Q. What is the minimum opening balance?
A. N2,000
Q. What is the minimum operating balance?
A. 1,000
Q. Is MyFirst Account a Savings or Current Account?
A. It is a savings account which allows the lodgment of Dividend Warrants and Cheques (upon supplying two references).
Q. Can I open MyFirst Account for my Unborn Child?
A. No.
Q. How often can I withdraw from My Account in a Month?
A. As many times as you wish but withdrawals over three times a month attracts an interest forfeiture penalty for that month.
Q. What is the Interest Rate on MyFirst Account
A. It is Base Interest + 0.25% Rate.
Q. Must I supply references at the point of opening the account?
A. No. However, if you want to be able to lodge dividend warrants and cheques into the account, you will have to supply references before the account can be activated to receive these instruments.
Q. Is birth certificate a compulsory requirement for opening MyFirst Account?
A. Yes
Q. What if I do not have any valid means of identification (driver’s license, national id or int’l passport?)
A. A third party Identification can be used.
Q. What is e-pocket money?
A. It is a debit Card (like every other ATM card) that offers a convenient and secure access to your account 24/7. It is strictly for customers whose children are ten years and above and allows parents to set limits on withdrawal amounts.
Q. How long does it take to get a Debit Card
A. A maximum of two weeks.
Q. How are withdrawals made?
A. Through a savings account withdrawal booklet or Debit Card
Q. Is the life assurance benefit free of charge?
A. No, but it comes at a discounted rate of N45 per month.
Q. What are benefits of the Life Assurance?
A. The Oceanic Life Assurance cover on MyFirst Account gives a parent the peace of mind that there’s some money for the child to fall back on when life’s uncertainties occur and they are no longer there for the child.
Q. How do I pay for the Assurance policy?
A. Please complete the standing instruction part of the insurance form.
