Why I love Diamond bank's high interest savings account

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Posted by on Wednesday November 20, 2013 at 9:32:11:

One of the latest banks I'm dealing with right now because of their favourable interest rates is Diamond bank. I'm operating what you'd call a savings account which also offers a similar benefit with a fixed deposit account.

Imagine being able to save money and withdraw anytime you want while at the same time earning a high interest rate on it. I no longer need to tell you that the interest rates payable on most ordinary savings accounts in Nigeria are so low, it hovers between 1 to 3%.

While I've moved my funds from banks that pay a mere 1% on savings to fixed deposit accounts, I'm also looking out for banks that actually pay a higher interest for saving money and that's where Diamond banks' High interest savings accounts comes into the picture.

Diamond bank has a high interest savings account called HIDA. This is basically a Deposit account that pays you a higher than usual interest as a reward for saving a higher amount of money with them.

You know, for most Nigerian banks, they are not going to reward you with a higher interest even if you were saving N10M with them because they'd still be paying you about 3% for that capital.

What if your bank could increase the interest rate for your deposit if you were to deposit more money with them? Well, Diamond bank just does with with their HIDA.

As at the time of writing this, Diamond banks offers at least 8% on your savings if you save at least N1m with them and 7% if you saved at least 500k with them in this type of account.

You can inquire about their service by visiting a local branch. You can also pay in cheques, increase your deposit and lodge dividend warrants in the account.




Comments:
    Re: Why I love Diamond bank's high interest savings account Reply by Mike on Tuesday November 26, 2013 at 19:46:2:

    thanks for the insight. Is the interest calculated monthly or yearly?



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Tuesday November 26, 2013 at 19:46:2:

    It is calculated and paid monthly based on a yearly rate.


    Re: Why I love Diamond bank's high interest savings account Reply by ajao opeyemi on Friday November 29, 2013 at 16:17:18:

    it is calculated nd paid monthly based on a yearly rate



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Wednesday December 4, 2013 at 15:31:19:

    Update: I noticed that their rates were dropping. It has dropped by at least 2% for each of the categories last time I checked. This means that even if you have above N1m in the account, you'd now get just 6% as opposed to the 8% that is listed on their website



    Re: Why I love Diamond bank's high interest savings account Reply by Paul on Sunday December 29, 2013 at 21:43:55:

    I don't agree that the rate has changed. It is still 8% per annum.



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Monday December 30, 2013 at 8:30:46:

    The best way to know how much interest they are paying is if you actually have an account with them. Last credit I received in my account was N2,522.22 which was definitely based on an interest rate of 5%. If I had N1m, I guess the interest rate too would have dropped by 2%. So I don't know where you got your 8% from. I had about N613,742.13 with them and this is interest based on 30 days.

    Their website says 8% but in reality, it seems their rates have dropped


    Re: Why I love Diamond bank's high interest savings account Reply by Moses on Tuesday January 7, 2014 at 9:29:5:

    I love diamond bank 4 saving good & i also have a e.t.c



    Re: Why I love Diamond bank's high interest savings account Reply by Oha chinonso on Tuesday February 18, 2014 at 11:16:49:

    Hw much wil it cost me if i do transfer from zenith bank to diamond bank



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Tuesday February 18, 2014 at 11:16:49:

    It doesn't cost much for fund transfer. My bank charges me about N150 for such transfers.


    Re: Why I love Diamond bank's high interest savings account Reply by Toby Christopher on Sunday February 23, 2014 at 20:43:1:

    Please I'ld like to know how or when they pay the interest, is it exactly 30days or is it every month end? Since I might open the a/c in the middle of february, will I get my interest by the end of february? Thank you..



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Sunday February 23, 2014 at 20:43:1:

    Last time my account was credited was on the 1st of the following month. So, if you earned some interest in a particular month, it would be credited to your account by the 1st day of the month after that interest was earned.


    Re: Why I love Diamond bank's high interest savings account Reply by kelechi on Saturday March 22, 2014 at 20:47:16:

    I fixed 10m at union bank at the rate of 10.5% what will be my interest for 90 days



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Saturday March 22, 2014 at 20:47:16:

    It should earn you at least N262,500 for that 90 days.


