Would you like to open a savings account? When it comes to savings, you should consider the best options offered by Nigerian banks. Let us look at the best bank in Nigeria regarding the maximum amount you can earn on your savings.
Savings account With different top banks in Nigeria, you have to understand what savings account is and how it can help you earn nice 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 don not influence 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. So let us see which best bank in Nigeria offers the most interesting options.
What's in this guide?
Top banks in Nigeria for opening a savings account
These are the main financial organizations you can trust and enjoy for multiplying your original amount of cash stored on the deposit.
1. Diamond HIDA
This financial institution has an interesting proposition called High Interest Deposit Account. It’s flexible, allows withdrawing money (you get 2 free withdrawals) when you need it (you are not forced to pay any penalty if you use only 2 withdrawals). You can also preserve and multiply your finances or invest them into some promising projects.
Diamond HIDA allows Nigerians earning more money when they are saving more. Here are the main annual interest rates you can enjoy as a client:
- 2 percent – when you have less than 100,000 Naira per month
- 4.5 percent – when you store from 100,000 to 999,999 Naira per month
- 5 percent – when you have from 1 to 4.99 million Naira per month
- 6 percent – when you store 5+ million Naira each month
You can see that this savings account is great for citizens who have at least 100,000 Naira to add to their balance. Unfortunately, you cannot open an account with less money.
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.
Unfortunately, if you make 4 withdrawals in the same month your interest will be lost.
READ ALSO: 15 vital money lessons you should have been taught in school
3. Savings at FCMB
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.
4. GTBank Savings Account
This bank 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. FirstBank Savings Account
Known since 1894, the First Bank in Nigeria offers some interesting options. It has the FirstSavings Plus that works both as regular and savings accounts.
To open an account, you should add 50,000 Naira or more in your balance. You can get about 2 percent of interest rate per year if you keep this minimum balance all the time and make 1-2 withdrawals each month. The interest earning can be lost if you make 3 or more withdrawals from your account within one month.
As you can see, most banks offer the maximum amount in a savings account in Nigeria of 2-6 percent. 6 percent is probably one of the highest rates you can earn per year, while 2 percent is the average amount offered by many banks. Since you know some of the best banks in Nigeria, you can open your own savings account and multiply your earnings on a yearly basis.
READ ALSO: Difference between savings and current account in Nigeria: Which is right for you?
