All You Need to Know About Bank Savings Account in Nigeria


On this post, let’s learn some important things about bank savings account in Nigeria. I can say, i love talking about value added things in as much as they are inevitable, i spend more than 6hours on research daily. Reason is not just because i am known as a blogger but because i love to learn more, the more i read the more my knowledge expand therefore i have never give up on research any day. This is to say i can’t do a whole day without the internet, i ca say the internet is now part of me. I am saying this to encourage you, for been here you must have embrace the power of learning, you are not alone.

savings account in nigeria

On this post i have planed to introduce the power of savings account, what one can archive with a saving account and why it important to have a saving account.

According to my research i find that 89% Nigerians have a bank account and 62% are operating with two banks or more. This is to say there is every reason to hope for a stronger banking operation in Nigeria. 70% of Nigerians are operating saving account, but the question is what is a saving account and what can you do with it.

All You Need to Know About Bank Savings Account in Nigeria

From my experience, a saving account is an account that is meant for savings according to it name, i also try explaining in details that Savings accounts are a safe way to store and grow your money, yes i am correct but lets invoke the grammar and look at what we can do with savings account.

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According to the english used on it, a savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate. This is the most common account held in Nigeria, this account is easy to open and require lesser documents.

See the best Banks to open Savings Account in Nigeria Here

What Does Savings Account Offer

  • In savings account you can save and withdraw at any time.
  • In savings account you can use ATM Card for withdrawal at any time from any bank ATM Machine.
  • Saving amount in Savings account is almost close to unlimited.
  • Bonus is subjected to savings account.
  • Can receive Naira payment.
  • Can accept transfer from any bank.
  • Cannot Issue cheque
  • Third Party Can’t withdraw
  • Required Minimum N2,000 Opening amount which can be withdrawn after opening (depend of the bank you are operating on).
  • Can transfer money from your savings account to another account even if it’s to another bank
  • Can use the bank mobile app to mae transaction at any time.
  • Can pay bills with your atm or mobile app
  • No Limit to how much you can withdraw a month
  • No limit to how much you can save

ALSO CHECKThe Difference Between Savings Account and Current Account in Nigeria

Amazing right, there are a lot of things you need to know but these are the most important things that maters. Before you think to go, you would also want to know how to open savings account in Nigeria and  the requirements.

ALSO READ  The Difference Between Savings Account and Current Account in Nigeria





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