As a student, there is a need for you to open an Access bank account for you to have free flow and access to cash. Now, you want to open an Access bank account but first would like to know the Access bank student account limit, you are sure at the right place! In this article, you will be adequately informed about what a student account is, and its limits.
What is Access Bank Student Account?
Access bank student account is an account that is meant for only students between the age range of 16 to 28. It was introduced in the Nigerian banking sector some years back to help Nigerian students to save money for their schooling. This account is quite different from savings and current bank accounts, it only requires just the school ID for opening the account in Nigeria. Furthermore, the account is totally free, you will only be charged for debit cards which is essential and compulsory for you as a student.
Also Read: Access bank POS charges
Access Bank Student Account Limits
Students can open an account at Access bank to save their money. The account limits are N100k, but students can increase the balance up to N400,000. It is important to remember that you cannot exceed the account limit unless you upgrade to a tier two account. The bank has the right to increase the student account limit. Until the bank increases the student account limit, you cannot exceed N300k in any one transaction.
How to Upgrade Your Student Account
To upgrade your account to a standard account, you must visit your nearest Access bank branch. Fill out an application form and meet a customer representative. Then, write a bank upgrade letter. If you do not get the email within a few days, you can still upgrade your account to a standard account. Then, you can make unlimited deposits and withdrawals. You can also upgrade your account to tier three if you want to remove all the limits.
Requirements to Open a Student Account
To open an Access bank student account, students must be 16 years old and above. Students must present a valid school ID to qualify for the account. In some cases, you can use your acceptance school fees receipt as identification. Alternatively, you can contact the bank and request an account. It is important to understand the requirements for an account. You should not be tempted to use a student account if you can’t meet all the requirements.
If you’re not sure whether you’re eligible for a student account, you can find out by asking the bank. Often, banks will convert a student account to a standard account at a milestone, such as graduation. They might also require proof that you’re still enrolled. It’s worth contacting your bank to ask about the maximum amount of money you can deposit in the account. You can also get an idea of how much money is allowed in your account by looking at some social media posts.
When it comes to depositing money into your Access bank account, you can make one deposit of N50,000. However, if you’re opening an account for the first time, you should keep in mind that this account limit isn’t set in stone.
It is simply a bank’s policy to protect its customers and make it easier for people to access their accounts. It’s a good idea to have a balance of at least N50,000 in your student account, so you’ll never run out of money.
Conclusion
Now that you have known what a student account and its limits are, you can now open an access bank student account of your own will. After that, you can send and receive money through your new account balance.