When it comes to saving money, it is essential to choose the right bank that offers the best deals and incentives. As a country with a booming economy, there are quite a number of banks for saving in Nigeria.
You must acquaint yourself with the banks in Nigeria and how they operate.
Why you need a savings account in Nigeria
There are several reasons why having a savings account is important. Here are a few key reasons:
● Emergency Fund
A savings account can serve as an emergency fund that you can use in case of unexpected expenses such as medical bills, car repairs, or home repairs. Having an emergency fund can help you avoid going into debt or having to borrow money from friends or family.
● Financial Goals
A savings account can also help you achieve your financial goals, such as saving for a down payment on a house, a car, a vacation, or a retirement fund. Having a separate account for your savings can make it easier to track your progress towards your goals.
Savings accounts also typically pay interest on the money you deposit. While interest rates may be low, it's still better than keeping your money under your mattress or in a current account where it won't earn any interest.
● Easy Access
Savings accounts in Nigeria also provide easy access to your money, unlike other types of investments that may require a waiting period before you can access your funds. This means you can quickly and easily withdraw money from your savings account if you need it.
Overall, a savings account can help you establish good financial habits, build an emergency fund, save for your financial goals, earn interest on your money, and provide easy access to your funds when you need them.
Best banks for saving in Nigeria
Some of the popular banks in Nigeria are known for offering savings accounts with competitive interest rates and other benefits.
Below are 10 of them.
1. Access Bank Nigeria
Access Bank is known for its interest rates which are highly competitive in the market.
The bank offers various savings account options with differing minimum account balances and interest rates, making it easier for customers to choose the perfect plan that suits their financial goals.
Its three-tier saving account offer from N100,000 maximum deposits to unlimited deposits and withdrawals daily.
2. Zenith Bank
Zenith Bank offers savings accounts with varying interest rates that are competitive among other banks in Nigeria. Zenith Bank Nigeria Plc also offers mobile banking solutions, making it easy and convenient for customers to access their funds anytime and anywhere.
The bank’s Eazy Account offers a daily account balance limit of N300,000 and withdrawals in multiples of N20,000.
Guaranty Trust Bank (GTBank) Nigeria Limited is known for its high-interest rates on its savings accounts.
The bank has a minimum opening balance requirement, but its interest rates make it worth it for customers who are looking to save big.
A GTBank Savings Account has a zero minimum operating balance and can hold an unlimited amount.
It also has a daily transfer limit of N100,000 via USSD and N5 million via its mobile app.
4. Fidelity Bank
This bank offers various savings account options with unique features such as no minimum balance requirement, interest on the first deposit, and mobile banking solutions that can be easily accessed from anywhere.
With Fidelity Bank’s Tier 2 savings account is limited to a maximum single deposit amount of N100,000 and a maximum cumulative balance of N500,000 at any point in time.
Its mobile banking is also limited to a maximum transaction limit of N10,000 and a daily limit of N100,000.
5. First Bank
First Bank of Nigeria offers various savings account options with different features that will appeal to different customers.
It also provides internet banking solutions, making it easy and convenient for customers to access their accounts from anywhere.
First Bank’s FirstIsntat Account has a maximum cumulative balance of N300,000.
Depositors may upgrade the account at any time if they wish to have more than N300, 000 balance in their account.
The account can also be operated as a Salary Account which is designed for those who carry out fewer transactions with the bank.
United Bank for Africa (UBA) is known for its competitive interest rates on savings accounts.
It has a minimum opening balance requirement, but its interest rates are worth it for customers who want to maximise their savings.
UBA’s savings account comes with a zero opening balance and a maximum cumulative balance of N300,000.
The maximum single deposit that can be made into the account is N50,000.
7. Stanbic IBTC
Stanbic IBTC Bank Nigeria Limited is known for its high-interest rates on savings accounts and mobile banking solutions, allowing customers to access their funds from anywhere.
Swift Save Plus, its savings account product, is limited to a maximum single deposit amount of N100,000 and a maximum cumulative amount of N500,000 at any point in time.
Ecobank Nigeria Limited offers different savings account options with varying interest rates and unique features that appeal to different customers.
They also provide Internet banking solutions that make it easy to access accounts from anywhere.
Ecobank Xpress Accounts accept a maximum single deposit of N50,000 daily.
9. Union Bank
Union Bank of Nigeria Plc offers savings accounts with varying interest rates that are competitive with other banks in Nigeria.
The bank provides mobile banking solutions which make it easy for customers to access their accounts anytime.
With the UnionSave More account, depositors can earn 5.25% interest per annum with a ₦2,500 opening balance.
Its maximum single deposit is ₦100,000 while it also has a Maximum daily cumulative balance of ₦500,000.
10. Sterling Bank
Sterling Bank Nigeria offers various savings account options with unique features such as mobile banking solutions, no minimum balance requirement, and competitive interest rates.
Sterling Bank’s savings account has a maximum single deposit of N20,000 and a maximum cumulative balance of N200,000 at any point in time.
Factors to consider before opening a savings account
Before opening a savings account, it is important to consider several factors to ensure that you choose the right account that meets your needs. Here are some things to consider:
● Interest rates
One of the most important factors to consider when opening a savings account is the interest rate. Look for an account that offers a competitive interest rate to help your savings grow faster.
Check for any fees associated with the savings account, such as monthly maintenance fees or transaction fees. Look for an account with minimal fees or no fees at all.
● Minimum balance requirements
Some savings accounts require a minimum balance to avoid fees or earn interest. Make sure you can meet the minimum balance requirements before opening the account.
Consider the accessibility of the savings account. Look for an account that is easily accessible through online banking or mobile apps.
● Withdrawal restrictions
Some savings accounts in Nigeria may have restrictions on the number of withdrawals you can make in a month. Consider your withdrawal needs and choose an account with withdrawal restrictions that work for you.
● Customer service
Consider the quality of customer service offered by the bank. Look for a bank with good customer service that can provide assistance when needed.
● Account features
Look for additional account features, such as ATM access, direct deposit, or overdraft protection, that can help you manage your savings more efficiently.
By considering these factors, you can choose a savings account that fits your financial needs and helps you achieve your savings goals.
In addition, you can visit nairaCompare to compare savings accounts at a glance and select the one that’s right for you!