Maximum Amount a Savings Account can Hold in Nigeria, A savings account is an interest-bearing deposit account held at a bank or other financial institution.
Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.
A savings account is a bank account at a retail bank whose features include the requirements that only a limited number of withdrawals can take place, it does not have cheque facilities, and usually do not have a linked debit card facility, it has limited transfer facilities and cannot be overdrawn.
However, Savings account at a bank or credit union and deposit money into it. While it’s stored in the account, your money earns interest, paid by the bank.
You can continue to add funds to the account to work toward a savings goal, such as paying for a vacation or building up an emergency fund. You can also withdraw money from a savings account, though there may be some restrictions on how frequently.
Features of Savings Account
A savings account is designed to assist clients to save their money in the bank and apart from the interest associated with a savings account here are some other features you should look out for:
- A savings account can be used to send and receive payments and it serves as a base for all transactions.
- Savings accounts offer a nominal interest rate ranging from 4% to 6% per cent. Interest in this account is calculated on a half-yearly basis by most banks.
- You need to maintain a minimum average balance in your savings account, failing which subjects you to a penalty. The minimum average balance differs across banks and so does the penalty.
- Almost all savings accounts offer this facility. When you open a savings account, you get a passbook and cheque carrying your account details.
- Many banks offer additional benefits along with their saving account. Some banks allow you to open a Demat Account along with savings accounts for free, which can be used for trading in the stock market.
- There is a maximum amount your savings account is allowed to hold which differs from different banks.
Maximum Amount a Savings Account can Hold in Nigeria
Maximum Amount a Savings Account can Hold in Nigeria, According to a banker in one of the banks explained to me, ‘said banks have different packages ranging from:
- Early Savers
- Solo Account
- Standard Savings Currents Accounts Individual
- Current Accounts Savings
- Tier 1 & Tier 2 respectively
In his statement, the banker also said Maximum Amount a Savings Account can Hold in Nigeria “the onion here is to open an account with complete documentation, for saving account standard you will need a valid ID and utility bills.
Unlike solo accounts which are for students, tier & tier 2 no need for a valid ID and there will be a limit to the amount of money you can pay into such accounts.
He continued to say that if you open a tier 2 or tier 1 respectively, you are expected to do transactions less than a million because any attempt you drop cash more than a million a PND (post no deposit) will be placed on the account and then you will be asked to produce some documents to migrate the account.
Also, why will you deposit a 10m in an account that all year the account’s largest deposit ever made was N20, 000 “are you, funding terrorists?
With all this information on the Maximum Amount, a Savings Account can Hold in Nigeria, let’s now proceed to the focus of this article here in Glass Suite, note in Nigeria there are limits on the amount of money you can deposit in a savings account.
This made banks in the country put some level of restriction on their customers using such savings accounts.
Maximum Amount a Savings Account can Hold in Nigeria, Now note the only limits imposed on savings accounts are actually imposed by a particular bank itself and it’s not all banks that prioritize this as it is few banks are involved in these imposed limits.
Some Nigeria bank limits are actually: N3, 000, 000 as the Maximum Amount a Savings Account can Hold in Nigeria though this depends on the bank you are using.
Popular Banks in Nigeria and their Savings Account Limit
|Access Bank||N5, 000, 000|
|First Bank of Nigeria||N5, 000, 000|
|First City Monument Bank (FCMB)||N5, 000, 000|
|Guarantee Trust Bank (GTB)||N5, 000, 000|
|United Bank of Africa (UBA)||N5, 000, 000|
|Zenith Bank||N5, 000, 000|
|Fidelity Bank||N4, 000, 000|
|Stanbic IBTC Bank||N2, 000, 000|