Saving Accounts with Higher Interest Rate
NaijaRock
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Posted by Felix Okoli on Monday July 22, 2013 at 10:8:21:
In Nigeria, saving accounts are among the most patronized bank products by customers. Almost everyone who goes to a bank already has a bank account. When it comes to savings account however, there are of different types. In this context, I would just distinguish them into two: Basic savings account and High interest savings account.It is true that people work hard to earn money. Some are wise enough to save some of them in the bank. Others think putting money in the bank is no better than keeping them at home: under the bed, in a cabinet or in a safe. This is because most people do not find savings accounts with high interest rate right away. Such accounts are usually hard to find. Most banks are not inclined to telling everyone about a higher interest rate. Why? Because they would be earning much less if everyone would choose such a savings account. After all, some people voluntarily open a bank savings account even if the interest rate is minimal.Saving accounts with higher interest rate are not out in the open but they exist. Never be disappointed with the yield of your savings account again. You should look for a higher interest rate if you are serious about growing your money in the bank.
Of course, choosing a savings account is not all about the interest rate. Many other factors must be taken into consideration. For instance, you also have to look at the bank's location, size, track record, and online activities. Does the bank have a branch near you? Is it a local or national bank? Does one of its branches shut down in the last five or 10 years? Can you access your account online? Some banks also offer rewards or prizes for transactions such as depositing and paying for bills online. Yes, in addition to higher interest rates, some banks also give prizes like a free trip to a popular tourist destination to customers who, for example, pay their bills using their savings account.
Be mindful of the minimum amount required to earn interest. It is different from the maintaining balance, which is the balance you must keep to keep the account active.
Do you love to keep your money at home? Why do that if it can grow in a bank? Simply look for a bank that gives higher interest rates for savings account.Yes, there are banks in Nigeria that offer you a higher interest on your savings but they mostly require a higher minimum deposit and I'm talking from NGN100,000 and above. Banjs would pay you more interest if you bring in higher amounts in your savings.While some banks may offer higher interest for basic savings account if a customer's capital exceeds a limit, others have a specially dedicated high interest bearing savings account that are designed to reward high valued customers more.For the low income Nigerian, they are used to maintaining low capital in their account and would probably maintain less than N100,000 in such an account. If you are however introducing or already have a high capital in your savings account, it's time you go for a bank account that offers you a higher interest on your savings. In some cases, certain savings account could earn you about the same range as Fixed deposit rates in some banks.High interest bearing savings account are the way to go if you want to save money in a bank, earn a higher than normal interest on it and still be able to access your money any time you want.
Comments:
In Nigeria, saving accounts are among the most patronized bank products by customers. Almost everyone who goes to a bank already has a bank account. When it comes to savings account however, there are of different types. In this context, I would just distinguish them into two: Basic savings account and High interest savings account.It is true that people work hard to earn money. Some are wise enough to save some of them in the bank. Others think putting money in the bank is no better than keeping them at home: under the bed, in a cabinet or in a safe. This is because most people do not find savings accounts with high interest rate right away. Such accounts are usually hard to find. Most banks are not inclined to telling everyone about a higher interest rate. Why? Because they would be earning much less if everyone would choose such a savings account. After all, some people voluntarily open a bank savings account even if the interest rate is minimal.Saving accounts with higher interest rate are not out in the open but they exist. Never be disappointed with the yield of your savings account again. You should look for a higher interest rate if you are serious about growing your money in the bank.
Of course, choosing a savings account is not all about the interest rate. Many other factors must be taken into consideration. For instance, you also have to look at the bank's location, size, track record, and online activities. Does the bank have a branch near you? Is it a local or national bank? Does one of its branches shut down in the last five or 10 years? Can you access your account online? Some banks also offer rewards or prizes for transactions such as depositing and paying for bills online. Yes, in addition to higher interest rates, some banks also give prizes like a free trip to a popular tourist destination to customers who, for example, pay their bills using their savings account.
Be mindful of the minimum amount required to earn interest. It is different from the maintaining balance, which is the balance you must keep to keep the account active.
Do you love to keep your money at home? Why do that if it can grow in a bank? Simply look for a bank that gives higher interest rates for savings account.Yes, there are banks in Nigeria that offer you a higher interest on your savings but they mostly require a higher minimum deposit and I'm talking from NGN100,000 and above. Banjs would pay you more interest if you bring in higher amounts in your savings.While some banks may offer higher interest for basic savings account if a customer's capital exceeds a limit, others have a specially dedicated high interest bearing savings account that are designed to reward high valued customers more.For the low income Nigerian, they are used to maintaining low capital in their account and would probably maintain less than N100,000 in such an account. If you are however introducing or already have a high capital in your savings account, it's time you go for a bank account that offers you a higher interest on your savings. In some cases, certain savings account could earn you about the same range as Fixed deposit rates in some banks.High interest bearing savings account are the way to go if you want to save money in a bank, earn a higher than normal interest on it and still be able to access your money any time you want.
Comments: