What is a Tier 1, Tier 2 and Tier 3 account in Nigeria and the difference?

Read all about Tier 1, Tier 2 and Tier 3 bank account in Nigeria.

There have been many searched online about the meaning of a tier 1 account, a tier 2 account and a tier 3 account, as well as searches on Gtbank tier 1 account, Gtbank tier 2 account, Wema bank tier 1 account, Wema bank tier 2 account and many more.

A tier 1 account is basically a bank account that you can open without any form of documents, you can easily open this account with just your passport photograph.

A tier 2 account can be opened with at least your ID card and a passport photography, it is slightly better than a tier 1 account, but still has its limits.

A tier 3 account is one that requires documents like your utility bill, national ID card, passport and know your customer (KYC) requirements, this account does not have limits.

In this post, I am going to be writing about all you will need to know about tier 1, tier 2 and tier 3 bank accounts in Nigeria.

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Let’s get into it then…

Read my post on how to upgrade GTbank account

What is a Tier 1 account?

A Tier 1 bank account is the simplest form of account you can open in a Nigerian bank, and it is the simplest to open.

To open a tier 1 bank account, you do not need to provide any form of documents, all that may be required might be your passport.

This type of account can be opened without going to the bank and is the fastest account to open, as you can easily do so with your phone.

The disadvantage of a Tier 1 account is that it has a limit of 50,000 naira per deposit and an operating balance of just 200,000 naira to 300,000 naira. This means that if someone wants to send you, let’s say 55,000 naira, the person won’t be able to as your account can’t accept more than 50,000 naira.

Since your account has an operating balance of 300,000 naira, this means that your account can’t hold more than 300,000 naira at any point in time.

If you want to increase the amount of money your account can operate with, then you will have to upgrade your account by providing the required documents like utility bill, national ID card, passport and know your customer (KYC) requirements.

Types of Tier 1 accounts are accounts opened with your phone number and student account opened with just your school ID card.

What is a Tier 2 account?

The Tier 2 bank account is slightly better than a tier 1 bank account and also doesn’t require many documents to open, but you will at least require your ID card and passport.

This type of account is opened by visiting the bank, and people usually opt for this when they don’t have all the necessary documents to open a tier 3 account.

This Tier 2 account has an operating balance limit of about 500,000 naira i.e. your account cannot at any point have more than 500,000 naira in your bank account.

If you want to have more than the 500,000 naira limit, then you will need to upgrade your account, and you can do that by providing the required documents like utility bill, national ID card, passport and know your customer (KYC) requirements.

An example of a tier account is your usual salary account.

What is a Tier 3 account?

Tier 3 account is the best type of account you can have in Nigeria, and requires the most documents to open. To open a Tier 3 bank account, you will need a utility bill, a valid ID card, passport and know your customer requirements.

To open a Tier 3 account, you will need to visit the bank and fill the bank opening form and provide the above documents, or if you already have an account and you want to upgrade to a tier 3 account, then you will need to provide the documents without needing to fill any form.

The Tier 3 account has no limits, this means that you can receive any amount of money into the account and transfer any amount of money also.

Read my post on how to upgrade fidelity bank account

Summary

All Nigerian banks operate this three tier system, and it is the same on all banks, whether wema, Gtbank, first bank, UBA, access etc.

You can always upgrade your bank account at any time, so if you open a Tier 1 account today, you can always upgrade it to a tier 2 or tier 3 account at a later time. All you will have to do is provide the require documents like utility bill, national ID card, passport and know your customer (KYC) requirements.

Conclusion

Thank you for reading my post on What is a Tier 1, Tier 2 and Tier 3 account in Nigeria and the difference. I hope I have helped you on this particular topic. If you still have questions or maybe you want to add something, the comments section is open to use.

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