According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- £ 500
- Access Bank's online banking
- Access Bank's mobile banking
- No
- Emphasis on products for long-term investors
Our Evaluation of Access Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Access Bank is a high-risk broker with the TU Overall Score of 2.82 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Access Bank clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker.
Access Bank is one of the largest Nigerian and African banks. It has entered the international stage and now provides various banking and investment services to corporate clients and individuals.
Brief Look at Access Bank
Access Bank is a full-service commercial bank that has been operating since 1988. It has held a Nigerian banking license since its inception and has been listed on the country’s stock exchange since 1998. Since the 2000s, Access Bank has expanded its operations into international markets, including key regions in Africa and the Middle East. Access Bank's operations are regulated by various financial authorities, including the FCA (UK), DFSA (Dubai), and ACPR (France). The bank operates in over 15 global markets, offering both self-directed asset management, where clients make their own investment decisions, and discretionary asset management, where investment professionals manage clients' portfolios. It also provides securities-backed lending and other investor solutions. Access Bank serves over 52 million clients in Africa, Europe, Asia, and Latin America.
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- Access Bank operates under licenses issued by reputable global regulators.
- The bank ensures investment protection for private clients.
- The bank combines banking and investment services in one app.
- Access Bank provides regulated trading of securities from various countries.
- Access Bank provides access to capital investment in managed asset portfolios.
- The bank offers passive income through savings and deposit accounts.
- Access Bank has mobile apps for managing funds, accounts, and investments simultaneously.
- The minimum deposit for a Current account is £500, and £5,000 for a deposit account.
- Remote account opening is not available.
- There are no investment education resources on the website.
TU Expert Advice
Financial expert and analyst at Traders Union
Access Bank is a commercial bank that also provides investment services worldwide. Its operations are highly regulated in the UK, France, UAE, and other countries, creating a reliable safety net for all clients. The bank serves individuals, private businesses, and large global companies, offering secure services with a personalized approach.
Every Access Bank client can seek assistance from a personal manager and request financial expert consultations on available banking and brokerage products. Access Bank's portfolio management services allow investors to income passively in securities markets worldwide. The bank offers various loan types, including those secured by an investment portfolio, which, under favorable market conditions, enable clients to invest more funds in assets.
Brokerage and banking products are integrated into a single infrastructure system accessible from any device. Access Bank uses modern encryption methods, and its clients' funds are protected by compensation schemes from different countries. The company continually expands its presence and improves its services, earning numerous international awards.
Access Bank Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | Access Bank's online and mobile banking |
|---|---|
| 📊 Accounts: | Current Account (Personal, Premier, Exclusive, Business), Deposit Account, Saving Account, Investment Account |
| 💰 Account currency: | EUR, USD, GBP |
| 💵 Deposit / Withdrawal: | Bank Transfer, Credit/Debit Cards, Faster Payments (FPS), Clearing House Automated Payment System (CHAPS) |
| 🚀 Minimum deposit: | £500 |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | £1 |
| 💱 EUR/USD spread: | Stock Exchange |
| 🔧 Instruments: | Investment funds, discretionary portfolios, securities |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | Exchange Execution |
| ⭐ Trading features: | Emphasis on products for long-term investors |
| 🎁 Contests and bonuses: | No |
Access Bank offers accounts and services for both individual and business clients. An Individual Current Account requires a minimum deposit of £500, while a business account requires a minimum of £5,000. The bank assists in forming investment portfolios and allows clients to build their strategies and choose the markets they are interested in. Accounts can be opened in various currencies, enabling financial transactions without conversion fees.
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Trading Account Opening
To access user account and portfolio management, log in to the Access Bank online banking platform or mobile banking app.
Log in by entering your User ID and password. These are provided upon opening a Current bank account. Requests to open an account can be made via phone or email.
Regulation and safety
The brand manager of Access Bank is Access Bank UK Ltd. It is registered under number 478415 with the Financial Conduct Authority (FCA). The FCA is the main regulatory body in the UK overseeing financial markets and services. It is also responsible for the operation of the Financial Services Compensation Scheme (FSCS). As a licensed entity registered with the FCA, Access Bank participates in the FSCS by contributing regularly to its fund. Thus, in case of the broker's financial insolvency, clients may receive compensation from the reserve fund. The payout amount per private trader is £85,000.
Access Bank's international offices also operate under regulation. The branch Access Bank UK DIFC, serving traders from Africa and the Middle East, has been under the supervision of the Dubai Financial Services Authority (DFSA) since 2016.
The French Prudential Supervision and Resolution Authority (ACPR) oversees the French division’s activities. FGDR stands for The Fonds de Garantie des Dépôts et de Résolution, which protects its clients' investments. The maximum payout amount per investor is €70,000.
Advantages
- Clinet investments are protected
- Operates in full compliance with the laws of the country where the branch is registered
- Strict adherence to privacy policies and protection of traders' data
Disadvantages
- Limited compensation amount in case of broker bankruptcy
- Complex procedure for filing complaints to regulators, including through the courts
- The company does not serves investors from all countries
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Investment Account | 0.2% of portfolio value per year | 0-5% of the amount but not more than £35 per transaction |
Requests for account statements, payment receipts, and monthly transaction reports are free. The return of an unpaid check costs £ 20.
The average portfolio management fee at Access Bank is 0.5%. Thus, for entrusting $1,000 to management, a trader will pay a fee of $5 per year. A comparative table prepared by TU experts shows how Access Bank's average fee compares to its competitors' fees.
| Broker | Average commission | Level |
|---|---|---|
|
$5 | |
|
$2 |
Account types
To start investing with Access Bank, open a Current bank account and fund it with at least £ 500 within 14 days of activation. Then, in mobile or online banking, choose investments, savings, or deposits, and request the opening of the appropriate account type.
