Looking to put aside money you will not be needing any time soon or in the nearest future, Savings account is a safe way to deposit that money and yet earn interests on your deposits. Though it comes with withdrawal restrictions, it yields better interest than a current accounts. It is the easiest way to grow your money while still keeping it safe.
There are two basic types of bank account namely savings account and current account.
It is same with all other banks although these days banks come up with unique and competitive brand names differentiating their savings account packages from those of other banks. 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.
Banks with Highest Interest Rates in Nigeria
There are however, some banks that offer unique packages for customers’ savings account with interest rates higher than others.
Diamond High Interest Deposit Account (HIDA):
Are 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 frivolous 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
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
First bank Savings Account
First Bank Nigeria offer a variety of savings account to suit every stage of your life, with benefits to match your personal banking need whether you are saving toward a rainy day or simply setting money aside, first bank savings account will turn your goals into reality.
- First saving plus. This is a hybrid account comprising of savings account and current account. To operate and maintain a first saving plus account, a minimum balance of N 50,000 is required. Like any other bank, you only qualify for interest payment when you withdraw less than 3 times in a month from this account. First saving plus account holders can issue cheques to 3rd parties and lodge cheques or warranties in this account. You get about 2 percent interest rate per year.
- First Instant Account: you enjoy great flexibility in managing your funds with first instant account. With minimal documentation, no frill, no hassles you can get this account on the go. With a minimum opening balance of N 1000 and operating balance of N 500 and there are no limits to the number of withdrawals you can make in a month
Premium savings account (FCMB)
This savings account offers competitive interest rates and flexibility. It allows third party over the counter withdrawals and when you maintain an average daily balance of N 100,000, you earn a higher interest rate of 3.3% however, more than 3 withdrawals in a month will lead to forfeiture of interest for that month and it can be operated as individual or joint account
This savings account package is provided by Gtbank. Whether you are saving for a dream wedding or to purchase a luxury car, this account offers round the clock banking services through their various e -channels. Customers who maintain standing order deposit for a year earn an additional 1 percent bonus interest aside from 3.6 percent interest rate per year. GT target interest accrues daily and is capitalized after every 6 months and any withdrawal prior to 6 months would means loss of interest. Minimum of N 5000 as mandatory standing order