How to open a Savings account in Nigeria


Home | Savings | ( 1 ) | Subscribe

Posted by on Monday September 26, 2011 17:5:56:

A Savings account is a type of account open on your behalf by a bank and it allows you to save money with the bank. Most savings bank account normally earn interest for the holder on an annual basis.
In order to be able to have your own savings account where you can save money, you would need certain things.

What you will need
- A recently taken passport sized photograph
- The minimum deposit in cash
- Valid form of identification such as driver's license, national id or International passport
- Utility bill

With the above items, you should be able to open a savings account with any Nigerian bank and it would be active within 24 to 72 hrs

How much interest does savings account earn in Nigeria?
Not really much but it earns about 3% p.a for the holder. Interest free banking has also been introduced and this allows holders to save their money with the bank without being paid on interest.

What to do next?
If you intend opening a bank account in Nigeria, try and make photo copies of the above listed items and then go to a bank close to your locality and open one. There are now many bank branches in Nigeria and you should consider important things such as customer service, reliability and location of your bank before opening an account with one.


Re: How to open a Savings account in Nigeria Reply by Omoniyi irenitemi on Tuesday August 5, 2014 at 21:44:28:

I need an account in gt bank

Re: How to open a Savings account in Nigeria Reply by Kamorudeen Toheeb O on Wednesday December 10, 2014 at 8:55:41:

I love this bank

Post a Comment

Required fields are Name and Comment.


Email: (Optional)


Recent Posts

Nigerians can now pay Cheques into savings accounts - Saturday September 17, 2016 12:58:19
Nigerian banks are sacking workers - Wednesday September 14, 2016 17:59:41
How I transferred money from GTBank with my mobile phone - Wednesday September 14, 2016 17:42:57
How Nigerian banks can attract and retain customers - Friday September 2, 2016 9:59:27
GTBank Naira MasterCard exchange rate per US dollar - Sunday August 28, 2016 22:57:39
Cash Deposit ATM stole my money - Tuesday August 23, 2016 12:44:30