Best Banks for Salary Account in Nigeria
Choosing the right bank for your salary account is crucial as it can greatly impact your financial management and overall banking experience. In Nigeria, there are several banks that offer competitive services designed specifically for salary accounts. However, to help you in making the right decision, I have compiled a list of the 15 best banks for salary account in Nigeria in 2023.
In the article, you will come across their founding years, usability, features, and more. So, let’s dive in!
Best Banks for Salary Account in Nigeria in 2023
Where are the 15 best banks for salary account in Nigeria in 2023 we’re talking about?
You can find them right below:
First Bank of Nigeria
First Bank was founded in 1894 and is the oldest bank in Nigeria.
It’s a bank that provides a wide range of salary accounts with varying fee structures.
The fees depend on the specific account type and services availed.
Usability: First Bank provides a user-friendly mobile banking app and internet banking platform, making it easy for customers to manage their accounts conveniently.
Features: First Bank offers features such as instant funds transfers, bill payments, airtime top-up, and access to loans and overdraft facilities.
They also have a robust customer support system.
Zenith Bank
Founded: 1990
Fees: Zenith Bank has different salary account options. Some accounts may have monthly maintenance charges, while others may be fee-free.
Usability: Zenith Bank provides a seamless online and mobile banking experience, allowing customers to perform various banking transactions from the comfort of their homes.
Features: Zenith Bank offers services like funds transfers, bill payments, account balance inquiries, and access to loans. They also have a wide network of branches and ATMs across Nigeria.
It’s arguably one of the best banks for salary account in Nigeria and one of the top leading financial institutions in Nigeria.
Access Bank
Access bank is also not left out of the list of best banks for salary account in Nigeria. It’s a bank that was founded in the year 1989 by Mr Herbert Wigwe.
Usability: Access Bank is a financial institution that has a user-friendly mobile banking app and internet banking platform, thereby making it easier for customers to manage their accounts and conduct transactions conveniently.
Features: Access Bank is also accrued with some beautiful features such as funds transfers, bill payments, airtime top-up, and access to loans and overdraft facilities just like every other bank.
They also offer a USSD banking service for basic transactions offline.
Guaranty Trust Bank (GTBank)
Guaranty Trust bank is also included amongst the list of best banks for salary account in Nigeria.
It was founded in the year 1990 by Ezekaiah Oyinlola.
GTBank offers salary accounts with competitive fees.
However, some accounts may have minimum balance requirements or charges for specific transactions.
Usability: GTBank provides a robust online and mobile banking platform that offers a seamless banking experience. Customers can easily perform transactions and access a range of banking services.
Features: GTBank offers features like funds transfers, bill payments, banking, payments, pension management, asset management, airtime top-up, and access to loans and investments etc.
They also have a 24/7 customer support service and a wide network of ATMs.
United Bank for Africa (UBA)
Founded: 1949
Fees: UBA provides salary accounts with reasonable fees.
Usability: When it comes to usability, the United Bank of Africa (UBA) offers mobile banking app and internet banking platform that tends to be user friendly, allowing customers to seamlessly manage their accounts and carry out transactions swiftly.
Features: UBA like other banks mentioned earlier offers services such as funds transfers, bill payments, airtime top-up, and access to loans.
The bank also provide a UBA Chatbot for quick customer assistance.
Fidelity Bank
Fidelity bank is one of the top rated banks in Nigeria today.
It’s a financial institution that was founded in 1988. It offers a competitve fees salary accounts for employees interested in opening a salary account.
Usability: In term of usability, this bank provides its customers with a user-friendly mobile banking app and internet banking platform.
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This has make it a lot easier for every customers to manage their accounts and conduct seamlessly transactions.
Features: The Fidelity Bank primary features are funds transfers, savings, provision of loans including extended transactions like bill payments, airtime top-up, and access investments option.
Stanbic IBTC Bank
Stanbic IBTC Bank was founded in 1989.
They also have personalized banking services for high-net-worth individuals.
Usability: Stanbic IBTC Bank offers a seamless online and mobile banking experience, providing customers with easy access to their accounts and a range of banking services.
Features: Stanbic IBTC Bank feature is similar to that of other banks, these services includes and not limited to saving/deposit, funds transfers, bill payments, airtime top-up/data top up, and access to short or long term loans, investment services etc.
Union Bank of Nigeria
Union Bank being the second of the oldest banks in Nigeria doesn’t stopped it from prepping up and souring higher.
Union Bank was established as early as 1917 and yet remains one of the best banks for salary account in Nigeria.
Usability: Union Bank provides a user-friendly mobile banking app and internet banking platform, enabling customers to conveniently manage their accounts and perform transactions.
Features: Union Bank offers features such as funds transfers, bill payments, airtime top-up, and access to loans. They also provide specialized banking services for SMEs.
Ecobank Nigeria
Ecobank was established in the year 1986 and has since been providing intuitive banking services to their prospective customers.
Ecobank offers salary accounts with varying fee structures. Some accounts may have maintenance charges or transaction fees, while others may be fee-free.
Usability: Ecobank provides an intuitive mobile banking app and internet banking platform, allowing customers to easily manage their accounts and conduct transactions.
Features: Ecobank offers services like funds transfers, bill payments, airtime top-up, and access to loans.
They also have a wide network of branches and ATMs across Nigeria.
First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is also not left out of the best banks for salary account in Nigeria in 2023.
