Type of Polaris Bank Account you can open Online

Last Updated on July 1, 2024 by admin

Do you have a specific savings goal in mind or you just want to start setting money aside for that business if yes Polaris bank Savings Account is recommended for you as we discuss on various Polaris bank accounts you can open for yourself and the kids.

As one of the leading financial institutions in Nigeria, Polaris Bank offers a range of account options tailored to meet the diverse needs of customers. By leveraging the convenience of online banking, individuals can easily access and manage their accounts from anywhere at any time.

This type of account offers interest on your funds regardless of the goal. you can open Polaris Instant Savings,Polaris Instant Savings Plus,Polaris Save Plus Account and many other types of accounts.

For the purpose of this content we shall list and explain different type of account you can open with Polaris bank

Benefits of Opening a Polaris Bank Account

Opening a Polaris Bank account online through their VULTe platform offers several benefits:

Convenience and Accessibility:

• Account Opening from Anywhere: You can open an account from the comfort of your home or on the go, eliminating the need to visit a physical branch.
• 24/7 Availability: The online platform is available round the clock, allowing you to open an account at your convenience.
• Faster Processing: Online applications are often processed faster than traditional methods.

Simplified Process:

• User-Friendly Interface: The VULTe platform is designed to be intuitive and easy to navigate, making the account opening process seamless.
• Step-by-Step Guidance: You’ll be guided through each step of the application, ensuring you provide all necessary information.
• Reduced Paperwork: Online applications typically require less paperwork compared to in-person applications.

Diverse Account Options:

• Variety of Accounts: Polaris Bank offers a range of accounts online, including savings, current, salary, and domiciliary accounts, catering to different needs.
• Tailored Features: You can choose an account with features that suit your specific financial goals and requirements.

Types of Polaris bank account

1.Polaris Instant Savings
2.Polaris Instant Savings Plus
3.Polaris Save Plus Account
4.Polaris Campus Plus Account
5.Polaris Global Account
6,Polaris Salary Account
7.Polaris Rainbow Account
8.Polaris Standard Current Account
9.Polaris Wise Account
10.Polaris Select Account

1. Polaris Instant Savings

Polaris Instant Savings is a basic savings account offered by Polaris Bank. This is for an Individual savings account with no means of identification and minimum documentation requirement.You only need to submit Passport photograph, Bank Verification Number(BVN) & Signature.

Features of Polaris Instant Savings:

• Zero Account Opening and Operating Balance: You can open and maintain this account with no minimum balance requirement.
• Competitive Interest on Savings: Earn interest on your savings balance.
• Debit Card Issuance: You will receive a debit cardfor convenient transactions and ATM withdrawals.
• Access to VULTe Digital Banking: Manage your account online or through the VULTe mobile app.
• Access to Polaris Bank’s Loan Facilities (Subject to Terms and Conditions): Potentially qualify for loans based on your account activity and creditworthiness.

Who is eligible for a Polaris Instant Savings Account:

• Individuals who may not have formal identification documents.
• People seeking a basic savings account with simple features and easy access.

How to Open a Polaris Instant Savings Account:

1. Download the VULTe Mobile App: The easiest way to open this account is through the VULTe app.
2. Follow the Instructions: The app will guide you through the application process, including providing personal details and uploading a photograph.

What are the Features & Benefit of Polaris Instant Savings

1.You Earn standard savings interest monthly.
2.You get Email and SMS Alert
3.The account has Zero account opening and operating balance
4.Availability of debit card
5.You can have Access to PolarisMobile and USSD Banking (*833#)
6.Maximum single deposit limit of N50,000
7.Maximum cumulative account balance of N300,000

Also read: Polaris Bank ussd transfer code to Buy Airtime,Transfer Money and Check Account Balance

2. Polaris Instant Savings Plus

Polaris Instant Savings Plus is a savings account offered by Polaris Bank that aims to provide banking services to customers with minimal documentation requirements. It is designed for individuals who have a verifiable means of identification but may not possess the full range of documents typically required for traditional bank accounts.

Key Features of Polaris Instant Savings Plus:

• Zero Account Opening and Operating Balance: You can open and maintain the account without a minimum balance.
• Competitive Interest on Savings: Earn interest on your deposited funds.
• Debit Card Issuance: Receive a debit card for convenient transactions and ATM withdrawals.
• Mobile Banking Transaction Limit: Daily limit of N100,000, with a maximum of N10,000 per transaction.
• Single Deposit Limit: Maximum single deposit limit of N100,000.
• Maximum Cumulative Balance: The maximum amount you can hold in the account is N500,000.
• Access to E-channel Platforms: Manage your account online or through the VULTe mobile app.

Eligibility for Polaris Instant Savings Plus:

• Individuals with verifiable means of identification (e.g., National ID, Voter’s card, Driver’s license).

