How to Open Domiciliary Savings Account with UBA
United Bank for Africa (UBA) has three classes of domiciliary accounts: Freedom Dom Account, Dom Advantage Account, and U-Care Plus Domiciliary Account.
We will be looking at the benefits, requirements, Fees/Charges, and Terms & Conditions for opening the respective Dom Account
See Also: How to Send and Receive Money in Nigeria
Dom Advantage Account
The Dom Advantage Account is a savings or current domiciliary account denominated in US Dollar (USD), Pound Sterling (GBP), and EURO, but operated by in Nigeria as Domiciliary Account.
Dom Advantage Account has the following terms and conditions, benefits, and requirements:
Benefits of Dom Advantage Account
- The minimum opening balance for Dom Advantage is $ 100 for the US dollar, € 80 for the British pounds, and ₤ 70 for the Euro or its equivalent in other currencies.
- Dom Advantage Account is operated in the major currencies- US Dollar (USD), British pounds (GBP), and the Euro (EUR), etc
- Foreign cheques or Instruments can be credited to the Dom Advantage Account which can be used as a channel for Investments in real estate and securities, abroad, and at home.
Requirements to open Dom Advantage Account
Dom Advantage Account has simple and easy to meet requirements criteria:
- Valid means of Identification (Passport, Driver’s License, Voter’s card, National ID card, etc)
- Two Passport photographs in a plain background.
Terms & Conditions for opening Dom Advantage Account
Dom Advantage Account has the following simple terms and conditions:
- Minimum opening balance of $100 (USD), €80 (GBP), or ₤70 (Euro).
- Interest payable on account credit balance subject to a minimum balance of $1,000.00 or its equivalent
- Freedom Dom Account
The Freedom Domiciliary Account is a USD foreign currency account with lower operating limits, for those who want to start saving in dollars. It has the following features, requirements, and terms and conditions:
Features/Benefits of Freedom Domiciliary Account
- Zero Opening Account Balance. To open Freedom Domiciliary Account, you do not need any mount, just walk into any branch of UBA closest to you and obtain the account opening form, better still, you can download the account from the link will share below. You also open your account online on UBA’s website below.
- Minimum Operating Balance of $10 – Freedom Domiciliary Account has a very affordable operating balance when compared with the domiciliary account in other banks.
- Freedom Domiciliary Account offers to account holders only a serialized non-clearing Cheque-type withdrawal booklet used for cash withdrawal
- Also, the Freedom Domiciliary Account is an interest-bearing account.
Requirements of Freedom Domiciliary Account
- Completed account opening form
- 2 passport photographs
- Passport or National ID card (NIMC) or Driver’s License or Residential Estate ID card or Voters Card, or Association ID card or Student ID card or Town Union ID card or Resident Permit (for immigrants), I mean, it is that simple and easy.
Terms & Conditions attached to Freedom Domiciliary Account
- Minimum Operating Balance of $10 or its equivalent
- A maximum operating balance of $5,000 or its equivalent
- Foreign currency cash deposits can be used to fund the account
- A foreign currency inflows & Cheque deposit are not allowed in the account
- U-Care Plus Domiciliary Account
The U-Care Plus Domiciliary Account is a variant of a U-care plus savings account. It is an FCY account denominated in the US dollar (USD), British Pounds (GBP), and Euro (EUR). U-Care Plus Domiciliary Account is meant for parents who want to save for their children’s secondary and perhaps tertiary education abroad. The U-Care Plus Domiciliary Account has the following requirement, fees charged, and terms and conditions.
Requirements for U-Care Plus Domiciliary Account
- Valid means of Identification of Parent/Guardian
- Two Passport photographs of Child and Parent on a plain background
- Child’s birth certificate or age declaration
- Address verification of the parent/guardian
Fees/Charges on U-Care Plus Domiciliary Account
- Withdrawals: 0.5% + VAT on the amount withdrawn
- Telex Transfer: 0.5% +VAT or US$10 or it’s equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
- Draft request: 0.5% +VAT or US$10 or it’s equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15
Terms & Conditions
- Opening balance of $100 (USD) or £70 (GBP) or its equivalent.
- Minimum operating balance of £350 or its equivalent.
- Interest Rate of 0.1% payable on the credit balance.
How to Open Domiciliary Savings Account with UBA, see video