Target Account - USD

Aim! Save! Achieve!

Identify, save and achieve your goals with a Target Account.

How close are you to achieving your goals? For most of us, we are not close at all. But in reality, putting money aside steadily as savings is the only way to effectively get some of the bigger things in life - like a good quality car, first- class education, a splendid holiday, a decent home, funding a wedding, Hajj or the birth of a new child.

Whatever your goals are, a Target Account is the ideal way to help you achieve them quicker. It is a risk-free savings plan that offers you the flexibility to save in either Naira or USD and provides you with higher interest rates so your savings grow faster.

You can also use the Target Account as a Voluntary Retirement Savings Plan to supplement the retirement income provided by your employer-sponsored plan. With in-built withdrawal restrictions, it will be easy for you to stick to your plan.

Target Account (Naira)

• Enjoy high and graduated interest rates on deposit
• Choose a savings plan that fits your needs.
• Your account allows for the lodgement of clearing instruments and dividend warrants.

What you require:

To open a Target Account (Naira), you need:

• A minimum opening balance and minimum monthly contribution of N20, 000.00 (higher opening balance and monthly contributions allowed)
• A minimum target plan of six months

Target Account - USD

• Enjoy high and graduated interest rates on your deposit and reduce the risks associated with fluctuations in exchange rates.

What you require:

• To open a USD Target Account, all you need is a minimum opening balance of $1,500, and a minimum monthly contribution of $300 (higher opening balance and monthly contributions allowed).

How the Target Accounts work:

• Withdrawals can be allowed but will attract interest forfeiture for the particular month that the withdrawal was made.
• Savings account withdrawal booklet to be given to customers on account opening but ATM to be issued strictly on request only after 6 months.
• Minimum of 6 months target plan allowed.
• Joint account option available
• Existing FCMB account holders are encouraged to place standing instructions for monthly contribution

Documentation Requirements

• Duly completed account opening form
• 2 passport photographs
• Valid identification (Driver’s License or international passport or National Identity Card)
• Utility Bill
• A copy of valid residence permit-(applicable to non Nigerian citizen)
• One character reference

Other Benefits of Target Accounts (Naira and USD Variants):

• Opportunity to provide for your loved ones by opening a joint account.
• Access to other banking products.
• After six months, you can make one free withdrawal per month.
• Stress free monthly contributions via standing instructions.
• Convenience of SMS and email notifications.
• What’s more, there’s no account maintenance charge.