Top Best Banks for Opening Current Account in Nigeria (2024)

Last updated on August 4th, 2023 at 09:28 pm

The best banks in Nigeria to open various types of accounts are few. The need to open a current bank account is important for people who withdraw, deposit and carry out large numbers of transactions regularly with the bank. You should also be aware that a the amount that current account can carry in Nigeria is different to the maximum amount a savings account can hold.


There are also some differences between a current and a savings account. While savings account suits individuals who are salary earners, current account is best for business men or companies that carry out more than a single transaction. Also, you don’t get interest when you deposit into a current account while you can for savings. While you might need little or no funds to open a deposit account, a higher amount is needed to open a current account in Nigeria.


A current bank account can also be termed as a “Demand Deposit Account”. But what are the advantages or benefits of having a current account in Nigeria today than a savings account. We shall highlight these advantages below:

  • A current account can hold higher amounts of money than savings account.
  • Current accounts makes regular business transactions easy.
  • It allows business men make payments on time, thereby keeping allowing money flow easily.
  • A current account holder has access to overdraft facilities incase of temporary cash flow issues.
  • Another benefit of opening a current account is that there are no restrictions on withdrawal frequency by the account owner.
  • You can allow for third party transactions.
  • You can make use of cheque and you also equally have access to both mobile and internet banking.

Now we know the advantage of having a current bank account which can be for both companies and business individuals. We shall list the best banks to open a current account in Nigeria this 2024.


Based on customers reviews, below are Nigeria’s best banks for opening and operating a current account easily:


Zenith banks remains the best Nigerian bank to open a current account with and they have many options for customers who wish to have a current bank account with them. Which ever type you choose, be it an individual current account, gold premium or platinum account, you can use mobile banking applications and have access to debit card for your transactions.

Aside this, Zenith bank offers a high yield current account that enables customers that have more inflow transactions than outflows. You get minimum charges on transactions and maximum interests on your daily account balances.


To open a current account with Zenith Bank, the following requirements need to be met:

  • Submit the current account opening form.
  • Submit one passport photograph that was recently taken.
  • Submit any mode of identification such as your National ID cards, driver’s license, voters card or international passport.
  • Two verifiable referees that has a current account also.
  • Utility bill used within three months such as NEPA bill, Rent receipt etc. This will be used to verify your address.
  • NIN, BVN as stipulated by the Central Bank of Nigeria (CBN).
  • For gold premium account, you would need a minimum of ₦1 million. While for platinum current account requires an opening balance of ₦3 million.


The United Bank of Africa (UBA) is another reliable bank to open a current account with. This Nigerian bank was rated according to customer review as secure and their banking services comes with some benefits. You get access to debit and prepaid cards, real time interest and best of all, good customer service.

Under the UBA individual current account, deposited funds can be paid on demand, whether in person, the use of proxy, third party or through electronic fund transfers. This type of bank account can be opened by both individuals and joint individuals.


  • ₦5,000 paid as opening balance.
  • Two recent passport photographs.
  • Account opening form which has to be dully filled.
  • Valid means of identification which may include national ID card, voters card, driver license or your international passport.
  • Two references that has current bank account also.


This Nigerian bank is also good at maintaining a current account vs a savings account. They are one of the oldest financial institutions in the country and are trusted by many business individuals. The opening balance for Union bank basic current account is ₦5,000 and you can use your Verve, Visa or MasterCard to carry out necessary online transactions easily with this bank.

Union bank as have the Payroll Plus Current account package for salary earners. If you opt for this package, you get access to online mobile banking service and personal loans. The advantage of this type of Union bank current account is that you don’t have to deposit any money to open this account.


Guaranty Trust Bank (GTBank) is ranked as one of the best banks in Nigeria to open a current and domiciliary account with. Operating a current account with GT Bank allows you transact funds with third parties. To manage your finances, you can use a cheque, an ATM card or even mobile banking services on your GTBank current account.


  • Account opening form which has been dully filled.
  • Submitted copies of mans of identification (National ID card, voters card, NIN slip, etc).
  • Two recently taken passport photographs.
  • Two reference with current account which is to be filled in the account opening form.
  • Recent utility bill not less than three months.


This financial institution might not be the top bank in the country where you can open a savings account, but they are reliable when it comes to maintaining current account facilities. If you choose to open an individual current account with access bank, you would be required to have an opening balance of ₦10,000. Also note that they charge ₦1/mile as account maintenance fee.

As with other Nigerian banks, Access bank allow the use of cheque book, access to mobile and internet banking, third party transactions with no minimum balance required to be withdrawn. Customers of Access bank current account have access to overdraft and loan facilities.


To open a First bank current account, you are required as an individual to have ₦5,000 as opening balance and ₦10,000 if you want to open as a corporate organization. The flexibility of First bank makes it a top Nigerian bank where you can open a current account easily.

Note that maintaining a First bank current account attract a maintenance fee. You can also have access to loans after you have been verified by the bank. This financial institution also allows third party transactions and unlimited funds can be transferred via any method easily.


Since the money in current accounts are used for business transactions, there is no limit to the amount of money that a current account can carry in Nigeria. Depending on the bank, they would require individuals use the minimum balance of ₦5,000 to open a current bank account and ₦10,000 for corporate.


Opening a current account in any of the Nigerian banks listed above is now easy. This Demand Deposit Account (DDA) allows funds to be deposited and are equally payable on demand, whether by the owner of such bank account or through bank draft, cheque, direct debit, etc.

Below are the requirements/procedure for opening a current bank account in Nigeria:

  • Fill the account opening form with the right information.
  • Submit two recent passport photographs.
  • Provide a valid means of identification. This can either be your national ID cards, voters card, driver’s license or an international passport.
  • NEPA/Utility bill not more than 3 months old.
  • Provide two current account references. They must not be from the same bank, but if they are the better.


The banks listed above are the best financial institutions in the country and are also reliable banks in Nigeria where you can open a current account easily. They might not be perfect, but they offer quick and assured banking services including customer care support. These are the best banks to open a current account in Nigeria this 2024.

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Oluchi Chukwu

Oluchi is a seasoned Information blogger, content developer and the editor of Nigerian Queries. She is a tech enthusiast who loves reading, writing and research

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