily access it, a savings bank account is the way to go. 

2. Current Account

This account type is ideal for business owners who require a third-party daily transaction. It differs from savings accounts as you can withdraw money by cheque. It's open to both businesses and private individuals and offers more perks than the savings account, as it allows you to access loans and government grants. 

Overall, this type of account is designed for daily transactions, such as paying bills and handling business expenses.

3. Joint Account

If you and your spouse/partner fancy the idea of keeping your funds together in a single account, then a joint account is ideal. This type of bank account allows two or more people to access and have full control over the shared funds. 

So, basically, each account owner can acquire a debit card, write cheques, withdraw, make payments, and manage the account without the consent of the other party.

4. Fixed Deposit

This type of account is great for you if you plan on saving money that you do not have an immediate plan for for a specified period of time, usually long-term. In return for saving your money in this account, you are entitled to an interest rate that is agreed upon before the commencement of the arrangement. 

If you, however, decide to terminate the agreement before the tenor's expiration, you risk losing your accrued interest. 

Steps to Open a Personal Bank Account

You can instantly open a Moniepoint Personal Bank account with just a few taps on your devices. Simply follow the steps below;

Step 1: Visit Play Store or App Store. Click install.

Step 2: Open the app and click ‘sign up’

Step 3: Input your email address and phone number, click next.

Step 4: Verify your phone number. By inputting the OTP sent to your phone.

Step 5: Your account is now set up. Now, it’s time to set up your profile. Login to continue.

Step 6: Register your device to continue.

Step 7: Enter the OTP sent to your phone to verify your device. Click Next to continue.

A device registration successful message will appear. Next is to set up your transaction pin. Click continue.

Step 8: Set up your transaction PIN and click ‘Create Pin’.

Step 9: Voila! You have created a profile. 

Step 10: To secure your login, simply enable biometrics by clicking the “Enable Button”.

Step 11: Select your biometric option.

Step 12: Carry out the face verification process. Click “Proceed”.

Step 13: This will take you to your dashboard, where you can update your contact information.  Click edit to update your contact information.

Step 14: Verify that all information provided is accurate under the attestation section and click continue.

Step 15: Click Proceed

Congratulations, you have successfully opened a Moniepoint Personal Account.

Key Requirements for Opening a Bank Account in Nigeria

To open a personal bank account in Nigeria, you'll need to have a few essential documents ready, such as;

• Valid Identification: This can be a government-issued ID, such as a National ID card, International Passport, Driver's License, or Voter's Card.

• Proof of Address: A recent utility bill, tenancy agreement, or any document showing your current residential address is required.

• Bank Verification Number (BVN): The BVN is a unique identifier for all bank account holders in Nigeria. You can enroll for one at any bank branch.

• Passport Photographs: You'll need a few recent passport-sized photos for identification purposes.

• Initial Deposit: Most banks require a small minimum deposit to activate your account.

• Completed Application Form: Fill out the bank's application form online or at the branch to provide your personal details and preferred account type. 

Once you have these ready, the process is quick and easy!

How to Choose the Best Bank for Your Needs

Different banks and financial institutions offer various account options, each with its own features, benefits, and potential drawbacks.

To ensure that the personal bank account you choose aligns with your financial goals and preferences, here are some key considerations to keep in mind:

1. Fees and Charges

Before opening a personal bank account, inquire about any fees or charges associated with the account. Common fees could include monthly maintenance fees, ATM withdrawal fees, overdraft fees, and fees for falling below a certain minimum balance.

2. Minimum Balance Requirements

Many accounts have minimum balance requirements that you must maintain to avoid fees or qualify for certain benefits. Consider your typical account balance and choose an account with a minimum balance requirement that you're comfortable with. Keep in mind that some accounts might offer better interest rates or additional perks for higher minimum balances.

3. Accessibility

Evaluate how accessible your funds will be in the account. Look for features such as online banking, mobile apps, and functionality across ATMs and POS systems. If you need to regularly access your savings, ensure that the account provides convenient options for withdrawals and transfers.

4. Account Restrictions

Some bank accounts come with restrictions on the number of withdrawals or transfers you can make within a given period. These restrictions are often in place to maintain the account's status as a savings vehicle rather than a transactional account. 

If you anticipate needing frequent access to your funds, consider an account with more lenient withdrawal limits.

5. Customer Service and Reputation

Consider the reputation and customer service of the bank or financial institution you're considering. Look for reviews and ratings to gauge the quality of their service and their commitment to customer satisfaction. A reliable and responsive customer service team can be invaluable if you encounter any issues or have questions about your account.

Conclusion

Opening a personal bank account is a smart step toward better financial management, security, and convenience. 

With the right account, you can save, spend, and plan for the future with confidence. Ready to take control of your finances? Sign up and open a Moniepoint Personal Bank account today!

Frequently Asked Questions About Opening a Personal Bank Account

1: Can I open a personal account online without going to the bank?

Yes, it is possible to open a personal bank account online without going to the bank.

2: What do you need to open an online personal bank account?

Requirements and documents needed will vary by bank, but at Moniepoint, all you need to open a personal bank account online is your BVN, KYC details and a phone number

3: How much money do you need to start a savings account?

Most personal bank accounts require Zero deposit.

4: Which bank is best for opening a personal account online?

The best bank for opening a savings account online is Moniepoint. It guarantees speed, reliability, safety, and user-friendliness and can be opened without visiting a physical branch.