Account Opening Requirements:

• One passport photograph
• Bank Verification Number (BVN)
• Valid means of identification
• Proof of address (if applicable)

How to Open a Polaris Instant Savings Plus Account:

1. Visit a Polaris Bank branch.
2. Request to open a Polaris Instant Savings Plus account.
3. Provide the necessary documents and complete the application form.

Advantages of Polaris Instant Savings Plus:

• Easy and quick account opening process with minimal documentation.
• Convenient access to banking services through debit card and digital channels.
• Opportunity to earn interest on your savings.

Documentation for Polaris Instant Savings Plus

1.-Passport photograph & Signature.
2.- Bank Verification Number (BVN)
3.-Means of Identification – Driver’s License, Voters Card, National ID, Int’l Passport.

3. Polaris Save Plus Account

Polaris Save Plus is a savings account offered by Polaris Bank that aims to encourage regular savings habits. It provides flexibility and convenience, while still offering competitive interest rates on your deposited funds.

Key Features:

• No Minimum Opening or Operating Balance: Start saving without the pressure of maintaining a specific balance.
• Competitive Interest on Savings: Earn attractive interest rates on your savings balance.
• Unlimited Deposits and Withdrawals: Enjoy the freedom to deposit and withdraw money as needed, without restrictions on the number of transactions.
• Access to VULTe Mobile App: Manage your account and perform transactions conveniently from your smartphone or tablet.
• Non-Clearing Chequebook on Request: Option to obtain a chequebook for specific transactions.
• Lodgement of Cheques/Dividend Warrants: Easily deposit cheques and dividend warrants up to N2 million. For higher amounts, references will be provided.

Who is eligible?

• Individuals who meet the standard account opening requirements, including valid identification and proof of address.

Account Opening Requirements:

• One passport photograph
• Bank Verification Number (BVN)
• Valid means of identification (e.g., international passport, driver’s license, national ID, voter’s card)
• Proof of address (e.g., utility bills, tenancy agreement)
• Reference forms (only required for depositing cheques from other banks)

Why Choose Polaris Save Plus?

• Flexible savings account with no minimum balance restrictions.
• Earn competitive interest rates to grow your savings.
• Convenient access to your funds and account management through the VULTe app.
• Suitable for those who prefer unlimited deposits and withdrawals.

While Polaris Save Plus offers unlimited transactions, be aware that there might be limitations on the amount you can deposit or withdraw per transaction. Also, there may be a maximum cumulative balance allowed for the account. For detailed information and the most up-to-date terms and conditions, please refer to Polaris Bank’s official website or visit your nearest Polaris Bank branch.

isMobile and USSD Banking (*833#)

Documentation

1.-Passport photograph & Signature.
2.- Bank Verification Number (BVN)
3.-Means of Identification – Driver’s License, Voters Card, National ID, Int’l Passport.
4.-Utility Bill – PHCN, Water/Waste Disposal Bill etc.

Read: How to check Polaris bank Account Balance and open Account

4, Polaris Campus Plus Account

The Polaris Campus Plus account is designed to benefit students in tertiary institutions

Features & Benefits

1.Zero account opening and operating balance
2. Earn standard savings interest monthly
3. Access to debit cards
4.E-mail and SMS alert
5 Secure online banking with Polaris Xperience
6. Access to Polaris Mobile and USSD Banking (*833#)

Documentation
1-Passport photograph & Signature.
2-Bank Verification Number (BVN)
3-Valid student’s school identification

5.Polaris Global Account

This Polaris bank multi-currency account is tailored for Nigerians in the Diaspora. It offers a secure, reliable, and convenient way for customers to manage investments and consummate financial transactions in Nigeria while residing abroad.

Features and Benefits

1.Minimum opening and operating balance of N50,000.
2.Zero Account Maintenance fee if a minimum balance of N50,000 is maintained in the account.
3.Availability of Cheque book.
4.Free access to 24 hour Internet and Mobile Banking services.
5.Opportunity to invest in government bonds.
6.Access to a Dedicated 24-hour Service Desk.
7.Account can also be opened in USD, GBP and EUR.

Documentation
1.-Passport photograph & Signature.
2-Form of identification as applicable (Nigerian International Passport or Foreign international passport with place of birth as Nigeria).
3-Form of address verification (Foreign utility bill).

6. Polaris Salary Account

Polaris Salary account is designed for individuals in paid employment. This can either be a current or savings account. The account allows customers to enjoy superior banking services and loan offerings.

Features & Benefits

1. You have Zero opening balance.
2, You get Zero minimum operating balance.
3. Zero Account Maintenance Charge.
4. LCY & FCY denominated.
5. Automatic enrolment on e-channels.
6. Free Verve or MasterCard for first issuance.
7. Easy access to Salary Advance, Personal Loan, Education Loan and credit cards.

Documentation
1.-Passport photograph and Signature.
2.-Means of identification (Driver’s license, Voters’ Card, International Passport, National ID Card or NIN).
3-Utility Bill (Residential).
4-Letter of introduction from employer suffices as reference letter

7. Polaris Standard Current Account

The Polaris Current Account provides customers a platform to meet their transactional banking needs and access to personal consumer finance and other credit facilities, ideally at a reasonable cost offering value for money.

