Having a business account is a very good way to keep your business going forward in today’s world. All Nigeria Banks offer its customers a business account. The main reason is to help SMEs and small business owners to grow and maintain their business. Access Bank is not left out of this circle. In fact you can Access more with the Access bank Business Accounts.
What Is Access Bank Business Accounts
Access Bank Business Accounts are types of accounts (Savings and Current) that helps SMEs and small business owners grow their business. These types of accounts from Access Bank keeps financial records, gives credit facilities(where applicable) and even connect business owners to merchant outside the country.
The Access Bank of Nigeria provide Business management courses, webinars and even website development services for the owners of this account type. Growing your business needs effort and support and Access bank is ready to provide you with those.
Types of Access Bank Business Accounts
There are currently four types of business accounts. These accounts are from a simple business account targeted at small business to advance business account that is targeted at big enterprise. below are the four types of business accounts in Access Bank
- Domiciliary Account
- Gold Current Account
- Corporate Account
- MPower Biz Account
What Is Access Bank Domiciliary Account
Access Bank Domiciliary Account makes it possible for business owners to easily save, make and receive payments in foreign currency i.e. Pounds, Euros, Dollars, Yen, etc. This means they can expand the borders of their business overseas. They can trade with foreign business men and receive payment with ease.
Features And Benefits Of The Access Bank Domiciliary Account
- $100, £100 & €100 opening balance: You need this amount as initial deposit before you can open the domiciliary account.
- Available for corporate and individual customers
- Zero minimum daily balance: The account runs on zero daily minimum policy. which means that you can withdraw all money and there won’t be any problem.
- Customized cheque book
- Zero Monthly Maintenance: Account holders are not charged any monthly fee by Access Bank for maintaining the account.
- No restriction on number of withdrawals
- Interest rate 0.01% p.a. (above 100,000 GBP, USD, Euro)
Requirements To Open The Access Bank Domiciliary Account
- Means of address verification
- 2 references
- Two recent Passport photographs
- Valid ID of each signatory
- Residence Permit (Foreigners)
- Forms CO7 and CO2 as applicable
- Certificate of Incorporation / Business Registration
- Memorandum and Article of Association as applicable
- Board resolution as applicable
- Search report as applicable
What Is Access Bank Gold Current Account
Access Bank Gold Current Account is designed and targeted at one man business. It is designed to help sole proprietors grow their business and keep record of their financial transaction. The aim is to give SMEs and small business owners the taste of current account enjoyed by big business and corporate bodies.
Features And Benefits Of The Access Bank Gold Current Account
- Minimum opening amount of N5,000: With as little as N5,000 you can open this type of business account.
- Minimum daily balance of N 5,000: This amount of money must be available in your account everyday.
- No restriction on number of withdrawals
- Competitive Interest rate
- Access to Online and Mobile banking platforms
- Cheques are valid for clearing
- Access to free financial planning tools
- Zero CAM subject to compliance with monthly turnover of N5 million
Quick Note: Any turnover above this threshold shall attract a CAM charge of N1/mille on the excess. This means that if you have more than N5 Million every month the bank will charge N1 for every extra million.
What Is Access Bank Corporate Account
The Access Bank Corporate Account is a business account that is targeted at big business and corporate bodies. This business account offers services to meet your daily business banking needs.
Features Of Access Bank Corporate Account
- Opening balance of N50,000: You need at the least N50,000 to be able to have this type of business account.
- No minimum balance required
- Account maintenance fee of N1/mille
- Availability of Cheque book
- Different variants of Debit Card based on the customer’s preference
- Access to alternate channels e.g. online, mobile & telephone banking
- Allows direct debit instruction
- Third party transactions allowed
- All other transactions are charged at banks approved rate
Benefits Of The Access bank Corporate Account
- Access to overdraft and loan facilities for qualified customers at very competitive rates
- Monitoring of account activities from the comfort of home/office via internet, telephone and mobile banking.
- Third party withdrawals
- Convenient and flexible account opening requirements
- Provides account information updates via SMS/Email alerts
Requirements To Open The Corporate Account
- Documentary evidence of address
- 2 references
- 2 Passport photographs
- Valid ID of each signatory
- Residence Permit (where applicable)
- Forms CO7 and CO2
- Certificate of Incorporation / Business Registration
- Memorandum and Article of Association
- Board resolution
- Search report
- Power of attorney (if applicable)
- Partnership deed (if applicable)
- Letter of administration/ Letter from the Bursar/ from Dean or HOD (if applicable)
- Resident Permit(non-Nigerian)
- Tax Identification Number (TIN)
- BVN of signatory(ies)
- Evidence of appointment of company secretary/Authorization from Accountant General/ treasurer of LG council (if applicable)
What Is Access Bank MPower Biz Account
The MPower Biz Account is a type of business account offered by Access Bank that is meant for big business owners. This type of business account makes it possible for business owners to maintain their accounts at minimal cost while maximizing other opportunities required to grow their businesses.
Features Of The MPower Biz Account
Below are some of the features of this type of business account.
- Opening balance of N50,000: You need N50,000 and above to open this business account.
- Minimum daily balance of N100,000: You daily account balance can not be less than N100,000 every day.
- Zero monthly account maintenance fee(no maintenance fee is charged on this account).
- Maximum monthly turnover of N100million(You can only have N100 million in this account every month. It won’t hold more than this amount every month).
- Different variants of Debit Card based on the customer’s preference.
- Access to alternate channels e.g. online, mobile & telephone banking
- No restrictions on number of withdrawals
- Direct debit instructions
- No current account maintenance fee subject to maximum monthly turnover of N100Million and minimum daily balance of N100,000
- Access to Platinum Credit Card
Benefits Of The MPower Biz Account
- Account is online real time
- Zero current account maintenance fee (subject to maintaining minimum balance and maximum turnover covenant)
- Free Financial Advisory Services
- Free Economic and Business Intelligence Reports
- Monitor account activities at the comfort of your home or office through the internet
- Third party withdrawals
- Provides account information updates via SMS/Email alerts
Requirements To Open The MPower Biz Account
According to Access Bank, there are some requirements you must meet before you can apply for this business account. Below are the requirements as outlined by Access Bank
- Documentary evidence of address (Utility bill)
- 2 references
- Two recent Passport photographs
- Valid ID of all signatories
- Residence Permit (Foreigners)
- Forms CO7 and CO2
- Certificate of Incorporation / Business Registration
- Memorandum and Articles of Association
- Board resolution
- Search report
- BVN
Quick Note: The International passport or Driver’s License or National ID card or Voters Card, or Resident Permit (for foreign nationals) are all means of verification. While the utility bill is a means of home address verification.
Conclusion
There is basically a business account that fits your specific business need. Some of the Access Bank business accounts are relatively expensive but others are relatively easy to get and maintain.
The Gold Current Account and Domiciliary Account is very good for SMEs and one man business. Business owners can use any of the above to be part of the Access Bank business family. They also get to enjoy all other benefits associated with having a business account with Access Bank.
Corporate Account and MPower Biz Account is targeted at big companies and business. Both business accounts are relatively expensive to get and maintain. But they do come with more benefits and they have access to more credit facilities.
You know someone or some business that needs this type of business account? Please use the share button below to share our posts on Facebook and Twitter. It might just help someone or some organization know about this business account from Access Bank.
