First Bank Savings Account — review & details
The entry-level savings account from Nigeria's oldest bank, an NDIC-listed commercial bank. First Bank's product page states zero account opening amount and a N100 minimum operating balance, with the paperwork handled at any branch.
First Bank Savings Account
★★★★☆
None stated on the product page — confirm before opening
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Savers who want a large nationwide branch network behind their account
Best For
traditional
Type
Pros
- Zero account opening amount and a N100 minimum operating balance, per First Bank's page
- Transactions can be carried out at any FirstBank branch nationwide
- Clear upgrade path to FirstSavings Plus, a hybrid savings-current account with cheque access
Cons
- The interest rate is not published on the product page — you have to ask before opening
- Opening is form-led: download, complete and submit at a branch, slower than app-first rivals
- Digital onboarding lags the fintech savings apps already on this page
Fees, eligibility & documents
Fees
Account openingN0 (per First Bank's page)
Minimum operating balanceN100 (per First Bank's page)
Monthly maintenanceNot stated on the product page
Eligibility
- Every individual can apply, per First Bank's page
- Joint accounts available via a separate joint-holder form
Documents needed
- Valid ID (BVN, national ID, international passport or driver's licence)
- Utility bill (electricity, water or rent receipt)
- Two passport-sized photographs
How First Bank Savings Account compares in savings & fixed deposits
| First Bank Savings Account | Cowrywise | PiggyVest | |
|---|---|---|---|
| Monthly Fee | None stated on the product page — confirm before opening | — | — |
| Licence | CBN-licensed commercial bank (NDIC commercial-bank register) | — | — |
| Deposit Safety | NDIC-insured — cover up to N5m per depositor (2024 limit) | Not NDIC-insured | Not NDIC-insured |
| Best For | Savers who want a large nationwide branch network behind their account | Mutual funds, naira + dollar, Halal | Saving discipline + auto-save |
| Visit First Bank → | Visit Cowrywise → | Visit PiggyVest → |
← Compare all savings & fixed deposits
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