Wouldn’t it be nice if you’re able to earn some good interest on the money you’re holding in your savings account?
You might think that banks are doing you a favour with the minuscule interests they add to your money pile periodically, but this ‘bonus’ may get wiped out by bank transaction costs and maintenance charges.
Factor in inflation, and you’ll probably wind up with a bank balance that’s significantly less valuable than it was just a few months ago.
Read more about Financial Institutions in Nigeria
This article gives you six of the best options for growing your savings with the banks. They are also a great way to really save- some of the benefits they give are tied to your ability to retain a minimum account balance, and making withdrawals less frequently.
1. Stanbic Max Yield Savings Account
This account offers a 4.2% interest rate on deposits (this rate climbs to 6.2% if the account holder deposits ₦100,000 or more per day).
It comes with most of the services you’ll get with regular savings accounts, like money transfers via internet banking, bill payments, ATM withdrawals, and international transactions.
However, you won’t be allowed to hold more than ₦2 million with it.
You’ll need a minimum of ₦10,000 to open a Max Yield Savings Account; it’s also necessary to maintain a minimum balance of ₦2,000 at any given time. Documents you’ll have to provide include:
•An account opening form.
•Two recent passport photographs.
•BVN
•Proof of residential address.
•Formal identification (National ID, Voters card, international transport, or driver’s license).
2. Access Bank’s High-Interest Deposit Account (HIDA)
HIDA was originally offered by Diamond Bank; it became part of Access Bank’s account options when both banks merged.
This savings account bears annual interest of 4.5% on balances of between ₦100,000 and ₦1 million, and 2% for amounts below the ₦100,000 threshold. If your savings exceed ₦1 million and are less than ₦5 million, the rate rises to 5%. Account balances greater than this are topped up by 6% each year.
What’s more, you won’t be paying maintenance fees on debit cards- this account doesn’t come with one. It’s an extra measure designed to help you cut down on your spending and accumulate more savings. You can also make four withdrawals per month.
Items you’ll need to open this account include:
•An official means of identification or a valid ID.
•One passport photograph, and
•A document that verifies your address.
3. FCMB Premium Savings Account
FCMB’s Premium Savings Account pays interest of up to 4% for deposits that remain at or over ₦100,000. While unlimited withdrawals can be made, you’ll forfeit your right to the interest for a month if you take money out more than three times in that period.
You can also operate this as a joint account if you choose.
This account has a minimum opening balance of ₦100,000. You will be required to present the following to open one:
•Two references if you’re a new customer.
•A formal means of identification
•A copy of a receipt from public utilities dated no more than three months.
•One passport photograph for each authorized signatory.
4. GT Target from GT Bank
The Guaranty Trust Bank Target Savings Account offers an interest rate of 3.6 % per annum, and an additional 1% interest payment for customers who don’t go below their minimum balance of ₦5,000 throughout one year.
You can open this account via GT bank’s internet banking facility, or at any of their branches nationwide. The interest accrues daily and is credited to the holder’s account every six months. However, this means that interest won’t begin to be paid until six months after the account has been set up.
If you’d like to open one, you can sign up and login on the bank’s website, and set up a Target Savings Account there. This can also be done at any GT bank branch.
5. Standard Chartered eSavers Account
Here’s an online savings account you can literally open right now.
The eSavers account has a graduated scale for interest payable, which is tied to the balance kept by the customer. A 4.2% interest accrues on accounts with less than ₦500,000. This goes up to 5% for amounts between ₦500,000 and ₦1.9 million, 7% if it’s between ₦2million and ₦4.9 million, and 10% if it’s over ₦5 million.
There are also no charges for maintenance fees. But interest payments are suspended for one month if there are more than four withdrawals in that month.
The opening balance for this account is ₦50,000.
Some of the documents you’ll need to set up are:
•Two references
•One passport photograph
•A valid means of identification
•Proof of residential address (e.g. utility bill not older than three months).
•₦50 stamp
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6. Zenith Bank EazySave Premium Account
EazySave is designed to accommodate a broad demographic. You can set up with zero account balance, and earn 4.2% interest per annum on your balance when the savings begin to roll in.
But it has its limits. Customers aren’t allowed to deposit more than ₦100,000 at one go. Also, they can only hold a maximum of ₦500,000 with this account.
The requirements for opening an EazySave Premium account include:
•A completed account opening form
•One recent passport photograph of the signatory
•Valid means of identification
Featured image source: How Nigeria News
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