The best high interest savings account in Nigeria 2022
Read my post on the best high interest savings account in Nigeria.
The art of saving money has been around for quite some time now. People saved their money in piggy banks before technology was a thing.
Saving your money in a piggy bank has its disadvantages. You might break it because it is easily accessible even if you haven’t reached your savings goal and the piggy bank might get stolen, causing you to lose all your savings.
Now that technology is in its full-blown form, banks’ high-interest savings accounts were introduced. There, your savings and interest in it are safe.
The high-interest savings account will grow at a much faster rate than a current or normal savings account.
If you’re trying to build an emergency fund or you’re looking forward to reaching a certain financial milestone, what you need is a high-interest savings account.
You will enjoy competitive interest rates and long-term money growth while also saving money for emergencies where you will urgently need it.
This article contains a list of the “Best high interest savings account” in Nigeria so you can choose to not keep your money sitting in a bank account but get creative with it.
Before listing the “Best high interest savings account in Nigeria“, let’s quickly look at the benefits of saving money in a high interest bank account.
Benefits of a high interest savings account
Create emergency funds
Your life may be going smoothly for now, but you will never know when life may take a hard turn and catch you by surprise.
Let’s use the 2020-2021 pandemic period for example, so many people lose their jobs while millions of other people get ill, therefore, you need to create an emergency fund that will be available for you when going through hard times.
It is indeed good to save for a not-sunny-rainy day.
Encourages long-term savings
If you open a high interest savings account, unlike a current account, you can’t make frequent withdrawals or bank transactions.
You can only further deposit funds, a forfeiture of any interest on your savings will be invoked as penalization if any withdrawal is made.
You can activate the lock-in features
What is the lock-in feature? This is when you require the bank to lock in your funds, making it inaccessible to you for several years specified by you.
This is one of the many significant benefits that the bank’s interest savings account has over the traditional saving method.
You can’t just wake up one day and decide to withdraw all your money and savings, thereby ending your long-term saving goals.
There are so many benefits, but let’s keep it short to these major three. Now, let’s proceed to list the “Best high interest savings account in Nigeria”…
4 of the Best High Interest Savings Accounts in Nigeria
1. First City Monument Bank Premium Savings Account
Features and Benefits
- Minimum account opening balance of N100,000
- Allows third party over-the-counter withdrawals
- Allows lodgement of clearing instruments, including dividend warrants
- Four free domestic bank drafts or manager’s cheques allowed on the account per month
- Unlimited withdrawals allowed. However, over four withdrawals in a month will lead to forfeiture of interest for that month
- Can be operated as an individual or joint account
- Platinum/Gold Debit card gives you access to over 9,000 ATMs nationwide with an increased spending limit
Requirements to open an FCMB Premium Savings Account
- The minimum account opening age is 18 years
- One satisfactory reference must be provided if you are a new customer
- Proof of identification such as International Passport, Driver’s License, National ID card, or Voters Card
- A copy of a receipt from any public utilities or private telephone operator dated no later than three months
- One (1) passport photograph of each allowed signatory
- For non-Nigerian applicants, a copy of the Resident or Work Permit
2. Access Bank High Interest Account
Features and Benefits
- You earn highly competitive interest rates per annum on your available balances calculated daily but payable monthly
- Gives you the convenience and flexibility of depositing cash, other banks cheques, and dividend warrants at any of our branches.
- Enjoy 4 free withdrawals without forfeiture of credit interest payment on balances maintained.
- Encourages you to save as the account does not come with a debit card
- The convenience of being able to transfer money between your own Access Bank accounts in the branch, online, or over the phone (if you are registered for Access/Diamond online and Access/Diamond mobile)
- A penalty charge of N150 if the balance goes below N5,000
Requirements to open an Access Bank High Interest Account
- One clear and clean passport photograph
- Any valid personal identification such as International Passport, Driver’s License, National ID card, or Voters Card
- The utility bill will be required as a valid proof of address
- Account minimum Opening Balance of N100,000
- Account minimum Operating Balance of N500
3. Stanbic IBTC Bank MaxYield Account
Features and Benefits
- Third-party deposits and withdrawals by cheques into your MaxYield account (Maximum deposit of N2 million and non-clearing 3rd party cheque withdrawals)
- Cash deposit and withdrawal at any Stanbic IBTC Personal Deposit Machine and ATM respectively
- Make payments on the Web and via POS with your debit MasterCard
- Access to all E-Banking channels
- Set up direct debits or standing orders for regular bill payments
- Bonus interest of 0.5% plus 10% of MPR per annum if daily balance is more than N100,000.
- The interest of 10% of MPR per annum if the balance is less than N100,000 or over 1 withdrawal per month.
- They forfeit interest at the 5th withdrawal in a month. They pay monthly interest less than 10% withholding tax.
Requirements to open a Stanbic IBTC Bank MaxYield Account
- Application form.
- Two recent passport photographs of each signatory to the account
- Signatory’s valid ID (Drivers’ license, International passport, National ID, or Voters’ Card)
- BVN of all signatories
4. Fidelity High Yield Savings Account
Features and Benefits
- Earn Regular Monthly Interest (not applicable if the customer makes over 3 withdrawals in a month)
- Debit card of choice
- Allow deposit of cheques/dividend warrants.
- Access to internet banking service
- Open account with any amount
- Minimum Operating balance of N5,000
- Tiered interest rate based on threshold
Requirements to open a Fidelity High Yield Savings Account
- 1 completed reference form
- Valid means of identification
- Utility bill
- 1 Passport photograph
I hope the “best high interest savings account in Nigeria” on this list will help you make the best money-saving decision. If you have a question concerning the listed individual bank account, kindly comment down below.