Features & Benefits

1.Opening balance N1,000.
2.Zero minimum balance.
3.MasterCard debit card.
4.Free Internet and mobile banking.
5.Current Account Maintenance Fee of N1/per mille on all debit transactions.

Documentation
1.-Passport photograph and Signature.
2.-Two Suitable References
3.-Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card).
4.-Utility bill (PHCN, Water bill, Waste disposal bill, tenement, etc.).

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8 . Polaris bank  Rainbow Account

This type of account offered by Polaris bank is designed for Kids (0 – 12 years old) with parents/guardians as the trustees of the account until the child is 18year old. The account is designed to create banking awareness amongst children in a fun manner from an early age

Features & Benefits

1, Minimum opening and operating balance of N1,000
2. Availability of debit card on Rainbow Account
3.Earn standard savings interest monthly
4.Lodgment of Cheque and Dividend Warrant in Child’s Name up to N2million
5.Cheques & Dividend Warrants up to N2million can be lodged into account
6.Automatic migration to Polaris Young Achievers Account at age 13
7. SMS and email notifications are sent to parents/guardians before and at the point of migration
8. Access to Polaris Xperience, Polaris Mobile and USSD Banking (*833#)

Documentation
1- Passport photograph
2- Bank Verification Number (BVN) of Applicant
3- Signature
4- Means of Identification – Driver’s license, Voters Card, National ID, Int’l Passport
5- Utility bill (PHCN, Water bill, Waste disposal bill, tenement, etc.)
6- Proof of age document of the child (Int’l Passport, Birth Certificate, Notification of Birth)
7- Utility bill (PHCN, Water bill, Waste disposal bill, tenement, etc.)

9. Polaris Wise Account

This is an account  that serves  a 3-in-1 high yield savings  combining the features of a savings, current and fixed deposit account. The account is a high interest account offering an attractive interest rate.

Features & Benefits

1.Minimum opening and operating balance of N10,000
2, Earn as high as 6% on your savings.
3. Non-clearing cheque book on request.
4.Free Priority Pass membership.
5. Access to Visa Signature Card (on invitation).

Documentation

-Passport photograph and Signature.
-Bank Verification Number (BVN).
-Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card).
-Utility bill (PHCN, Water bill, Waste disposal bill, tenement, etc.).
-Resident permit (for expatriates).

10.Polaris Select Account

This is polaris bank premium banking Account designed for individuals who value priority services and lifestyle delights.The Minimum opening balance of N200,000.00
with Zero operating balance

Documentation
-Passport photograph and Signature.
-Bank Verification Number (BVN).
-Two Suitable References.
-Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card).
-Utility bill (PHCN, Water bill, Waste disposal bill, tenement, etc.).

-Two Suitable References (Only required for payment of cheques above N2million)

FAQS

Q: How can I open a Polaris Bank account?

A: You can open a Polaris Bank account in a few ways:

• Online: Through the VULTe mobile app or the Polaris Bank website.
• In-Person: By visiting your nearest Polaris Bank branch.

Q: What documents do I need to open a Polaris Bank account?

A: The required documents vary depending on the type of account and your residency status. Generally, you will need:

• A valid means of identification (e.g., driver’s license, national ID card, international passport).
• Proof of address (e.g., utility bill, bank statement).
• Passport photograph.
• Additional documents may be required for specific account types (e.g., employment letter for salary accounts).

Q: What types of accounts does Polaris Bank offer?

A: Polaris Bank offers a variety of accounts, including:

• Savings Accounts (e.g., Polaris Instant Savings, Polaris Save Plus)
• Current Accounts (e.g., Polaris Salary Account)
• Domiciliary Accounts (e.g., Polaris Global Account)
• Fixed Deposit Accounts
• Other specialized accounts

Q: Can I open a Polaris Bank account online?

A: Yes, you can open select Polaris Bank accounts online through the VULTe mobile app or the bank’s website.

Q: Is there a minimum balance required to open a Polaris Bank account?

A: The minimum opening balance varies depending on the account type. Some accounts, like the Polaris Instant Savings, have no minimum opening balance requirement.

Q: How long does it take to open a Polaris Bank account?

A: Account opening times can vary, but in most cases, your account can be opened within a few business days.

Q: Can I open a joint account with Polaris Bank?

A: Yes, Polaris Bank offers joint account options.

Q: How can I access and manage my Polaris Bank account?

A: You can access and manage your account through:

• VULTe mobile app
• Online banking portal
• ATM withdrawals and deposits
• Branch visits

Q: What are the fees associated with Polaris Bank accounts?

A: Polaris Bank has different fee structures for various accounts and services. You can find the fee information on their website or by contacting customer service.

Q: Can I open multiple Polaris Bank accounts online?

A: Yes, you can open multiple Polaris Bank accounts online, provided you meet the eligibility criteria for each account type and complete the required registration process for each account separately.