Nigerian banks like every other international bank have two generic types of account, namely savings account and current account. These two account types are the same across all banks but are differentiated by brand names and packaging. Despite the similarities exhibited by these accounts, there are variations across Nigerian banks as far as the benefits derived from opening and running them. However, this presentation examines savings account packages/products among banks in Nigeria, which offer customers numerous benefits.
1. Diamond Savings Account
This is a savings account packaged by Diamond Bank Plc. Its major benefit is its zero operating balance which means a customer can withdraw to zero Naira on the account. Also, the account operates with a minimum opening balance of N1, 000.00. It comes with competitive interest rate that is forfeited if a customer withdraws more than three times in a month. It also comes with a debit card, SMS notification on all transactions and access to diamond bank e-channels.
2. Skye Save
Skye save is a type of savings account in Skye Bank Plc. It is a savings account tailored towards meeting the saving needs of individuals. Skye save’s minimum opening balance is N 5, 000.00 and its minimum operating balance is N1, 000.00. It pays 3% interest rate on average monthly balance and disallows third party withdrawal. It allows for dividend warrant lodgment and comes with a debit card and transaction alert.
3. Eazysave classic account
This is a savings account packaged by Zenith Bank. This account is designed to facilitate financial sense of belonging for individuals with minimal form of identification. Eazysave’s major benefits reflect in its zero naira account opening balance, maximum single deposit of N 20,000.00 and maximum operating balance of N 200,000.00. the account pays 3.6% interest rate per annum and issues MasterCard, Visa Card and SMS notification.
4. Freedom Savings Account
This account is a UBA liability product designed such that customers can open it with zero naira and operate it with a minimum balance of N 100. Freedom savings account customer’s single deposit can not exceed N 20,000 and the account balance can not exceed N 200,000.00. This account disallows local and international fund transfers, but it issues verve card.
5. Personal Savings Account
This Wema Bank account helps individual attain financial security with little or no hassle. Its minimum account opening balance is N2, 000. The account pays monthly interest on account balance and does not allow for third party withdrawals. It offers its subscribers Wema internet banking facilities and Wema debit card.
6. Ecobank Savings Account
This pan-African bank savings account offers minimal opening balance, SMS alert facilities, monthly e-statement, standing order, debit card and internet banking.
7. Target Savings Account
This is one of Access Bank Plc savings account products. It is designed for individuals that want to save in order to target the financial needs of an event. Under this account, money is deposited by the customer each month until the set target is achieved. It requires N 50,000 as minimum opening balance, pays 5% interest rate per annum. It also offers customers the chance of withdrawing at the end of the savings plan.
8. First Savings Plus (FSP)
This savings account is a hybrid account designed by First Bank Plc. It offers an interest rate of 3.6% and gives room for cheque or dividend warrant lodgment. It allows third party withdrawals via cheque.
9. Fidelity Personal Savings Plus (FPSS)
FPSS is one of the frontline hybrid savings accounts and it was designed by Fidelity Bank Plc. It offers free ATM cards, a minimum opening balance of N 2,000, attractive and competitive interest rate, third party cheque withdrawal and lodgment of cheques and dividend warrants.
10. Classic Savings Account
This is a reliable savings account designed by Nigeria’s number one customer bank-Sterling Bank Plc. Like some banks savings account packages, it offers zero opening balance and minimum operating balance of N 1,000. This account avails its subscribers instant debit card, SMS alert, online access and mobile banking servi