What is the minimum deposit for First Commonwealth Bank?
Our current account caters to your transactional needs providing you with a better way to bank. It requires a minimum opening balance of N5,000 for individuals and N10,000 for corporates. No minimum operating balance allowing for account to be operated at zero balance. No limit to number of withdrawals in a month.
Our current account caters to your transactional needs providing you with a better way to bank. It requires a minimum opening balance of N5,000 for individuals and N10,000 for corporates. No minimum operating balance allowing for account to be operated at zero balance. No limit to number of withdrawals in a month.
While many banks and credit unions do not require minimum deposits, others may ask for higher initial funds of around $100 to receive the advertised rate. Additionally, MMAs often maintain higher minimum balance requirements, typically around $2,500.
Balance | Dividend Rate | APY 4 |
---|---|---|
Less than $10,000 | 0.50% | 0.50% |
$10,000 - $24,999.99 | 0.50% | 0.50% |
$25,000 - $49,999.99 | 0.50% | 0.50% |
$50,000 - $99,999.99 | 1.00% | 1.00% |
Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500, though most are much closer to the lower end.
With the First Instant savings account, you enjoy the flexibility of managing your funds. Zero account opening and operating balance of N100.
Maximum cash deposit is N50, 000 per transaction. Maximum cumulative balance on the account at any point in time is N300,000. You may upgrade the account at any time if you wish to have more than N300,000 balance in your account. The account can also be operated as a Salary Account.
A minimum deposit is the smallest amount of money you need to open an account with a bank, credit union, or other financial institution. It can also refer to the minimum amount you must keep in your account each month to lock in certain account benefits.
- State Bank of India.
- Kotak Mahindra Bank.
- IDFC Bank.
- HDFC Bank.
- IndusInd Bank.
- Standard Chartered.
- YES Bank.
- RBL.
Not all bank accounts require a minimum balance, those that do often come with additional benefits, such as no fees and free checking.
What is the ranking of First Commonwealth Bank?
First Commonwealth Bank is headquartered in INDIANA and is the 8th largest bank in the state of Pennsylvania. It is also the 148th largest bank in the nation. It was established in 1880 and as of September of 2023, it had grown to 1,481 employees at 129 locations. First Commonwealth Bank has an A health rating.
Bank | APY* | Minimum opening deposit |
---|---|---|
Milli | 5.50% | $0 |
My Banking Direct | 5.35% | $500 |
Brio Direct | 5.35% | $5,000 |
Customers Bank | 5.32% | $1 |
![What is the minimum deposit for First Commonwealth Bank? (2024)](https://i.ytimg.com/vi/gaTLF4bOa-U/hq720.jpg?sqp=-oaymwEcCNAFEJQDSFXyq4qpAw4IARUAAIhCGAFwAcABBg==&rs=AOn4CLCxAgiDvR5eqYoQPNRQjJqeXNp7AQ)
- Milli Savings Account: 5.50% APY.
- UFB Secure Savings: Up to 5.25% APY.
- Bread Savings High-Yield Savings Account: 5.15% APY.
- Bask Interest Savings Account: 5.10% APY.
- BMO Alto Online Savings Account: 5.10% APY.
Most financial experts suggest you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000.
When an individual opens a savings bank account, he/she is required to maintain the minimum balance in the account as per the bank's policy. If the minimum balance in the account is not maintained, then a penalty will be levied by the banks.
Savings and money market accounts.
Depending on your balances and where you open your account, your interest rate will vary. Many high-yield savings accounts from online banks offer rates from 2.05% to 2.53%. On a $250,000 portfolio, you'd receive an annual income of $5,125 to $6,325 from one of those accounts.
Feature | Savings Account | FirstSavings Plus |
---|---|---|
Minimum Opening Balance | Zero | N50,000.00 |
Minimum Operating Balance | N100 | N50,000 |
Interest Rates | Attractive interest rates | Attractive interest rates |
Online Banking/ATM | NO | YES |
Account Information
Turn your saving goals into reality with FirstBank's savings account. Valid means of identification (national ID, international passport, driver's license). Utility Bill (electricity bill, water rate bill, tenement rate, rent receipt). Two passport size photographs.
To open an account via this means, dial *894# then select 'open an account' to provide the information required or by simply dialling *894*0#. The Bank currently has over 9.5 million of its nearly 20 million customers on its USSD banking platform.
Yes, First bank has a daily limit of 1M Naira per day on individual account and 10 M Naira per day on corporate account with the use of token device.
How can I open my first bank account without BVN?
- Step 1: Dial the code. Code: *894*0*242376#
- Step 2: Follow the on-screen command. After dialing the code, you will be asked to choose either to “Open with BVN” or “Open without BVN.”
- Step 3: Complete the Process. By following the on-screen command, you will keep selecting options that suit you best.
Grow your money with this account that lets you invest a specific amount of money for a fixed period of time, at an agreed interest rate. At the end of the agreed period (tenor), the investment can either be rolled over (re-invested) or liquidated (returned to customer) with the interest amount earned.
Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.
There is no limit to the cash you can deposit and it's not illegal to do so. The bank is required by law to report your deposits to the IRS, in order to keep a record of your deposits and also make sure there are no money laundering activities involved.
If the bank suspects that you are trying to avoid the $10,000 limit by making multiple deposits of less than $10,000, they may still report the transaction to FinCEN, and you may face penalties and legal consequences.”