Review of First Bank's Fixed Deposit Account

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Posted by on Monday September 2, 2013 at 10:1:45:

When it comes to investing in Fixed deposit accounts in Nigeria, First Bank is one of the top banks you may want to invest in, given their history in Nigeria, innovation and the good rates which they currently offer.

You may probably get a higher rate when investing in wonder banks or some of these new generation banks but you must have read about how many of such wonder banks have closed shop in Nigeria with little or no insurance for your money. So, First bank has a credibility advantage as an investment destination for your money.

Fixed deposit accounts, as I've mostly written about are one of the ways to make money with your bank. It is an investment account that makes money for you, even while you sleep. It is a form of a passive investment that earns income for you just by fixing your money into it.

What fixed deposit accounts mainly require is a financial capital and the higher the capital, the higher the interest rates it can attract.

As at the time of writing this, I heard that the bank offers around 7 to 9% for their fixed deposit accounts and if you ask me, its a good industry standard.

Features of First Bank Fixed deposit account
================
- Low initial capital: At a minimum capital of just N100,000, a bank customer can easily open a fixed deposit account with First bank and earn good rates. Some banks ask for as high as N1m minimum balance unlike First bank.

- High interest rates: As I said, they sure do offer high interest rates that are above 7% as at the time of writing this. Some banks offer less than 5% for fixed deposit. A higher interest rate is possible with a Fixed deposit than with a savings deposit.

- Ability to withdraw any time: You may however lose the interest rate if you withdraw before the pre-agreed maturity date

How to apply for an account
========================
- Just visit any First bank branch and collect a Fixed deposit application form
- Fill and submit the form at customer service
- Account will be setup for you using the capital you have provided either in cash or from a named account.


Things you need to fill in the form
======================
- Your full name and address
- How much are you investing?
- How long are you investing? 30 days or 1 year
- Next of kin details
- Your contact details and occupation
- Do you wish to roll over or not after the maturity date?
- Signature and Date

You should make a copy for your own records




Comments:
    Re: Review of First Bank's Fixed Deposit Account Reply by J-Kennedy on Tuesday September 3, 2013 at 6:23:58:

    Please sir,

    How many percentage are you to loose if you did not meet up with the duration before withdrawing of giving up?

    Is the interest rate for a month?

    What is the requirements for opening this kind of account?

    Can student partake in this fixed deposit?


    Re: Review of First Bank's Fixed Deposit Account Reply by Felix Okoli on Tuesday September 3, 2013 at 6:23:58:

    You loose all interest attached to the fixed deposit if you withdraw from the fixed amount within that period(30 days)

    The interest is paid monthly based on an annual interest of the full amount.

    The basic requirements are at least N200k, a savings account and fixing it for 30 days

    Anyone including students can take part.





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