Polaris bank current account

Banking

Polaris bank current accounts, benefits, features and opening requirements

Polaris bank current account is an account usually found ideal for business owners to run the daily affairs of their businesses. Polaris bank current account is designed to give a committed flexibility not found in savings account.

For example, savings accounts have certain thresholds they can accommodate in recent past, they can only be operated by the sole signatory which is usually not more than one person, withdrawal limits are in place alongside other limitations that made it not suitable for business purposes.

On the reverse end the current account has an exact opposite of the aforementioned features of a savings account. Polaris bank current account is meant for business men who carry out regular transactions with the bank.

A unique upside to a current account is the flexibility to issue and operate a check on this account, the concept of the cheque ensures a third-party can withdraw from such account via the check instrument on the express authority of the sole signatory.

Read cheque dynamics to understand this concept.

Given this, I have listed a number of current bank accounts offered by Polaris bank that are ideal for your business transactions. Less charges, no “Charge on turn-over” (COT), etc.

Note: These current accounts were not listed in any order of priority rather should go through each and see which of the packages would be suitable for your business operations.

Polaris bank current accounts

Polaris bank emerged from the defunct Skye bank, however offers a number of current accounts I think you should give a shot.

1. Polaris standard account

Polaris standard current account is an individual account that allows for convenience and value-adding banking experience.

Features and benefits

  • It has a minimum opening balance of N1,000
  • Zero operating balance, this means you can withdraw your account to zero naira
  • For all debit transactions you will pay a maintenance fee of N1 per mille (You will be charged N1 for each N1,000 withdrawal).
  • MasterCard/Visa debit card issuance
  • You will receive a clearing cheque
  • You can access the e-channel platforms.

Account opening requirements

  • A passport photograph ideally colored
  • Your BVN
  • Valid ID card (National ID, voter’s card, driver’s license or International passport)
  • Utility bill not older than 3 months
  • For expatriate in Nigeria you will need to provide your resident permit
  • You will need 2 references in place
  • Completed account opening form

2. Polaris Pearl Current

Polaris pearl is a gender based current bank account designed to cater for the banking needs of every woman, however, with unique focus on professionals, entrepreneurs and home makers.

Features and benefits

  • Minimum opening balance of N5,000 applies
  • Zero operating balance
  • Issuance of pre-customized debit cards
  • Issuance of pre-customized cheque book
  • Discounted current account maintenance fee of N50/mille on all debit transactions
  • Access to Polaris merchant discounts ate dedicated stores
  • Access to Polaris women online community platform
  • Access to loans
  • Access to e-channel platforms

Account opening requirements

  • A passport photograph ideally colored
  • Your BVN
  • Valid ID card (National ID, voter’s card, driver’s license or International passport)
  • Utility bill not older than 6 months
  • For expatriate in Nigeria you will need to provide your resident permit
  • You will need 2 references in place
  • Completed account opening form
  • Signature mandate

3. Polaris Select Current Account

This is a premium product designed for high net worth individuals with aim of providing exceptional service and catering for lifestyle needs.

Features and benefits

  • Minimum opening balance of N200,000
  • Zero operating balance
  • Zero current account maintenance fee on accounts with operating balances of N200,000 and above.
  • MasterCard/Visa debit card issuance
  • Clearing cheque book issuance
  • Access to advisory services
  • Access to e-channel platforms

Account opening requirements

  • A passport photograph ideally colored
  • Your BVN
  • Valid ID card (National ID, voter’s card, driver’s license or International passport)
  • Utility bill not older than 3 months
  • For expatriate in Nigeria you will need to provide your resident permit
  • You will need 2 references in place
  • Completed account opening form

4. Polaris Global Account

Here is a multi-currency account designed for Nigerians in diaspora which provides an avenue for these customers to manage their investments and consummate financial transactions in Nigeria from abroad.

Features and Benefits

  • Minimum opening and operating balance of $200, 200 pounds, 200 euros or N50,000
  • Zero current account maintenance fee on balances of N50,000 and above!
  • Account can be operated in NGN, GBP, USD or EUR.
  • Debit card issuance
  • Clearing cheque book issuance
  • Free currency conversion services
  • 24/7 access to Polaris Xperience for online banking
  • Dedicated service desk for swift resolution
  • Lodgment of cheques and dividend warrant
  • Access to international transfers and account funding from customer’s country of residence

Account opening requirements

  • One passport photograph
  • BVN
  • Notarized Nigerian International passport or Foreign international passport with Nigeria as place of birth
  • Notarized foreign utility bill or bank statement that bears applicant’s name and foreign address within the last three months
  • Notarized signature card
  • Where Nigerian passport is submitted alone, customer must provide either work or residents permit, if foreign passport is presented customer must present a Nigerian passport valid or expired.

How to fund a Polaris global account

  • You can do wire transfer through your local bank abroad, note that details of Polaris bank correspondence banks are sent to you by the Polaris Global desk once the account is opened.
  • You can fund your account through Money Transfer Operators in your country of residence
  • Cash lodgment in Nigeria by third party both naira and foreign currency
  • NIBBS and transfers from other banks
  • Cheque/dividend lodgment in Nigeria is subject to provision of 2 satisfactory references on the account.

5. Polaris Salary Account – Current

Polaris salary account is designed for customers in paid employment/under payroll.

Features and benefits

  • Easy on-boarding
  • Zero opening and operating balance
  • LCY & FCY denominated
  • Zero account maintenance charge
  • Free verve debit card for first issuance
  • Access to e-channel platforms
  • Access to loan

Account opening requirements

  • A passport photograph ideally colored
  • Your BVN
  • Valid ID card (National ID, voter’s card, driver’s license or International passport)
  • Utility bill not older than 3 months
  • For expatriate in Nigeria you will need to provide your resident permit
  • You will need 2 references in place
  • Completed account opening form

Polaris bank savings account limit

Polaris bank savings limit refers to the total amount a Polaris savings account contains.

There are various Polaris savings account so it depends on the account you intend to know its limit.

Polaris instant save has a maximum limit of N300,000.

Polaris instant savings plus = N500,000 limit

Polaris save plus = Infinity

How to upgrade Polaris bank account

You can upgrade your account by visiting the nearest Polaris bank branch with your valid ID card, utility bill, account number and BVN. You will be required to complete a customer upgrade form thereafter your account will be upgraded.

Upgrading your account will ensure you can access advance services you couldn’t access initially, like increase in operating limit, etc.

Conclusion

There are a lot of flexibility with Polaris bank current account that every business man would want to tap, ranging from issuance of third party cheque, daily withdrawal without limit, increase in daily withdrawal limit across the counter, increase in Mobile/internet transfer limits, etc.

One comment on “Polaris bank current accounts, benefits, features and opening requirements

[…] existing customer of the bank whose reference form was issued, the customer should be operating a current account at […]

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