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Savings Accounts in Nigeria

Compare savings options and find the perfect plan for you.

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Compare Personal Savings
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Compare Fixed Deposits
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Compare Children's Savings
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Savings Calculator
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What are your savings objectives?

Our Children’s Savings Account cultivates healthy financial habits that can shape your child’s future. Watch your child’s savings grow with competitive interest rates that ensure their funds flourish over time.

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Choose the best Savings product for you

Personal Savings Account

A personal savings account provides a safe and convenient way to build your savings and earn interest on your deposits. With this account you can easily deposit and withdraw funds whenever you need them, making it a flexible option for managing your money.

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Personal Savings Account

Eligibility Criteria

  • Be 18 years of age or older.
  • Have a valid form of identification such as a National ID card, driver’s license, or international passport.
  • Have an active and valid Nigerian bank account.
  • Have sufficient funds available in your account to cover the initial deposit amount required by the financial institution for opening the fixed deposit account.
  • Provide proof of address such as utility bill or other official document that confirms your current residence.

Please note that eligibility criteria may vary depending on the financial institution.It’s important to go over the criteria specified by the financial institution you choose.

Application requirements

  • Bank Verification Number.
  • Passport photograph.Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card).
  • Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.).
  • Proof of income (payslips/bank statements).

Please note that requirements may vary depending on the lender. It’s important to go over the requirements specified by the lender you choose

Fixed Deposit Account

With a fixed deposit account, you can earn a fixed interest rate on your deposit for a set period, usually ranging from 1 month to 5 years. Fixed deposit accounts often offer higher interest rates than regular savings accounts, making them a smart choice for long-term savings goals.

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Fixed Deposit Account

Eligibility Criteria

  • Be 18 years of age or older.
  • Have a valid form of identification such as a National ID card, driver’s license, or international passport.
  • Have an active and valid Nigerian bank account.
  • Have sufficient funds available in your account to cover the initial deposit amount required by the financial institution for opening the fixed deposit account.
  • Provide proof of address such as utility bill or other official document that confirms your current residence.

Please note that eligibility criteria may vary depending on the financial institution.It’s important to go over the criteria specified by the financial institution you choose.

Application requirements

  • Bank Verification Number.
  • Passport photograph.
  • Valid means of identification (Int’l passport, Driver’s license, National ID, Voter’s card).
  • Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.).
  • Proof of income (payslips/bank statements).

Please note that requirements may vary depending on the lender. It’s important to go over the requirements specified by the lender you choose

Children’s Savings Account

This account is designed for kids aged 0-17 years old and provides a safe and secure way for them to save money. With no or low monthly fees and competitive interest rates, your child can watch their savings grow over time.

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Children’s Savings Account

Eligibility Criteria

  • Be between the ages of 0-17 years old.
  • Have a valid form of identification, such as a birth certificate or national ID card.
  • Have a parent or legal guardian who is willing to act as custodian of the account until the child reaches 18 years of age.
  • The parent or legal guardian must open the account on behalf of the child and provide all necessary documents required by the bank, such as proof of address and income.
  • A minimum deposit is usually required to open the account; this amount may vary depending on the financial institution offering the savings account.

Please note that eligibility criteria may vary depending on the financial institution.It’s important to go over the criteria specified by the financial institution you choose.

Application requirements

  • Parent/ Guardian’s Bank Verification Number (BVN).
  • Passport Photograph of guardian and child.
  • Child’s Birth Certificate/ International Passport.
  • Parent’s/Guardian’s Valid Means of Identification.
  • Parent/Guardian’s proof of address: utility bills.
  • Parent/Guardian’s proof of employment.

Please note that requirements may vary depending on the lender. It’s important to go over the requirements specified by the lender you choose

Savings calculator

Frequently Asked Questions

We answered some questions, so you don't have to ask them

How does a Savings Account work?

When you deposit money into a Savings Account, the bank pays you interest on your balance. You can withdraw funds as needed, making it a convenient way to save for short-term goals or emergencies.   

How much interest will I earn with a Savings Account?

Interest rates vary among banks and can change over time. Generally, Savings Accounts offer a lower interest rate compared to other investment options, but they provide security and liquidity for your funds. 

What is the minimum amount required to open a Savings Account?

Minimum deposit requirements vary by bank and type of Savings Account. Some accounts may have no minimum, while others could require a specific initial deposit. 

Are there any fees associated with a Savings Account?

Some Savings Accounts may have maintenance fees or minimum balance requirements. It's important to review the terms and conditions of the account to understand any potential fees that might apply. 

What is the minimum amount required to open a Savings Account?

Minimum deposit requirements vary by bank and type of Savings Account. Some accounts may have no minimum, while others could require a specific initial deposit.

Start Building Wealth, One Smart Save at a Time!

Explore High-Yield Savings Accounts Tailored to Your Financial Goals

Looking for the best place to grow your money? Whether you're starting your savings journey or looking to maximize returns, nairaCompare helps you find the most rewarding savings accounts. With our comprehensive platform, you can easily discover accounts with high interest rates and favourable terms, tailored to your needs.

Compare Interest Rates at a Glance

  •  Quickly access and compare top-tier savings account interest rates from leading banks and institutions, ensuring you get the most out of your savings.

Tailored Account Insights

  •  We provide in-depth details on account features such as fees, benefits, and restrictions, helping you find the perfect fit for your financial lifestyle.

Seamless Online Applications

  •  Choose and apply for your preferred savings account directly through nairaCompare’s platform. Our streamlined process ensures a hassle-free experience.

Trusted Banking Partners

  •  We work with reliable and reputable banks, giving you peace of mind that your savings are in safe hands while offering competitive returns.

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