8 Best Banks with Low Charges in Nigeria

Are you tired of paying high bank charges in Nigeria? Do you want to find a bank that offers low fees and competitive interest rates? If so, read on! In this blog post, we'll take a look at the 8 best banks with low charges in Nigeria in 2023.

We've compiled this list based on a variety of factors, including monthly account maintenance fees, ATM fees, transfer fees, and interest rates on savings accounts. 

How to choose the right bank for you

When choosing a bank, there are a number of factors to consider, including:

• Fees: Compare the fees charged by different banks. Make sure to read the fine print to understand all of the potential fees that you may be charged.
• Services: Consider the services that you need from a bank. Do you need a bank with a lot of branches? Do you need a bank that offers online banking and mobile banking?
• Interest rates: If you plan on saving money with your bank, compare the interest rates offered by different banks.
• Customer service: Read reviews or even ask people of different banks to see what others have to say about their customer service.

8 Best Banks with Low Charges in Nigeria

Here are the 8 Best Banks with Low Charges in Nigeria:

First Bank

First Bank of Nigeria (FBN) is one of the oldest banks in the country, with over 128 years of experience. It is a leading provider of financial services to individuals and businesses, and offers a wide range of products and services, including savings and checking accounts, loans, credit cards, and investment products.

FBN is known for its low charges and affordable loan rates. The bank offers a variety of account options to choose from, so customers can find the one that best meets their needs. For example, the Firstmonie Wallet is a mobile money account that allows customers to send and receive money, pay bills, and purchase goods and services using their mobile phones. The Firstmonie Wallet has no monthly maintenance fees and offers competitive transaction fees.

FBN also offers a variety of loans to individuals and businesses. The bank's loan products are designed to help customers achieve their financial goals, whether it's starting a business, buying a home, or renovating their current home. FBN's loan rates are competitive and the bank offers flexible repayment terms.

Guaranty Trust Bank (GTBank)

GTBank is a leading commercial bank in Nigeria with a reputation for low charges and innovative digital platforms. It is one of the best banks in Nigeria for customers looking to minimize costs while accessing quality banking services.

GTBank offers a wide range of banking products and services, including savings and checking accounts, loans, credit cards, and investment products. The bank's fee structure is transparent and competitive, with low charges for various banking services.

In addition to its low charges and attractive interest rates, GTBank is also known for its innovative digital platforms. The bank's mobile banking app, GTWorld, is one of the most popular mobile banking apps in Nigeria. 

GTWorld allows customers to perform a variety of banking transactions on their mobile phones, such as transferring money, paying bills, and checking their account balance.

Polaris Bank

Polaris Bank is a leading Nigerian bank known for its low charges and customer-centric approach. The bank offers competitive transaction fees, minimal account maintenance charges, and attractive interest rates on savings and loans. Polaris Bank's digital banking solutions also provide customers with convenient and cost-effective ways to manage their finances. 

Polaris Bank is a great choice for customers looking for a bank with low charges, attractive interest rates, and innovative digital platforms. The bank's customer-centric approach also ensures that customers receive personalized attention and support.

Stanbic IBTC Bank

Stanbic IBTC Bank is a leading Nigerian bank known for its low charges and convenient digital banking platforms. The bank offers a wide range of banking products and services, including savings and checking accounts, loans, credit cards, and investment products. Stanbic IBTC Bank is committed to providing its customers with a cost-effective and convenient banking experience.

One of the key benefits of banking with Stanbic IBTC Bank is its low charges. The bank offers competitive transaction fees, minimal account maintenance charges, and attractive interest rates on savings and loans. For example, the Stanbic IBTC Savings Account offers an interest rate of 2% per annum, while the Stanbic IBTC Personal Loan has an interest rate of 15% per annum.

Fidelity Bank

Fidelity Bank is a Nigerian bank that is known for its customer-free fee structure, making it one of the top 8 best banks with low charges in Nigeria. It offers affordable banking and personalized service, which makes it a great choice for anyone looking for a bank in Nigeria.

Fidelity Bank also offers new customers the ability to open a bank account online within minutes. This is a convenient and easy way to open a bank account, and it is perfect for people who are busy or who do not have time to visit a bank branch.

United Bank for Africa (UBA)

United Bank for Africa (UBA) is one of the largest banks in Africa. It has a large network of branches and ATMs across Nigeria and in other African countries. UBA offers a variety of banking services, including savings accounts, checking accounts, loans, and credit cards.

They offer a variety of banking services at competitive prices, making them a great choice for customers who are looking to save money on their banking fees.

Wema Bank

Wema Bank is a reputable bank with low charges and innovative banking services. It offers cost-effective transactions, minimal account maintenance fees, and competitive interest rates on savings and loans. Wema Bank's user-friendly mobile banking app and online platform let customers access their accounts and conduct transactions without additional costs.

Keystone Bank

Keystone Bank is a Nigerian bank that is known for its low charges, transparent banking services, and commitment to digital banking. The bank offers a variety of banking products and services, including savings and checking accounts, loans, credit cards, and investment products.

Conclusion

When choosing a bank in Nigeria, it's important to consider your individual needs and preferences. However, if you're looking for a bank with low charges, then one of the 8 banks listed above would be a good choice.

By following the tips in this blog post, you can save money on banking fees and keep more of your hard-earned money in your pocket. Feel free to drop your questions below.