Complete List Of Available Savings Account Offered By Nigeria Banks

Nigeria Banks offer lots of options when it comes to savings account. However the popular standard savings account have in a way overshadow the other types of accounts.

Aside from the regular savings accounts, Nigeria banks offer at the least nine other types of savings accounts that can be used for savings. In this article we’ll introduce you to these savings accounts and the set of people that should apply.

Do you know that Nigeria Banks have savings accounts specifically designed for aged citizens and children(unborn inclusive). Well it seems you didn’t know but just read on Mntrends is about to let you in on some secrets.

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List Of Available Savings Account In Nigeria

The names of these types of savings accounts varies from one bank to another but they all have same features and serve same purpose.

• Savings Accounts Plus
• Evergreen Savings Accounts
• Family Savings Scheme
• Early Savers Saving Accounts
• Target Saving Accounts
• Instant Savings Accounts

1. Savings Accounts Plus

This type of savings account come with some major features of current accounts. This means that owners of these type of accounts have access to some benefits enjoyed by current account holders. The interest rate associated with this account is also higher compare to that of regular saving accounts.

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In most Nigeria banks it requires N5,000 to open this type of saving account(Unlike regular saving account that requires just N1,000). It also requires an operating balance that is different from that of regular saving accounts. If you would like to get something extra for your savings in the bank but you are afraid of current account then this type of saving account is just perfect for you.

2. Evergreen Savings Account

Evergreen savings accounts are the ones designed specifically for the elderly. They use this saving account to show respect for the elderly. It is made for senior citizens that is above 60 years. Taking their age into consideration, Nigeria Banks uses this account to support the elderly.

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It has a higher interest rate on savings and also a different minimum operating balance. Any Nigeria citizen that is above 60 years can apply for this type of saving account. If you have a parent of this age you can help them apply for this account type and enjoy the benefit that is meant for the elderly.

3. Family Savings Scheme

Nigeria Banks understand the importance of Family i the country and economy.Hence they introduce a saving account that will help the Family as a whole. Imagine a family been able to save money under one Family ID while enjoy the benefits of individual account. You must admit that its a cool idea.

Any Nigeria Family can apply for this type of account. Remember that you have to apply as a family. Other benefits attached with this type of account is, Access to Home loans, Auto Loans, participate in Family promos etc.

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4. Early Savers Savings Account

Teaching your child the importance of savings and money management is very vital. Hence Nigeria banks have introduce the Early Savers to help parents teach their children how to save and manage money.

The best part of this type of saving account is that it is available for even unborn babies. When the child is given birth to and come of age he/she is now given the option to choose other savings accounts options. The parent are responsible for running the account while the child is still below 18 years.

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5. Target Saving Accounts

Everyone have goals and Nigeria Banks are aware of this very fact. The Target saving account helps customers to save towards their goals. You need a new Home, Car or saving for a business, then this saving account is just for you.

There are strict terms and conditions attached with this type of savings account. While there is high saving interest rate attached with it, withdrawing the money before a specified date might lead to not having your accumulated interest paid. Be sure to read the terms and conditions before you apply.

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6. Instant Saving Accounts

As the name implies, you only need just a single passport photograph to open this type of account. The Instant Saving accounts is created to help people get accounts with ease. It is perhaps the lowest level of saving accounts in Nigeria Banks.

In most Nigeria banks, the Instant saving account requires N1,000 deposit before it is opened.It also requires a minimum of N500 operating balance. Anyone above the age of 16 years can apply for this type of saving account.

So above are the typical types of available Savings account in Nigeria Banks. Go to any bank near you and request for a savings account that best suite your needs. Please share our articles on Facebook and Twitter using the share button below.