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Polaris Wise Account Review: Interest Rates, Legit or Scam?

 Polaris Wise Account is high-yield savings account with 3-in-1 functionality. It can serve as a fixed, current, or savings account. At the time of writing this article, it is the best high-interest savings account in Nigeria run by Polaris Bank of Nigeria.

 Polaris Wise Account is high-yield savings account with 3-in-1 functionality. It can serve as a fixed, current, or savings account. At the time of writing this article, it is the best high-interest savings account in Nigeria run by Polaris Bank of Nigeria.

Polaris wise account


The bank promises users financial freedom by signing up for a wise account and earning interest on their funds. It is a savings account with some features of the current account, operates with cheques for deposits and withdrawals, and has a limit of N10,000.

The idea of this account is that the more you save the more your earnings accumulate.

Unique Features of PolarWise Account

  • You need a minimum of N10,000 to open and operate a wise account
  • The equivalent of $25 is Polaris wise account dollar limit to onboard and operate the account
  • It helps you earn higher on your savings.
  • On request, you can be given a non-clearing checkbook.
  • Doesn’t require priority pass membership
  • You can be given Visa Signature card on the invitation.

  How Polaris Wise Account Works

Just like we described earlier it is a form of target savings that pays you interest for holding your money in the Polarwise account. You require 10K nairas to start and earn higher for saving more.

You are to maintain a minimum balance of N10k to earn interest or have N100K and above balance monthly to earn higher interest and you should withdraw a maximum of three times in that month.

 Meaning if you withdraw more than three times and leave a balance below or above N100k you forfeit your balance for that month.

What is the minimum balance for Polaris Bank:

The minimum balance is N10, 000 or $25 or its current equivalent in dollars. To be eligible for the interest you must maintain a minimum account balance of N10K or higher to earn 4.2% interest or have a minimum of N100K and above to earn 6% interest;  you should also not withdraw more than thrice in a month.

What is Polaris Bank Interest Rate

The interest for your high-yield savings with the Polaris Bank Wise account ranges from 4.2% to 6% depending on the minimum balance you maintain. Those who have below N100K earn 4.2% provided the balance is greater than or equal to N10000 and didn’t exceed 3 times the maximum withdrawal for the month. They earn 6% if they maintain a balance above N100,000.

How to enroll or Join:

You can make a request to open a Polarwise account from any of the Polaris bank branches or use your mobile app or Vulte app to register and start your wise savings account. I used this method to sign up for the platform. A new wise savings account number will be created for you.

Is the Polaris Wise account the same as your regular savings account

No, they operate differently but can be accessed using your mobile app. Both your current savings account and your wise account numbers will be visible on your app with their balances.

Can Customers who don’t bank with Polaris enroll?

Yes, the Wise account is for all, once you provide the necessary documents you will be allowed to join the platform and enjoy all the benefits.

What documents are required?

2 passport photographs on a white or red background.

Your BVN (Bank Verification Number)

Valid Identification Card (NIN, Voters card, Drivers license, International passport, or Resident permit (for expatriates))

The usual documents you use to open regular savings account to verify your address is what is required for a wise account. Utility bills (PHCN, Tenement, Waste, and Water bill ).

Reference forms are required if you desire to pay using other bank cheques.

If you already have an account with Polaris some of these documents can be gotten from the ones you supplied earlier during account opening.

How to make a deposit:

You can make the counter deposit, mobile transfers, pay using a pos machine, or lodge cash using a cheque.

How to Withdraw Cash:

Requests for withdrawal can be made over the counter, via mobile transfer, or using a cheque book which will be issued on request.

Remember to leave the minimum balance and minimum withdrawal times to be eligible for interest.

Atm, chequebooks can be issued on this account to enable you to withdraw funds when necessary.

Are the funds safe? Is it Legit or a Scam?

Yes, it is a product of Polaris bank which is under CBN regulation. It is legit and we consider it safe in this review except we find reasons to in the future withdraw our statement. 

Personally, I’ve invested some spare money to see how the system works for myself.

Is it a pyramid scheme or get rich scheme?

No, it is not MLM, Pyramid scheme, or get-rich-quick scheme, it is a form of target savings that rewards you for maintaining a minimum balance.

Can funds be withdrawn to zero balance?

Yes, but you will forfeit your interest for the month.

How to Cancel Polaris Wise Account

On the Polaris website or on your mobile app, navigate to the account setting and click close my account if you want to opt-out of the platform.

You don’t incur any charge for closing your account and you can sign up again for the platform anytime you deem it necessary.

Customer Care/ Support:

Walk into any of the Polaris Bank branches to speak with customer service or chat with them using the online channels available on the bank’s official website and social media handles or email them using


Withdrawing more than 3 times or maintaining a balance below 100K will lead to forfeiting interest for the month.

Other savings packages from Polaris:

  • Polaris Community Savings Account
  • Polaris Save Plus
  • Polaris Instant savings
  • Polaris Campus Plus
  • Polaris Rainbow Savings Account
  • Polaris Domiciliary Account


We have exhaustively covered the Polaris Wise Account high-interest savings. We were able to determine how safe it is as an investment and answered questions on how to join the platform. We hope that through this article you make a more informed decision for your financial life.

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