How to upgrade Polaris bank account easily (Online & Offline)

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Hello and Welcome, Today we’ll be discussing On How to upgrade Polaris bank account easily (Online & Offline)

Upgrading your Polaris bank account can provide you with access to more features and benefits. Polaris Bank is one of the top banks in Nigeria, offering a range of accounts to meet different needs. In this comprehensive guide, we’ll walk you through how to easily upgrade your Polaris bank account both online and offline.

Polaris Bank is a leading commercial bank in Nigeria that commenced operations in 2017 after Skye Bank’s license was revoked. The bank has over 300 branches across the country and offers personal, business, and digital banking services. Polaris bank aims to be a top-tier bank in Nigeria, providing innovative financial solutions and excellent customer service.

Some key benefits of banking with Polaris Bank include:

  • Competitive interest rates on savings and term deposits
  • Zero account maintenance fees on current accounts
  • Free debit cards and online/mobile banking access
  • Quick account opening with basic requirements
  • Over 300 branches nationwide for in-person banking

Polaris Bank offers various account types including savings accounts, current accounts, fixed deposit accounts, and more. Higher-tier accounts provide more features and benefits. For example, the Polaris Premium Account offers higher interest rates, preferential Foreign Currency Deposits rates, and access to exclusive bank services.

Upgrading your basic Polaris account unlocks more perks and flexibility. This guide will cover how to seamlessly upgrade your account either online through the mobile/internet banking platform or by visiting your nearest Polaris bank branch.

Benefits of Upgrading Your Polaris Bank Account

How to upgrade Polaris bank account easily (Online & Offline)

Here are some of the key advantages of upgrading your standard Polaris bank account to a premium tier:

  • Higher interest rates – Premium accounts offer significantly higher interest rates on savings and fixed deposits. This allows your money to grow faster.
  • Exclusive services – Get preferential access to special Polaris services like safe deposit boxes, foreign currency accounts, diamond and classic credit cards.
  • Higher transaction limits – Upgraded accounts allow higher daily ATM withdrawals and transfer limits for convenience.
  • Relationship bonuses – Customers with premium accounts get better rates on loans, mortgages, and other financial services with Polaris.
  • Dedicated Account Officers – Enjoy one-on-one service from knowledgeable account representatives at the bank.
  • Prestige – Higher-tier accounts signal a stronger financial profile and can unlock more opportunities.

Simply put, upgrading provides more value, flexibility, and prestige for your banking needs. The process to switch accounts is quick and easy.

How to Upgrade Polaris Bank Account Online

Follow these steps to seamlessly upgrade your existing Polaris bank account online:

  1. Login to the Polaris Mobile App or Internet Banking using your account credentials. Make sure you have your BVN information available.
  2. Go to Services and select the “Upgrade Account” option. Choose the specific account type you want to upgrade to e.g Premium Account.
  3. Confirm Details – Carefully enter your personal information, contact details, employment information etc as prompted. This provides the required details for the account upgrade.
  4. Review and Submit – Read through the upgrade application summary and click Submit. You will get an application reference number.
  5. Approval – Your application will be approved within 5 working days. You will get a confirmation message.
  6. Activate – Visit any Polaris branch with required documents to complete the upgrade and activate your new premium account.

The entire process is quick and straightforward. Within a week you can start enjoying the benefits of an upgraded account. You get to skip long queues at the bank by initiating the process digitally. Be sure to have proper internet access and all required information handy.

How to Upgrade Account Offline at Polaris Bank Branches

To upgrade your basic Polaris account offline, visit your nearest Polaris bank branch instead:

  1. Account Upgrade Form – Request the account upgrade form from the customer service desk at the branch. You can also download and print it out.
  2. Fill Details – Carefully fill the form providing your personal information, contact details, employment details and the account type you want to upgrade to.
  3. Submit Application – Submit the duly filled upgrade form at the branch along with required documents like ID card, passport photograph etc.
  4. Account Review – Your application will be reviewed within 5 working days. The bank will contact you once it is approved.
  5. Activation – Visit the branch with required documents mentioned in the approval message/call to complete the upgrade and activate your fancy new premium account!

Though offline upgrade takes longer, it can be convenient for customers who prefer in-person banking. The branch staff are well-trained to guide you through the entire process.

