Banking is important in Nigeria as it supports economic activities and financial transactions within the country. Nigerian banks offer a range of services like savings accounts, current accounts, fixed deposits, loans, electronic banking, and foreign exchange services. However, choosing the right bank account can help you save money, and it’s vital to choose a bank that offers the best deals and incentives. Therefore, our focus of this article will be “Best Banks for Savings Accounts in Nigeria”
Best Banks for Savings Account in Nigeria
Nigeria has a booming economy with many banks for savings, so you must familiarize yourself with how they operate. To maximize your savings, you should find a savings account with attractive interest rates in Nigeria. We have put together an article consisting of the top 10 best banks for savings accounts in Nigeria to help you.
10 Top Best Banks in Nigeria for Savings Account
Here are the top best banks in Nigeria for savings accounts. These banks have competitive interest rates and other mouth-watering benefits.
Zenith Bank
Zenith Bank offers its users savings accounts with interest rates that vary and it is competitive with other banks in Nigeria. Zenith Bank Nigeria Plc provides mobile banking solutions to offer their customers ease and convenience to access their funds from anywhere and at any time. The bank’s Eazy Account has a daily balance limit of N300,000 and enables withdrawals in multiples of N20,000.
Fidelity Bank
Fidelity Bank offers several savings account options with unique features that include no minimum balance requirement, interest on the first deposit, and mobile banking solutions that can be easily accessed from anywhere. Fidelity Bank’s Tier 2 savings account has a maximum single deposit limit of N100,000 and a maximum cumulative balance limit of N500,000. Also, their mobile banking has a maximum transaction limit of N10,000 and a daily limit of N100,000.
Access Bank
Access Bank is known for its highly competitive interest rates in the market. The bank offers different savings account options with differing minimum account balances and interest rates, which makes it easier for customers to choose the best plan that suits their financial goals. Its three-tier savings account offers a range of maximum deposit options, from N100,000 to unlimited deposits and withdrawals daily.
First Bank
First Bank of Nigeria provides a range of savings account options with different features to suit the needs of various customers. Additionally, it offers internet banking solutions, making it easy and convenient for customers to access their accounts from anywhere.
One of First Bank’s savings account options is the First Instant Account. This account has a maximum cumulative balance of N300,000, and depositors can upgrade it at any time if they wish to have more than N300,000 balance in their account. It can also be used as a Salary Account, which is suitable for those carrying out fewer bank transactions.
Sterling Bank
Sterling Bank Nigeria provides a range of savings account options with unique features, including mobile banking solutions, no minimum balance requirement, and competitive interest rates. The bank’s savings account has a maximum single deposit of N20,000 and a maximum cumulative balance of N200,000 at any given time.
Union Bank
Union Bank offers savings accounts that come with competitive interest rates, which are comparable to other banks in Nigeria. The bank’s mobile banking solutions enable customers to access their accounts anytime. With the UnionSave More account, depositors can earn 5.25% interest per annum, provided they have a minimum opening balance of ₦2,500. The account has a maximum single deposit of ₦100,000 and a maximum daily cumulative balance of ₦500,000.
Stanbic IBTC Bank
Stanbic IBTC Bank Nigeria Limited is well-known for offering competitive interest rates on savings accounts, as well as providing customers with access to convenient mobile banking solutions that allow them to manage their funds from anywhere, at any time. However, it’s important to note that the bank’s savings account product, Swift Save Plus, has certain limitations. For example, the maximum single deposit amount that can be made is N100,000, and the maximum cumulative deposit amount that can be held at any given point in time is N500,000 at any point.
Ecobank
Ecobank Nigeria Limited offers a range of savings accounts with distinct features and interest rates that cater to the diverse needs of its customers. They also offer convenient Internet banking solutions that enable customers to access their accounts from any location. With Ecobank Xpress Accounts, customers can make a maximum single deposit of 50,000 daily.
UBA
UBA is a reputable financial institution that offers competitive interest rates to its customers who have savings accounts. Although there is a minimum opening balance requirement, the interest rates available are worth considering if you want to maximize your savings.
UBA’s savings account has a zero opening balance requirement and a maximum cumulative balance limit of N300,000. Customers are allowed to make a maximum single deposit of N50,000 into the account.
GTB
GTBank Nigeria Limited is known for offering high-interest rates on savings accounts. While a minimum opening balance is required, the bank’s interest rates make it a profitable option for individuals who are keen on saving. A GTBank Savings Account has a zero minimum operating balance and can hold an unlimited amount of funds. The daily transfer limit for the account is N100,000 via USSD, and N5 million via the bank’s mobile app.