    Re: Why I love Diamond bank's high interest savings account Reply by Eni james on Sunday April 20, 2014 at 14:27:50:

    If I have 500k,how much will be my interest monthly



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Sunday April 20, 2014 at 14:27:50:

    According to their website, 500k gets an interest of at least 7%


    Re: Why I love Diamond bank's high interest savings account Reply by Chuks on Saturday May 31, 2014 at 19:28:32:

    Yes, u are righty Mr Felix but even at that, I have not seen any bank that will give u such a high interest rate just for keeping your money in their bank. Remember, most banks will rather u go thru paper works to fix the money atd rate that Diamond bank is giving u.. I love Diamond bank still



    Re: Why I love Diamond bank's high interest savings account Reply by meshach on Tuesday June 24, 2014 at 9:25:16:

    How much will 400k get for me if I should open a hida account?



    Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Tuesday June 24, 2014 at 9:25:16:

    You can inquire at their bank or check the website. Last time I checked, 400k attracts a 6% rate p.a.




Comments:
Re: Why I love Diamond bank's high interest savings account Reply by Anita on Sunday August 10, 2014 at 18:2:36:

Hi Felix,I fixed #560000 about 6 days ago with Diamond bank at the rate of 4%, how much in naira do you think will be my interest monthly ?



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Sunday August 10, 2014 at 18:2:36:

At that interest rate, your monthly interest on N560k will be N1866


Re: Why I love Diamond bank's high interest savings account Reply by Ogbuanya titus ejike on Friday December 12, 2014 at 9:48:58:

Pls, there's any other benefit on HIDA except interest rate? 4eg: Diamond Xtra account can give 2% and alots of reward lik salary4life and others.



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Friday December 12, 2014 at 9:48:58:

I don't think there is any other benefit besides the higher interest rate.


Re: Why I love Diamond bank's high interest savings account Reply by mary eze on Thursday March 5, 2015 at 22:43:27:

hi Mr Felix pls how much would 435000 fetch me on diamond hida account



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Thursday March 5, 2015 at 22:43:27:

Well May, If we go by the rates provided on their website, they are offering 6% for your N435,000 and that means you'd earn N39150 per year or N3262 per month as interest.


Re: Why I love Diamond bank's high interest savings account Reply by icon on Saturday March 7, 2015 at 12:19:58:

hi there, I've deposited N290,000 in the HIDA how much will be my interest monthly?



Re: Why I love Diamond bank's high interest savings account Reply by remi alabi on Tuesday March 10, 2015 at 21:47:9:

i want to deposit 1million for hida deposit pls what will be my interest rate monthly and year pls i need quick response.thanks.



Re: Why I love Diamond bank's high interest savings account Reply by Ayomide mensah on Saturday October 31, 2015 at 10:46:35:

Please if I deposits 100k in the hida diamond account, how much will it give me in a month or in a year


Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Saturday October 31, 2015 at 10:46:35:

Depends on the interest rate. I think it's about 4% per annum and that give you 4,000 per year.


Re: Why I love Diamond bank's high interest savings account Reply by Ibaph Oye Emughedi on Sunday November 22, 2015 at 12:33:2:

I want to know the interest rate of #100 thousands only



Re: Why I love Diamond bank's high interest savings account Reply by Aniekan Emmanuel on Sunday December 6, 2015 at 9:23:42:

what would be the interest rate for the deposition of a hundred thousand naira in a HIDA account?



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Sunday December 6, 2015 at 9:23:42:

I think you need higher than that to get a HIDA account.


Re: Why I love Diamond bank's high interest savings account Reply by George on Friday May 20, 2016 at 18:46:48:

what will be the monthly interest for a deposit of #100000 on diamond Hilda account



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Friday May 20, 2016 at 18:46:48:

That would be about N291 per month using an interest rate of 3.5% per annum


Re: Why I love Diamond bank's high interest savings account Reply by yahaya yahi bulama on Thursday July 14, 2016 at 24:5:31:

I want to withdrawal my money from the hida



Re: Why I love Diamond bank's high interest savings account Reply by isaac on Wednesday July 27, 2016 at 2:21:2:

if i deposit 600 thousand naira in the diamond hida account how much will i get on it per month



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Wednesday July 27, 2016 at 2:21:2:

It depends on the interest rate. If the rate is 5%, then it will earn you you'll earn N2500 per month from N600k


Re: Why I love Diamond bank's high interest savings account Reply by MO Okoh on Monday July 3, 2017 at 23:7:22:

Are there any charges in a situation where one's HIDA minimum account balance goes below 1000



Re: Why I love Diamond bank's high interest savings account Reply by Felix Okoli on Monday July 3, 2017 at 23:7:22:

I don't think so.




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