When you are searching for Best Bank in Nigeria For Savings Account? I know you are looking for the best Bank with a good savings Rates. This question leads you to open a savings account and in this article, I will help you choose the best Bank with a good savings Rates.
Nigeria’s banking sector is growing each day. Do you want to open a savings account? Yes, you want to.
Join me to explore the interest rate options given by Nigerian banks. All you need is the best to suit your savings plan. They are many types of savings accounts. This guide will help you make the best and right choice.
This article will go a long way to help you understand what is a savings account and the ways in which it will help you earn higher interest.
Types Of Savings Account
You need to understand the types of savings accounts offered by top financial institutions in Nigeria. The good ones to use. There are different types of savings accounts:
- Call deposit
- Fixed Deposit
- High-interest deposit
Choosing the best Bank in Nigeria For Savings Account. Offers you stability, because the saving account will have high-interest rate that can allow you to do the following without being worried about losing your interest.
- Withdraw cash when you need it
- Make online payments
- Enjoy different services that do not influence your savings account
Such savings accounts are flexible with high-interest rates. The guide will help you to choose the best saving account in Nigeria.
How To Choose The Best Savings Account For You
Now the question many people ask is – Which Nigerian Bank has the highest interest rate on savings account?
This section will give an answer to it. These factors will help you determine the bank with the highest interest rate.
Many Nigerian banks have high-interest rate. This depends on your savings account budget, so at times it is hard to say that this particular bank has high-interest rate. But with the following factors, you can easily determine the bank that suits your savings account budget.
Below are some of the Questions you need to ask in other to determine the best Bank for you.
- What Is The Minimum Deposit Required To Open The Account?
This question is important because many banks have a certain requirement for account opening. Each account in the same bank might have a different initial deposit. You need to check the one that suits your budget. The account that should appeal to requires a small or little deposit.
Some bank savings requires a deposit of half a million per start, this might serve as a limitation to your budget. Now you see why it is important.
- What’s The Minimum Balance?
This question comes in when you are required to keep the account open. Many bank accounts require a minimum balance, which the account can’t go below it.
You can’t withdraw this balance if you want the account to be running.
I guess what you want is an account with little or no minimum balance. Get this clear to save your money from stocking there.
- Consider the Account Yearly Service Fee.
This is important, you will pay the Yearly fee to your bank. This might be annoying when you start a savings account with one bank without knowing their yearly Service Fee. Each account and bank have a different yearly fee. Though this has to be within the range mapped out by CBN.
I know you would like to go for accounts that have no yearly fee or little yearly fee. Choose the best for yourself and have the quality of services rendered at heart.
- Check The Minimum Number Of Withdrawal Per Month
Yeah, this is important. Savings accounts are not like our normal savings accounts. Some banks will ask you to pay a fee or lose your interest. If you exceed the number of withdrawals available.
Fixed deposit accounts don’t require withdrawal anyhow. You can check for a savings accounts without these provisions.
- What Interest Rate is the Account Paying?
This question is very important, before you diva into any savings account. You need to check the interest rate and how the interest is been credited. The myth is the higher the interest the frequently it is credited. So, I advise you to look for accounts with daily or weekly interest rates.
- Can you deposit third-party cheques into the savings accounts?
Normally the answer to this question should be Yes. A savings account should allow you to deposit money through third-party options like cheques.
By finding answers to the above question, you will get the Best Bank in Nigeria For Savings Account.
Next, I will be showing you some bank’s interest rates on a savings accounts. This should serve as a guide and not a final say.
Fixed Deposit Interest Rate Of Banks In Nigeria
Below are some of the rates Nigerian banks offer.
First Bank Savings Account Interest Rate For Fix Deposit
The interest rate of the first Bank savings fixed Deposit account in 30 days or one month is 2.5 of the sum deposited. After 60 days of fixed Deposit, it will increase to 2.7% and after 90 days it will increase by 30%.
Stanbic IBTC Bank Savings Account Interest Rate For Fix Deposit
The interest rate of Stanbic Bank savings fixed Deposit account in 180 days of investment is 0.5% on one million naira. The money will continue to appreciate and gain more interest if you leave it.
Wema Bank Savings Account Interest Rate For Fix Deposit
After 30 days of investment, wema bank will pay 3% of the total sum you deposited into your account. After 60 days, the interest increases to 3.25%. If you leave it for 90 days interest rate will appreciate to 3.75%.
Access Bank Savings Account Interest Rate For Fix Deposit
For Access bank if you fixed deposit of 600,000 and above after 30 days you will get interested of 4% of the sum. After 60 days the interest will increase to 4.35% while after 90 days the interest will appreciate to 4.5%
Gtbank Savings Account Interest Rate For Fix Deposit
Gtbank fixed deposit for 30 days, 60 days, 90 days, 180 days or any day of length will yield 3% of the amount deposited for any amount less than half a million. Although GTBank bank offers 4.5% for investments above half a million.
Sterling Bank Saving Account Interest Rate For For Fix Deposit
Sterling bank gives out the highest interest rate for fixed deposits. The interest rate of the sterling Bank savings fixed Deposit account in 30 days or one month is 5% of the sum deposited. After 60 days of fixed Deposit, it will increase to 5.25% and after 90 days it will increase by 5.5%.
Now, we have discovered that the sterling bank has the highest interest rate. Go check out their requirements and fix some money with them. Please before you do that, try using the format we discussed above to check their flexibility. To avoid making costly mistakes.
NOTE: Sterling Bank and GTBank offer the best interest rate. You can visit the nearest bank branch and check them out.
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Now, I know you have learned about the Best Bank in Nigeria For Savings accounts. You know their interest rate and what to check before creating an account with them.
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My Name is MIKKY, I’ve been on the internet for years building legit ways to make money online. I am a proud promoter of financial literacy (Making money, building wealth and investment). On this website, I try things out and share them with you guys. Read More about me on the about page.