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Types of Bank Accounts We Have in Nigeria


Everything has come this far the day of banking and accessing your money when ever you need it is here, unlike those days when you have to save your money at home under you pillow. Lol how could i forget a plank save whic have littke hole to throw the money in, when you need the money you then have to break it with hammer, it really funy but really tells us how modern the world is coming.

Types of Bank Accounts We Have in Nigeria

Today we now have what is called bank where you can save your money on your profile known as account, and you have access to collact it when ever you wish to. This has reduce the process of having your money steal by thieves, it almost to waste of time for thieves visiting homes this days reason because people no long save their money at home, therefore limiting the chance distruction of those big boys.

There are so many banks in Nigeria currently now and they are operating in all states and cities of the country, the chance of getting your money at any location in Nigeria is now a wide as express. Many trasactions are now done with what Nigerian banks introduce as transfer done through the bank mobile app or online banking. This is how financial safe Nigeria has become.

On this post we bring to you list of account types we have in Nigeria.

Savings Account

A savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate. Savings account in Nigeria is one of READ MORE ABOUT SAVINGS ACCOUNT

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Current Account

Current account is a “general-use” account on which you can write checks, use ATM/Debit cards and have unlimited transactions. These account is… READ MORE ABOUT CURRENT ACCOUNT

Domicilary Account

A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler’s cheques or foreign currency cheque deposits. The most lovely thing about this account is… READ MORE.

Non Resident Nigerian (NRN)

NRN Banking is a unique banking service designed to meet the banking needs of Nigerians living abroad, NRN Banking encompasses a portfolio of products and services specially designed for Non Resident Nigerians.

These are the most used accounts in Nigeria. If you know any important one you think we should include here, you are free to contact us using details provided in our contact us page or drop it below us the comment box.

Fixed Deposit Account

Fixed deposit account is a future planed saving cash account, If you plan on saving cash for the future on a long term basis, a Fixed/Tenured Deposits account in Nigeria offers the best options for you and your business.

Features & Benefit

A Fixed/Tenured Deposit is a tenured investment account with a specific amount invested at an agreed interest rate and tenure. At the end of the agreed period (tenure), and based on your instructions, the investment can either be re-invested or returned to you with the interest amount earned.

The tenure is usually 30 days minimum, or 180 days maximum.

Corporate Account

An account for the corporate end of the market (Structured businesses with high turnover)

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Features

  • Initial opening balance of USD$500 or LRD15000
  • Cheque issued on account
  • Network access
  • Cheque/cash withdrawal or lodgement
  • Unlimited number of cheque transactions
  • Account subject to monthly charges
  • Monthly statement of account
  • Access to internet banking

Professional Account & Employee Savings Account

Not all banks that offer this account, but you can open this account in UBA Bank. Profession Account and Employee Savins Account is an account designed for the workers of reputable organization where their salaries are paid into the accounts. The UBA professional account is a current account while the UBA Employee savings is a savings account.

Features

  • Choice of current account or savings account.
  • Zero account opening balance.
  • Minimum operating balance.
  • Ease of conversion to a normal current account/savings account upon request or on separation from place of employment.
  • Access to Internet and mobile phone banking.
  • Free ATM card.
  • Access to personal loans up to 50% of monthly salary.
  • Access to our Retail Credit facilities.
  • Minimum balance of US $ 15

Individual/Joint Account

Joint account is an Account where funds are Deposited and withdrawn on demand
Features

  • Opening balance of USD$100 or LRD 3000
  • Cheque issued on account
  • Network access
  • Cheque/cash withdrawal or lodgement
  • Unlimited number of cheque transactions
  • Account subject to monthly charges
  • Monthly statement of account
  • Access to internet and mobile banking

This are the most known account types in Nigeria, most of them are offered by all the banks while few of the banks offer all of the above mentioned account.

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