Bank Account Opening Balance And Their Interest Rates For Savings And Current Accounts In Nigeria

Bank Account Opening Balance And Their Interest Rates For Savings And Current Accounts  In Nigeria

When you talk about banking in Nigeria, so many people believe it’s all about going to give a bank the money to keep and also pay them for the saving the money for them. Just like a car owner who found a parking space and takes his care their for parking space and safety, of course he will pay for the space. This scenario is exactly how so many Nigerians see the the services rendered to them by the banks in Nigeria. Unfortunately, it is not officially that way. Like the name goes, saving account has a certain percentage of the amount for any particular account paid into a  customer’s account per annum while current account on the other hand doesn’t attract any official interest rate, instead it attracts some commission on turnover. in this article, we will be talking on savings and current account opening balance and their interest rates.

GUARANTY TRUST BANK
GTB savings and current account

GTBank operates on zero opening and zero minimum balance account. GTB were the first to start the zero balance on current account there by giving you total control of your money. This innovation placed GTB as the choicest bank to bank with by both rich and poor.

the minimum opening amount and minimum balance for both savings and current account remains N0.00 till today. However, there are charges for using current account. There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for GTBank savings account is 4.2% per annum.

ZENITH BANK

Zenith Bank current and savings account

Zenith Bank is one bank every Nigerian sees with a very high degree of respect. it is a prestigious bank. With a very good history of serving Nigerian very well. When you talk about professionalism in banking, efficiency and effectiveness, Zenith Bank can boast of giving the combination of these qualities.

Minimum Opening amount for current account is = N3,000.
Minimum balance for current account is = N0.00
Minimum Opening amount for savings is = N1,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Zenith Bank savings account is 4.2% per annum.

Note that there must be periodic deposit in your current account to cover for the CoT.

Standard Chartered Bank

Standard Chartered current and savings account

Standard Chartered Bank is not a very popular bank, this is because of not having as many bank branches as other indigenous bank however they are strategically positioned to serve their customers very well. Standard Chartered bank of Nigeria are not indigenous bank but they are formidable, strong and reliable. This bank tends to scare average Nigerian away with their huge opening balance for both savings and current account.

Minimum Opening amount for current account is = N50,000.
Minimum balance for current account is = N1,000
Minimum Opening amount for savings is = N50,000
Minimum balance for savings is = N1,000

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Standard Chattered Bank savings account is 4.2% per annum.

ECO BANK

Ecobank Nigeria saving and current account

ECO Bank is another non indigenous bank that has serve the African continent very well. You can say ECO Bank is an African bank. Eco Bank operates both savings and current account like every other bank and they are very mild in their minimum opening amount fr both savings and current account.

Minimum Opening amount for current account is = N5,000.
Minimum balance for current account is = N0.00
Minimum Opening amount for savings is = N1,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Eco Bank savings account is 4.2% per annum.

FIRST CITY MONUMENT BANK

fcmb

First City Monument Bank Ltd is a full service banking group, in Nigeria, with the vision ‘to be the premier financial services group of African origin’. The bank has noticed continuous growth from all side. It has two major types of account which are savings and current account, their third is a hybrid account that uses check book but the check book cannot go for clearance.

Minimum Opening amount for current account is = N5,000.
Minimum balance for current account is = N500
Minimum Opening amount for savings is = N1,000
Minimum balance for savings is = N500
Minimum Opening amount for hybrid account is = N5,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for FCMB savings account is 4.2% per annum.

KEYSTONE BANK

Keystone Bank is simple and innovative. The bank has met all expectation of the CBN and has joined the competition with other banks. To proof their competitiveness, they allow customers to maintain a zero amount in their current account. the breakdown is as follows;

Minimum Opening amount for current account is = N10,000.
Minimum balance for current account is = N0.00
Minimum Opening amount for savings is = N5,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for KeyStone Bank savings account is 4.2% per annum.

ACCESS BANK

Access Bank current and savings account

Access Bank just like Keystone Bank operate on the same level of savings and current account.

Minimum Opening amount for current account is = N10,000.
Minimum balance for current account is = N0.00
Minimum Opening amount for savings is = N1,500
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Access Bank savings account is 4.2% per annum.

UNION BANK

union bank current and savings account

Union Bank have served Nigerian for years and they are still serving. At a time they seem to be skeptical about technological innovation in the banking sector, hence they decided to stand by and watch how things unveils. But now they are on it again back to 21st century banking with cutting edge technology, they seem ready to recover all they have lost in the past few years. here is their account break down

Minimum Opening amount for current account is = N5,000.
Minimum balance for current account is = N1,000
Minimum Opening amount for savings is = N2,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Union Bank savings account is 4.2% per annum.

SKYE BANK

Skye Bank Plc is one of Nigeria’s leading commercial banks. With their belief that the sky is big enough for everyone, they send a strong statement that Skye Bank is big for everyone. their savings and current account breakdown is

Minimum Opening amount and operating balance for current account is = N1,000.
Minimum Opening amount for savings is = N2,000
Minimum balance for savings is = N500.

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Skye Bank savings account is 4.2% per annum.

DIAMOND BANK

Diamond bank if one the Nigeria’s leading banks and they have juicy savings and current account offers that are almost irresistible.They are

Minimum Opening amount for current account is = N10,000.
Minimum balance for current account is = N0.00
Minimum Opening amount for savings is = N5,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Diamond Bank savings account is 4.2% per annum.

Heritage Bank

Heritage Bank if one the Nigeria’s banks and they have juicy savings and current account offers for both individuals and corporate organizations that are almost irresistible. We concentrate on individual savings and current accounts

Minimum Opening amount for current account is = N5,000.
Minimum balance for current account is = N0.00
Minimum Opening amount for savings is = N2,000
Minimum balance for savings is = N500

There is a charge of N1 for every N1000 and a N50 stamp duty for every deposited amount from N1000 and above. The interest rate for Heritage Bank savings account is 4.2% per annum.

 



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