FCMB was founded in the year 1982 and provided a salary account to its amiable customers with competitve fees.
Usability: FCMB has a responsive and user-friendly mobile banking app and internet banking platform.
With these, banking with FCMB as become a lot easier and quick for its users.
Features: FCMB also offers its own features and these features are similar to those mentioned earlier e.g provision of loans, savings, bill payment etc.
This bank also provide specialized banking services for businesses.
Sterling Bank
Sterling Bank was established in the year 1960. It is never excluded from the list of
Fees: Sterling Bank offers salary accounts with competitive fees. The charges may vary depending on the specific account type and services availed.
Usability: Sterling Bank provides a user-friendly mobile banking app and internet banking platform, allowing customers to conveniently manage their accounts and conduct transactions.
Features: Sterling Bank offers services such as funds transfers, bill payments, airtime top-up, and access to loans.
They also have a dedicated customer support helpline and a wide network of branches.
Keystone Bank
Is a reputable financial institution founded lately.
This bank was founded in the year 2011 and has expanded its reach throughout every part of Nigeria.
Usability: Keystone Bank provides an intuitive mobile banking app and online banking platform also known as internet banking.
With the internet banking, customers don’t necessarily need to visit the bank everytime before they can transact.
It helps customers to easily manage their accounts and perform transactions.
Features: Keystone Bank offers features such as funds transfers, bill payments, airtime top-up, and access to loans. They also provide specialized banking services for small and medium-sized enterprises (SMEs).
Wema Bank
Wema Bank was established in the year 1945 by Moruf Oseni who is the Managing Director/Chief Executive Officer.
Read: 15 Best Digital Banks in Nigeria In 2023
Wema Bank Plc, commonly known as Wema Bank, is a Nigerian financial institution that is licensed by the Central Bank of Nigeria; the regulator of the nation’s banking sector.
As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema. This digital banking system is used by every customers in Nigeria.
Wema Bank is also one of the best banks for salary account in Nigeria with competitive fees.
Usability: Wema Bank provides a user-friendly mobile banking app and internet banking platform, making it convenient for customers to manage their accounts and carry out transactions.
Features: Wema Bank offers services like funds transfers, bill payments, airtime top-up, and access to loans.
It’s a bank that also provide a USSD banking service for transactions such buying airtime, transfering, withdrawing etc.
Polaris Bank
Polaris Bank Limited is a commercial bank located in Nigeria and was founded in 2018 by Muhammed K. Ahmed.
It is a bank licensed by the Central Bank of Nigeria.
Usability: Polaris Bank provides a seamless online and mobile banking experience, allowing customers to conveniently manage their accounts and conduct transactions.
Features: Polaris Bank offers services such as funds transfers, bill payments, airtime top-up, and access to loans. They also have a customer care helpline for assistance.
Citibank Nigeria
Citibank was established in 1984 and licensed by the central bank of Nigeria (CBN).
Usability: Citibank Nigeria provides a user-friendly mobile banking app and internet banking platform, allowing prospective customers to seamlessly manage their accounts and perform transactions without any hassle.
Features: Citibank Nigeria offers features such as funds transfers, bill payments, foreign currency transactions, and access to investment products. This bank claimed to cater to both individual and corporate clients.
FAQs On Best Banks for Salary Account in Nigeria in 2023
Below are frequently asked questions related to best banks for salary account in Nigeria in 2023 with their respective answers:
What is a salary account?
A salary account is a type of bank account specifically designed for receiving salary payments from an employer.
It allows employees to conveniently receive their salary and manage their finances.
Does salary account have any benefit?
There are several benefits of having a salary account, including:
- Easy and convenient access to your salary.
- Ability to set up automatic bill payments and transfers.
- Access to banking services such as loans, credit cards, and investments.
- Online and mobile banking facilities for managing your account anytime, anywhere.
- Special offers and discounts from partner merchants.
Can I open a salary account with any bank in Nigeria?
Yes, most banks in Nigeria offer salary account services. You can choose a bank based on factors like fees, features, usability, and reputation.
Do I need to pay any fees to open a salary account?
Yes, some banks may charge fees for opening and maintaining a salary account. However, the fees can vary depending on the bank and the specific account type.
Before you can determine on how much you need to open a salary account, you may need to visit any of the bank branch near you to make an enquiry.
Can I have more than one salary account?
Yes, it is possible to have multiple salary accounts with different banks. However, you may need to consider the fees and overall convenience when managing multiple accounts.
Can I convert my existing savings account into a salary account?
In most cases, banks allow you to convert your existing account into a salary account by providing the necessary documents and informing your employer.
Can I access my salary account online?
Absolutely yes, most banks provide online and mobile banking platforms that allow you to access and manage your salary account conveniently.
You can perform various transactions such as funds transfers, bill payments, and balance inquiries online.
Are salary accounts interest-bearing?
Salary accounts generally do not offer significant interest rates.
They are primarily designed for receiving and managing salary payments. However, some banks may provide limited interest on the balance in your salary account.
Can I get a loan against my salary account?
Many banks offer loan facilities to salary account holders. The loan amount and eligibility criteria may vary depending on the bank’s policies and your income.
It is advisable to visit the bank regarding the loan offers.
How do I choose the best bank for my salary account?
When choosing a bank for your salary account, consider factors such as fees, usability, features, customer service, and the bank’s reputation.
Assess your banking needs and preferences, and compare the offerings of different banks before making a decision