Documents Required to Upgrade Account

You will need to provide certain documents both for starting the upgrade process and activating the new account. Here are the key documents required:

  • Valid means of ID – National ID, International Passport, Driver’s License etc.
  • Passport Photographs – 2 recent passport-sized photographs.
  • Proof of Address – Utility bill, tenancy agreement etc. showing your physical address.
  • BVN – Your Bank Verification Number information.
  • Employment Details – Pay slip, employment letter (for salary accounts).

Ensure you have clear copies of these documents ready. The process is smooth and hassle-free once you have the required paperwork.

How Much Does It Cost to Upgrade Account?

How to upgrade Polaris bank account easily (Online & Offline)

The good news is Polaris Bank does not charge any fees to upgrade your account to a higher tier. The upgrade process is absolutely free of charge! However, premium accounts may come with higher minimum opening balance requirements. For example, The Polaris Premium Account requires a minimum opening balance of ₦100,000.

But you enjoy all the premium benefits and services at no upgrade fees. This makes switching to a higher account at Polaris Bank very pocket-friendly for customers.

Can I Upgrade from Savings to Current Account?

Yes, Polaris Bank customers can seamlessly upgrade from a savings account to a current account. The process is similar:

  1. Start the upgrade process online or at your branch using the same steps outlined earlier.
  2. Select “Current Account” as the account type you want to upgrade to.
  3. Provide required documents and information.
  4. Get approval within a week and activate your new current account.

Upgrading from savings to current account also allows you to enjoy benefits like cheque books, higher transactions limits, and overdraft facilities. The process is quick and you can switch accounts conveniently.

FAQs on How to upgrade Polaris bank account easily (Online & Offline)

Here are answers to some frequently asked questions about upgrading your Polaris Bank account:

Does my BVN change when I upgrade accounts?

No, your BVN remains exactly the same when you upgrade your Polaris Bank account. Only the account number changes.

Can I upgrade if my account is dormant?

Yes, you can upgrade a dormant account. Just reactivate it by making a deposit into the account before starting the upgrade process.

Is there a time limit to upgrade my account after opening?

No, there is no time restriction. You can upgrade to premium at any time after opening your standard Polaris Bank account.

Will all my transactions and records transfer over?

Yes, your entire transaction history, account balance, details etc will automatically transfer over to the new upgraded account seamlessly.

Can I upgrade from a salary account type?

Salary account holders need to convert to a regular savings account first. Then they can upgrade to premium just like with a normal savings account.

Do I need to visit a branch to upgrade if I’m an online banking user?

No branch visit is required if you start the upgrade process digitally. However, you need to visit once to activate the new account after approval.

Are there any account upgrade restrictions I should know?

There are no major restrictions. But ensure your account is properly maintained and has no issues before applying for an upgrade.

What is the approval rate for Polaris account upgrades?

How to upgrade Polaris bank account easily (Online & Offline)

Approval rate is very high, over 90%, as long as you provide complete documents and meet the eligibility criteria for the premium accounts.

Is there a credit check or external approval required?

No, account upgrades only require internal Polaris Bank approval based on your application details and account standing.

Can students upgrade their Polaris student account?

Yes, students can also upgrade to premium accounts after converting to a regular savings account if required.

Does my account number remain the same after upgrade?

Unfortunately, your account number will change when you upgrade accounts within Polaris Bank.

Which has a higher interest rate – savings or current account?

For premium accounts, the interest rates are higher on savings accounts compared to current accounts.

Can I pay online to upgrade my account immediately?

Online payments are not accepted for upgrades. Approval and activation can only be done at the branch.

How long does it take to activate the new account?

Activation at the branch is done immediately once you provide the required documents. It takes only a few minutes.

What is the minimum balance for premium savings account?

The minimum opening balance is ₦100,000 for the Polaris Premium Savings Account.

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Upgrading your basic Polaris bank account to a premium tier is very advantageous. It unlocks higher interest rates, transaction limits, exclusive services, and other privileges. With no upgrade fees required, the process is quick, convenient and pocket-friendly. You can upgrade digitally in just 5 working days or visit a Polaris branch to upgrade offline.

Ensure you have the required documents on hand and meet any minimum balance criteria for seamless approval. Enjoy premium banking benefits today by upgrading your Polaris account using this guide.

After reading this article now you know How to upgrade Polaris bank account easily (Online & Offline).

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