Account types:
All Current Accounts are divided into Personal and Business accounts. Joint accounts with multiple owners can also be set up.
Access Bank offers banking and investment accounts to generate income from fund management, including passive income.
Deposit and withdrawal
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Access Bank offers withdrawals to bank accounts and cards linked to them.
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Withdrawal requests are made in the client's user account via the online banking system, mobile applications, or by phone. Requests via internet or mobile banking are available 24/7 and by phone from Monday to Friday from 9:00 to 17:00 GMT+1, excluding public holidays in the UK.
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Access Bank clients can withdraw free GBP through Faster Payments (FPS) and CHAPS systems.
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The fee for withdrawing EUR/USD via bank transfer is 5% of the amount, but it must be at least £15 and not more than £35 per transaction.
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Withdrawal to a card in the currency it is opened in is made without fees. If the withdrawal currency differs from the card currency, a conversion fee of 2.99% is charged.
Investment Options
Access Bank specializes in investing rather than active stock market trading. The following sections of this review provide detailed information on the available portfolio types and capital management services. This section covers the simplest models for generating passive income without investing in funds or other financial instruments.
Access Bank’s Savings and Deposit Accounts
After opening a Current account with Access Bank, clients can request additional accounts to grow their capital without investing in the stock market. The following account types are available:
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Deposit Accounts. These accounts allow interest to be earned by locking funds for a specified period. The longer the term, the higher the rate. Three options are available: a 30-day term is 0.1% annually, a 60-day term is 0.15%, and a 90-day term is 0.2%. The minimum investment is £5,000, but the initial amount determines the maximum deposit available.
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Saving Accounts. These accounts offer annual returns of 6.825% for simply holding funds. Unlike Deposit Accounts, funds in Saving Accounts can be withdrawn at any time as there is no mandatory lock-in period. The minimum investment depends on the chosen account type, ranging from $1 to $10,000.
Savings accounts and deposits are different financial instruments for accumulating funds, each with features. The main differences between them lie in the accessibility of funds, the duration of their storage, and the interest rates.
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Access Bank’s Partnership Program:
The bank does not offer partnership programs, as the accounts can only be opened directly without using referral links from existing clients.
Customer support
Access Bank in the UK operates from Monday to Friday from 9:00 to 17:00 (GMT+1). During these hours, either existing or potential clients can seek assistance.
Advantages
- Personal banker support available to every client
- Toll-free phone numbers provided
Disadvantages
- There is no online support
- Company staff unavailable on the weekends
Below are the ways to contact Access Bank:
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A phone call to the call center.
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By filling out the feedback form.
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Email inquiry.
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By visiting the office.
Callback requests can only be made in the British branch. International offices do not provide callbacks to investors but respond via email.
Contacts
| Registration address | 4 Royal Court, Gadbrook Way, Gadbrook Park, Northwich, Cheshire CW9 7UT |
|---|---|
| Regulation | FCA, DFSA, ACPR |
| Official site | https://www.theaccessbankukltd.co.uk/ |
| Contacts |
Education
The Access Bank website does not provide education on investing in securities or funds.
Access Bank also does not offer paid courses or webinars on investing.
Detailed review of Access Bank
Access Bank is managed by Access Corporation, whose shares have been listed on the Nigerian Stock Exchange since 1998. Over 900,000 shareholders have acquired its shares. Access Bank is an international brand with subsidiaries in the UK, UAE, China, Lebanon, India, and Africa. The Access Bank network includes over 700 branches and service points across 3 continents.
Access Bank by the numbers:
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Over 30 years of banking and investment activity.
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Access to 17 financial markets.
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More than 52,000,000 clients.
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Over 27 awards for quality banking and investment services.
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A total staff of more than 28,000 employees.
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Total assets as of Q4 2022 are approximately $28.8 billion.
Access Bank is the bank for investors with various experiences and strategies.
Access Bank offers two types of services to private clients interested in stock market investing. The first is discretionary portfolio management. Each investor receives a personalized approach, so portfolios are formed based on their risk tolerance and trading needs. Experienced professionals handle management. Global portfolios can be created and denominated in various currencies such as USD, EUR, or GBP.
The second service is self-directed portfolio management by the investor. The investor can decide about buying/selling assets or use advice from Access Bank's financial advisors. The bank provides access to international financial markets, but its website does not list available financial instruments. This information must be requested by phone.
Access Bank’s analytical services:
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Mobile App. The app allows users to manage accounts and funds and invest in banking products, financial instruments, and diversified asset portfolios.
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Portfolio-backed Loans. Available to existing bank clients who have already invested in securities or real estate.
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Real Estate Loans. Investors can purchase commercial properties in the UK for rental purposes with terms up to 15 years or homes for personal residence with loans up to 30 years.
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Currency Services. In mobile or online banking, clients can buy currencies at favorable prices and transfer them to accounts outside the UK.
Advantages:
The bank offers accounts in various currencies to optimize costs when trading on international stock exchanges.
Self-directed trading and passive investing in managed portfolios are also possible.
There are no fees for transferring pounds sterling within the UK.
Currency exchange, investment in financial instruments, lending, and personal banking services are available in one app.
The parent company is a global corporation with a strong reputation, substantial resources, and a stable financial position.
Access Bank clients can access funds transfers through the fast payment system, support from banking and investment professionals, and portfolio development tailored to individual requests.
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