How to Open a Money Market Fund Account

In this article, I’ll guide you through the process of opening a money market fund account with Stanbic IBTC.

Before I begin, you should probably read this article, which explains what a money market fund account is. In summary, the fund comprises guaranteed investments like Treasury Bills and is managed by professional fund managers. It provides a higher return than what you would receive in a savings or fixed deposit account. You also earn compound returns from month-to-month. This makes the fund an ideal investment account that you can use to grow your savings, while earning maximum guaranteed returns.

The minimum opening balance is N5,000 and both your principal and returns are assured. You can top up the account at any time with any amount, and after the first 30 days of any deposit, you can also withdraw at any time without penalties.

Now here’s a step-by-step guide for opening the account:

1.  Download and fill this account opening form if you’re an individual. If you’re opening the account for your company, please use this form instead. On the form, select the “re-invest interest option”, so you can enjoy compound returns. At the top of the account opening form, kindly write “Corporate Wealth Rep – Subomi Plumptre” so I am identified as the one who referred you.

2. Fund your account via a transfer from your bank account to the account number for the Money Market Fund (which is clearly stated on the form). You don’t need to be an existing customer of Stanbic IBTC.

3. Your bank transfer receipt, completed form, colour passport photograph and scanned or photocopied utility bill and ID card (e.g. National ID, International Passport, Voters Card or Driver’s License) should be delivered to any Stanbic IBTC branch. In the absence of a utility bill in your name, kindly use the first page of your stamped bank statement which bears your address. If you live abroad, you can scan all the items to anyone who can print and drop off at a branch for you.

4. After submitting your documents, you will be sent login details to an online platform, from which you can manage your account and continue to top it up remotely. You can also use the Stanbic IBTC mobile app to top up and redeem your funds. For companies, there’s a redemption form you can use.

5. If Stanbic IBTC does not send you login details, 5 days after sending your documents and funding your account, please call their asset management unit on +234 1 280 1266 and +234 1 270 2852, stating when you opened the account.

That’s it!

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