We had bring you information about The Maximum Amount A Savings Account Can Hold in Nigeria and all you need to know about Savings account in Nigeria.
A savings account is a bank account where you can deposit and store your money while earning some interest on your balance. While the interest you get is determined by the amount of funds you have in the account, a lot of people may be inquisitive on the limit of money that a savings account can hold in Nigeria. This and all about savings account in the country will be covered in this article.
We cannot stress on the max amount a savings account can hold without knowing what this type of bank account is. First, let’s take a gander at how the savings account is, the eligibility for registration, and subsequently the pros and cons of having an account of this type.
As the name implies, a savings account is designed for the purpose of savings. It is that bank account that makes you to store your funds. Interestingly, you can receive interest on this your savings. Your balance savings is independent on the interest you will receive. All these makes savings account an ideal choice for an individual who earns a regular income as salaried employees. It’s also preferred for small scale business or organizations that would consider it an option to save their profits. Moreso, savings account is a type of account that is also ideal for those who have any short-term financial goals like future vacation, financing a wedding, buying a car etc. The account will help in actualizing these dreams.
Features of Savings Account
It not longer news that a savings account is designed to help customers save their funds with the bank. Aside from the interest you will receive from your savings, there are many other things you might be oblivious of this account.
A savings account allows the holder to deposit money as is convenient. This means that there is no restriction to when you should put your funds into the account.
Holders and users of savings account are open to earning interest from their savings. This interest is dependent on the balance of your saving account. A savings account may be opened by an individual or as an organization.
There is a limit of how less you saving account should have. As such, it requires the holder to usually maintain a pre-specified amount as a minimum balance.
Savings accounts have an interest which ranges between 4% to 6%. The interest rate varies among banks and the interest is a function of the funds you have with the bank.
Savings accounts do usually carry the facility of issuing cheques, but it depends on the bank.
There is a maximum amount your savings account is allowed to hold. This is the aim of this write-up, as we will expound more on these as we progress. However, if you have more than the maximum amount your savings account can hold, you may upgrade the account at any time. This depends on whether your bank has an option for this. After knowing what a savings account really is, the specifications and the intriguing benefits of opening such an account, it’s best to get in to the main issue here. We’ll look at the maximum amount a savings account can hold in any of the banks in Nigeria.
The Most Amount of Money a Savings Account Can Hold in Nigeria
Savings account is an interest-based account. With the interest being a function of your savings balance, there may be a limit (in some cases) of how much you can store in the account. Though it is varying across banks in the country, we will apprise you on the current maximum amount each of Nigeria’s bank savings account can hold.
In Nigeria, there are limits on the amount of money that you can put in a savings account. This makes banks in the country place certain restrictions to their customers using this type of account. However, there is no government law which makes this, but rather it is one of the conditions for using the bank.
The only limits imposed on the amount your savings account can hold are the limits imposed by the bank itself. It is not all the banks that prioritize this, as only few banks impose a limit on your savings account’s balance. In the course of the article, we’ll outline the Banks in Nigeria and their respective maximum amount of savings account. This will help in making a decision on which one to clue in. Nevertheless, you’re unlikely to ever have a bank turn your deposit away, because the banks make money when you put in your money into an account.
Most banks in Nigeria have a limit of N3,000,000 as the maximum amount a savings account can hold. Nonetheless, this amount is dependent upon the bank you are using. Below is the list of popular banks in Nigeria and their respective limits for savings account:
Banks And Max Amount Their Savings Account Can Hold
- Stanbic IBTC Bank N2,000,000
- Access Bank N5,000,000
- First Bank of Nigeria N4,000,000 sometime above
- First City Monument Bank (FCMB)
- Guarantee Trust Bank (GTB)
- United Bank of Africa (UBA)
- Zenith Bank Plc N5,000,000
- Fidelity Bank N4,000,000
- Union Bank N4,000,000
That’s the complete list of some top banks in Nigeria with the maximum amount their Savings account can hold.
If it happened that you have reach your saving limit in any of these banks, No worries, all you need to do is to meet them up in the bank to inquire how and what you need to make an upgrade.