When it comes to savings, you should consider the best
options offered by Nigerian banks.you have to understand what savings
account is and how it can help you earn a great interest on your money.
There are many different types of accounts you can use:
- Call deposit
- Fixed deposit
- High-interest deposit.
It is smart to choose the high-interest savings option that pays
interest to you. Such accounts offer the flexibility you’ll love. You
can perform the following actions without worrying about losing your
interest:
- Withdraw cash when you need it
- Make online payments
- Enjoy different services that do not affect your savings account.
Savings accounts allow bank customers keep their money in the bank
and earn several percents per year on top of the original amount.
Factor to examine when looking for high interest savings account
If this is your first time looking for a high-interest savings account,
skipping through these options can be dangerous. When you choose a
bank, you’ll want to know a few things:
- How much you have to deposit in your account.
- The startup cost for opening an account
- How much APY[annul percentage per year] the bank is paying
- Any monthly maintenance fees
- The minimum you need to keep in your account to get the best rates
- How long it will take to transfer your funds to another account
- What to expect from customer service
- find banks with high interest rate in Nigeria.
Note: The interest rates these banks are paying is
as of the time of this writing. Please search for “[bank name]” +
“savings interest rate” to get up-to-date rates or contact the bank you
are interested in and make updated enquires
Although, Savings
account offers you interest rates on your deposits with 2% being the
minimum interest rates and 6% the highest interest rate a bank offers.
Now let look at 5 banks that offers high interest rates to their customers:
1.
Diamond HIDA 2-6%
This financial institution has an interesting proposition called High
Interest Deposit Account. If you planning to save for a special project
like a wedding, buying a house or investing in a business or are you
simply looking to keep away some funds for rainy days? HIDA is a special
deposit account that will perfectly suit your goals and at the same
time offer full credit interest on your savings. Simply put, the more
you save, the more interest you earn on your deposits.For those who have
not mastered the art of saving money, Diamond HIDA is a great way to
start because the account does not come with a debit card so you will
not be tempted to make unnecessary withdrawals. You can also enjoy 2
free withdrawals and still maintain credit interest on available
balance. Below are a breakdown of interest rate earned on available
balance
Less than N 100,000: 2% interest rate per Annum.
N 100,000 and N 999,999: 4.5% per annum
N 1,000,000 and N 4,999,999:5% per annum
N 5 million and above: 6.0% per annum
2.
Savings Account DiamondXtra
The HIDA option offered by Diamond bank is not suitable for all
Nigerians. Those of you who need a savings account with a small amount
of money at the beginning can look at the DiamondXtra savings account
that starts with just 1,000 Naira.
As one of the top banks in Nigeria, Diamond bank allows all
interested individuals to earn interest on their saving accounts. Here
are the main benefits of this offer:
An account can be opened with only 1,000 Naira on it.
There is no minimum amount you’ll have to keep on the account.
The card you’ll get is free to use at all local ATMs.
You are allowed making 3 free withdrawals within a month.
One odd fact about diamondxtra, you loose your interest onces you make 4 withdrawals in the same month.
3.
Zenith Bank Account
Depending on your expectations or what suits your needs, Zenith bank offers savings account packages to suit your goals
Individual savings account: if you have a specific
goal to meet up with or simply want to start setting money aside, this
account is recommended for you. No money is required to open this
account and you are offered interests on your fund whatever your goal
for opening this account may be. You get emails or SMS alerts or even
both, a debit card, master card or visa card
EazySaveClassic Account:
this is specially designed for individuals with minimal forms of
identification/ it has a zero account opening balance, maximum single
deposit N 50,000 maximum cumulative account balance N300,000
4.
GTMax Savings Account 2-3%
GTbank offers an option called GTMax. It is an account that allows
Nigerians save their money and earn some interest that depends on the
amount of their current funds. This savings possibility is not available
to everyone because there is a minimum amount required for opening and
maintaining your account.
GTMax offers these interest rates per year:
2 percent – account is opened with at least 150,000 Naira
2.75 percent – you need the minimum of 500,000 Naira to earn this interest
3 percent – for people who have at least 1 million Naira to save
All three options require a minimum balance of 100,000-500,000 Naira
depending on the account type and percentage earned per annum.
The
account can be interesting to businesspersons and companies who need to
save money and multiply them. The good thing is that the interest can be
earned as long as the minimum balance is preserved. Besides, you are
allowed making only up to 5 withdrawals per month, otherwise, you’ll
have to pay the fee of 2 Naira per each transaction made during the
month.
5.
Savings at FCMB premiun account -3.3%
Do you
prefer using the First City Monument Bank? It also has a savings option
for customers who need to save their money for something important or
make the funds working and earning some interest. Learn more about the
Premium Savings option offered here.
While the financial
organization doesn’t require you to keep a minimum amount on your
account you still have to add at least 100,000 Naira in order to open
your savings account. Still, if you wish to earn the biggest annual
interest rate (it is 3.3 percent) you need to make sure your average
balance per day is at least 100,000 Naira. If the balance becomes lower
than, your earnings will reduce significantly.
Just like many
similar savings options, you can’t make more than 3 withdrawals per
month or you will lose your monthly interest earning.
In conclusion,
it is smart to save in high interest savings account because your
savings capacity and interest generated determines the level of your
success.
