With the current economic climate, it is more important than ever to find a savings account that provides attractive returns. Whether you are starting your savings journey with a small amount or a significant sum, it is important to ensure that your savings work for you. Letshego Microfinance Bank Savings Accounts provide attractive interest rates that can help individuals achieve their financial goals.
The Letshego Group is a truly African multinational, first opening its doors in Botswana more than 21 years ago by offering loans to government employees.
Letshego Savings
With the current economic climate, it is more important than ever to find a savings account that provides attractive returns.
Letshego Savings Accounts offer a range of account options to suit different needs.
The bank has various interest-bearing savings accounts tailored to different goals and requirements. Whether you are looking for a traditional savings account or one with special features like higher interest rates for higher balances, Letshego microfinance bank has a solution for you.
Letshego offers a savings account with an interest rate of up to 5% per annum, which is higher than the average interest rate offered by other banks in Nigeria.
The bank also offers low minimum deposit requirements allowing depositors to save with as little as N1,000.
Other benefits of choosing a Letshego Savings Account include an added layer of security.
Letshego uses advanced technology to protect customer deposits, including encryption and other security measures. This helps to prevent unauthorised access to customer accounts and protect customer deposits from theft or fraud.
Letshego Microfinance Bank Savings Accounts Interest Rates
Below are Letshego’s savings accounts with their interest rates.
1. LetGo Basic Individual Savings
Described as a financial inclusion account, the LetGo Basic Individual Savings Account has dual features of transaction and savings.
Offered to individuals, businesses and dole proprietors, the account applies a positive yield interest curve method which is calculated daily and paid monthly to the customers.
Once account balances reach a certain threshold, the balances can be manually swept on the instruction of the customer into Flexisave which offers a higher interest yield to customer.
The annual interest rate on this account starts from 2% and progresses based on the amount saved.
Requirements
- Bank Verification Number (BVN)
- One passport photograph
- Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
- Valid means of identification (Int'l passport, Driver’s license, National ID, Voter’s card)
2. Letshego Term Savings
Letshego Term Savings is a standard ‘fixed’ account which allows for the investment of a specific amount of money for a fixed period, at an agreed rate.
Depositors are given the option of early or premature termination of funds but 20% of accrued interest is forfeited.
Individual customers are required to provide a duly completed Application Form, a Valid means of identification (national ID, International passport, driver's license, voters’ card, resident permit for foreigners), Recent Utility bill (electricity bill, water rate bill, tenement rate, rent receipt), One recent passport size photograph, BVN.
Requirements
- Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
- One passport photograph
- A duly completed application form.
- Valid means of identification (Int'l passport, Driver’s license, National ID, Voter’s card)
How to Open a Savings Account with Letshego on nairaCompare
- Select ”Letshego”
- Read through the information provided on the Letshego page to understand more about the provider, and its products.
- Select a product.
- Click on ‘Open Account’ to begin the application process.
- Fill in your personal details and provide all the necessary documents.
- Submit your application form for review and processing.
- After successful review of your application, you will receive an email notification confirming that your application has been approved!
How to maximise your savings
Maximising your savings involves adopting strategic financial habits and making thoughtful decisions to increase the amount of money you save over time.
Here are some effective ways to get the best of your savings:
● Create a Budget: Develop a comprehensive budget that outlines your income, expenses, and savings goals.
● Automate Savings: Set up automatic transfers to your savings account each month. Treating savings like a non-negotiable expense helps ensure consistent contributions.
● Emergency Fund: Establish and prioritise building an emergency fund. Aim for 3-6 months' worth of living expenses to cover unexpected financial challenges.
● Cut Unnecessary Expenses: Review your monthly expenses and identify non-essential items. Cut back on discretionary spending to redirect more money toward savings.
● Increase Income: Look for opportunities to increase your income, such as negotiating a raise or exploring additional income streams (side hustles, freelance work).
● Negotiate Bills: Shop around for better deals on recurring bills, such as cable, internet, or insurance. Consider switching providers for cost savings.
● Avoid Impulse Purchases: Implement a waiting period before making significant purchases to prevent impulse buying. Differentiate between needs and wants to make more intentional spending decisions.
● Use Cash Back and Rewards Programs: Take advantage of cashback and rewards programs when making purchases. Use your bank cards strategically to earn rewards but pay off the balance monthly to avoid interest charges.
● Compare Prices: Compare prices before making major purchases. Utilize online tools and resources to find the best deals on products and services.
By incorporating these practices into your financial routine, you can maximize your savings over time and build a more secure financial future. Consistency and discipline are key to achieving long-term savings goals.
Don’t forget to visit nairaCompare to get the best loan offers and saving options.
