If you want to open a savings bank account in Nigeria and you don’t know how much the account can hold, then you are in the right place. In this article, i will explain in detail the maximum amount a savings account can contain in some major banks in Nigeria.
It may interest you to know that a savings account in some Nigeria banks can hold a large some of money. From our research, the lowest a savings account can hold in some major Nigeria bank is N2million while the largest is about N5millions. To this fact, you are left with an option to choose the bank of your choice. You may probably choose the bank that can contain more than the amount you may want to save in your account.
So in this article, I will tell you all you need to know about a savings account, the maximum amount some major banks in Nigeria can hold in their savings accounts and what you stand to gain from owning one.
What is a savings account?
Just as the name suggests, a savings account is a bank account, opened mainly for saving purposes. Ideally, the money deposited in saving account is expected to earn some interest over a period of time. The interest rate is usually not the same, it varies from bank to bank. This implies that if you deposit N1million naira in bank “A” and deposit another N1million in bank “B” at the same date, and you leave this money for over a period of 5year, you will find out that Bank “B” might earn you more interest than bank “A” . With this being said, it is advisable that you make a proper research before rushing to the bank to open an account. Generally, the interest rate is usually between 4% to 6% of your deposit.
When you depots your money in a savings account, indirectly you are giving the bank a loan, the bank will then use the money for an investment or lend it out to other customers the profit they made from your money is now shared between you and the bank. The interest you gain is usually calculated based on the amount you have deposited.
If you earn regular income and you want to save,
savings account is the best choice of account for you.
Nigeria banks and the amount their saving account can hold
How to increase your savings account limit in Nigeria
It is possible to save more than the amount listed above, each bank have a criterial you need to meet before your savings account can be upgraded so that you can save more.
All you need to do is to visit your bank and make enquires, ones you meet their requirements your account will be upgraded without delay, off curse every bank want more savings so that they can make more money.
What you need to upgrade your savings account
In as much as it is advisable to visit your bank and get their requirements to upgrade your account, the following document might also need to have the following documents with you if you want to upgrade you account
- National Identity card
- Drivers license
- Voters card
- Utility bills ( water, electricity etc)
- Other means of Identification that may be needed by the bank
There is no restriction to when you should deposit your money in your savings account. This implies that you have access to this account at any given time. A savings account can be opened by one person or an organization. Since there is a limit to how much your account can hold, it is advisable you move your money to a current account or better still upgrade your savings account so that you can save more.
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