How Much Can a Savings Account “Carry” in Nigeria?

Just as the name implies, a savings account is an account designed for the purpose of saving. It is a bank account where you can deposit your money and save it while earning some interest on it. However, the interest you earn is determined by the amount of money you have in the account. 

If you are interested in opening a savings account in Nigeria and want to know its features (like the maximum amount it can carry), this article is for you. 

How Much Can a Savings Account Carry in Nigeria? 

The amount a Nigerian banking savings account can carry varies depending on the bank and type of savings account. Before opening a savings account in Nigeria, you must inquire how much you can save on it. By knowing the limit on the account, you will know the type to go for and the account that suits your needs. 

In Nigeria, there are different categories of savings accounts that are grouped under three (3) tiers: 

  1. Tier 1 Savings Account
  2. Tier 2 Savings Account
  3. Tier 3 Savings Account

The maximum amount for tier 1 savings accounts is N300,000, N500,000 to N1M for tier 2 accounts, while the limit for tier 3 savings accounts varies depending on the bank. 

Tier 1 Savings Account

The Tier 1 savings account is the least type of savings account you can open. It is usually the type people opt for when opening a bank account for the first time in Nigeria, and other times, it serves as an emergency account. This is because the account is very limited. 

The Tier 1 savings account is limited to N50,000 maximum single deposit and a maximum operating balance of N300,000. That is, you cannot transfer or deposit more than N50,000 on this account. You cannot also have more than N300,000 in the account. 

This account also doesn’t necessarily require you to go to a physical bank branch to open an account. You can open one from the convenience of your mobile phone using their USSD code, the bank’s mobile app or via their official website. Student accounts usually fall under this category. 

Tier 2 Savings Account

Comparatively, a Tier 2 savings account is better than a Tier 1 account because the limits are higher. It is the second type of savings account, according to the Central Bank of Nigeria. 

The account is limited to a single cash deposit of N100,000 to N300,000 and a maximum operating balance of N500,000 to N1M depending on the bank. Zenith Bank, for instance, has a maximum operating balance of N1M in this category, while First Bank is N500,000. 

If an individual sent or deposited more than these, the bank would put the transaction on hold because the limit has been exceeded. The funds would remain inaccessible until the customer upgrades the account. 

Tier 3 Savings Account

A Tier 3 savings account is Nigeria’s regular and standard savings account. If you want to open a savings account in Nigeria, we highly recommend you go for this one as its limits are the highest of the three. 

Although, you should note that its account opening process is tiresome. The highest amount that can be saved in this type of account varies according to banks. That is, the various banks in Nigeria have different stipulated maximum amounts that this account can carry. 

Below, we have prepared a list of the popular banks in Nigeria and their respective limits on this type of account. 

S/N Banks Maximum Amount
1 Access Bank Plc


2 First Bank Plc
3 Guarantee Trust Bank 
4 Zenith Bank Plc
5 United Bank of Africa (UBA)
6 First City Monument Bank (FCMB)
7 Union Bank of Nigeria N4,000,000
8 Fidelity Bank Plc
9 Stanbic IBTC Plc  N2,000,000 

 How To Upgrade Your Savings Account Limit in Nigeria

If you own a Tier 1 or Tier 2 savings account and wish to save more than the limit permits, you can opt for an account upgrade. An account upgrade is a banking feature that allows customers to upgrade their accounts and increase the maximum amount the account can hold. 

To get this done, you simply need to enquire from your bank about this service and follow the guidelines provided. You can visit any of their banking branches, approach the customer care unit and let them know you wish to make an upgrade. 

Usually, there are certain documents that most banks generally require. So you might want to keep them handy before starting the process. They include 

  1. A recent passport photograph
  2. A utility bill, like an electricity bill or waste management bill
  3. An acceptable means of identification like a National ID card (NIN), Permanent Voter’s Card, Driver’s License or International Passport.

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