Upgrading your bank account help you unlock powerful benefits, but it’s crucial to understand the process fully. In this comprehensive guide, we’ll break down every step of upgrading your Fidelity Bank account in Nigeria both online and offline. By the end, you’ll feel confident making an informed choice.
Why Consider Upgrading Your Account?
Beyond basic transactions, upgraded accounts cater to growing financial needs. But what specific advantages might you gain? Let’s examine some key benefits in detail:
- Higher Savings Interest Rates: Premium accounts like Target and Premium offer interest rates up to 5%, far exceeding regular accounts. The longer your higher balance sits, the more money you make!
- Increased Transaction Limits: Transaction ceilings are raised considerably on upgraded accounts. For example, the regular ₦100,000 monthly withdrawal limit may increase to ₦500,000. This allows smoother cash flow management.
- Advanced Online Tools: Higher tiers provide a full-featured online platform through internet and mobile banking. Features include bill payments, fund transfers, account statements, cheque book requests, and more – all at your fingertips. No more branch queues!
- Exclusive Reward Points: Your upgraded Fidelity ATM/debit card can earn higher reward points on purchases. These points are redeemable for free gifts, vouchers, airtime and other rewards – a nice way to get value from everyday spending.
- Priority Service: Premium account holders receive red-carpet treatment like dedicated relationship managers forinvestment advice, priority complaint resolution, and concierge assistance wherever needed. Your needs always come first.
Weigh how these significant benefits align with your growing finance goals. Upgrading allows maximizing value from your bank in the long run.
Types Of Fidelity Bank Account
To choose the right upgrade, understanding each account type thoroughly is key. Here are the main options broken down
Regular Savings Account
- Minimum Opening Balance: ₦2,000
- Monthly Charges: None
- Interest Rate: 1-2% p.a. (low)
- Transaction Limits: ₦100,000 monthly withdrawal
- Features: Basic transactions, debit card
This is the best for Casual users with limited needs. Offers entry-level basic services.
Salary Account
Employment pay slip required
Minimum Balance is ₦5,000 average
Interest Rate is 3-4% p.a.
₦300,000 monthly withdrawal
This is best for Employees wishing to take advantage of pay slip benefits while growing savings moderately.
Target Account
- Minimum Balance: ₦50,000 average
- Charges: Higher waiver thresholds
- Interest Rate: 4-5% p.a.
- Limits: ₦500,000 monthly withdrawals
- Features: Advanced online/mobile tools, higher limits
Best for Ambitious savers seeking good interest returns on larger balances or small businesses with optimization needs.
Premium Account
- Minimum Balance: ₦1,000,000 average
- Exclusive Services: Private banking, wealth management
- Interest Rate: Negotiable, typically 5%+
- Unlimited Features: Highest transaction and debit limits
- Rewards: International travel & luxury rewards
Best for High-net-worth individuals requiring extremely high service standards and access to investment experts. Maintaining large balances is a must.
Weigh your needs against these profiles to ascertain the most suitable upgrade path. Understanding each tier in-depth preempts future constraints or surprises.
Upgrade Requirements at Fidelity Bank
Now that we understand the account types, reviewing Fidelity’s requirements ensures a smooth approval process:
Minimum Balance
As seen above, upholding an average monthly balance is mandatory. This is evaluated over 3 statement cycles before and after upgrade.
Valid Identification
You must present either a valid international passport, national ID card or driver’s license containing your photograph, signature, name and other biographical details.
Bank Verification Number (BVN)
Your 11-digit BVN, obtained once through the bank upon account opening, must be successfully registered. This serves as your identification on the payroll and credit bureaus.
Application Form
Completing either a physical or online upgrade form is necessary. This captures your new account details, requirements confirmation andemergency contact info.
For instant approval, it’s prudent to transfer the new monthly minimum balance upfront into your account before submitting upgrade request.
Fulfilling these basic KYC and AML measures assures the bank of your legitimacy while granting access to higher services. Let’s see how the process works step-by-step.
How to Upgrade Fidelity Bank Account Online
Upgrading via online and mobile banking offers utmost convenience if you meet the criteria:
Log into Fidelity Internet/Mobile Banking
Sign in through the official website or cell phone app using your log in details.
Select “Upgrade Account”
Look for this option under the “Accounts” or “Profile” menu after logging in successfully.
Fill the Digital Form
Provide your new account type choice, ID attachments, monthly average commitment and other particulars in the form.
Submit Supporting Documents
Attach clear colored scanned copies or photos of your valid ID and BVN for verification alongside the completed form.
The bank will process your request within 2-5 working days maximum. You’ll receive SMS/email confirmation upon approval.
Once approved, simply access all upgraded account privileges online or via the mobile app going forward.
This digital approach minimizes documentation hassles. However, what if you are yet to activate online banking?
How to Upgrade your account at a Fidelity Bank Branch
For customers yet to onboard digitally, the offline process entails:
- Walk into any Fidelity branch location close to you along with valid IDs and BVN slip.
- Request to speak to an allocated officer who will guide you through account opening or upgrades.
- Completely fill the printed account upgrade form provided, attaching ID copies.
- The officer will verify your original IDs and duplicates to capture your biometrics.
- Deposit the new monthly average amount upfront either through cash, cheque or transfer.
- Standard processing is 2-5 working days. However, some complicated requests could take 14 days maximum.
- You’ll be informed on your upgraded account details and activation via SMS, email or call once processed.
- Going offline demands more effort but branch experts provide assistance every step of the way. Let’s wrap up with some common concerns addressed
Frequently Asked Questions
What documentation is required for Fidelity account upgrade?
A valid government-issued photo ID like international passport, national identity card or driver’s license plus your 11-digit Bank Verification Number (BVN) are mandatory.
How long does the upgrade approval process take?
Standard online and offline processing is 2-5 working days in most regular cases. However, some requests involving extra verification could potentially take up to 14 working days maximum.
