High Interest Deposit Account Types to Save in? Best 5 Options from Banks in Nigeria


If what you are looking for is the best banks and account types to save in for huge returns in Nigeria, look no further than this best 5 options for future-oriented savings.

There are tons of investment account options for entrepreneurs and short-term investors such as “Fixed deposit account”, “call deposit account” and the rest of them.

But only a few section of Nigerians are interested in the huge inconveniences and sacrifices connected to maintaining such account types.

If you are the type that leaves a huge bulk of money in your regular savings account and would like to maximize your monthly, quarterly and annual returns on savings, you’ll need the tips contained in this post than any other.

Why a High Interest Deposit Account?

best high interest savings account for Nigerian Banks

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It is pointless owning several saving accounts with all the popular banks in Nigeria when you can easily make a calculated move to making the best return on your savings.

Take for instance, you normally earn about NGN250,000 monthly from your Google adsense account and gets the pay via a savings account you use for your day-to-day purchase and payment for services.

Bearing in mind that most banks would usually seize your interest for each month you make more than three (3) withdrawals, it would be wise for you to move at least NGN120,000 from the NGN250,000 to a high interest savings account that would pay your due interest.

Another good reason to go for the account options below is the flexible that comes with them, you can do withdrawals, online payments and other services without the fear of forfeiting your interest.

Finally, going for the high interest deposit account types discussed below will help you to imbibe a “good savings culture” irrespective of your financial status and discourage you from spending aimlessly on non-important.

The Best 5 Options

We carefully selected the best 5 high interest deposit account types based on general reviews and our past experiences with Nigerian Banks.

1. High Interest Deposit Account (Diamond HIDA)

Diamond high interest deposit account (Diamond HIDA) is hands down the best savings account for anyone that’s really interested in making real savings.

It lets you save and/or invest your funds while enjoying the flexibility of multiple withdrawals without credit interest forfeiture.

One great feature that makes the diamond high interest deposit account stand out from the rest is that it uses the tiered interest rates grading to reward persons that saves more within a particular months.

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This means that; the more you save, the higher you earn. The percentage rate table for the tiered interest system is presented below to give you a clearer picture of the diamond HID account.

S/NAmount Saved Within a Month (₦)Interest Rate Per Annum (p.a.)
1.Less than 100,0002%
2.100,000  to 499,9994%
3.500,000 to 999,9995%
4.1 Million & above6%

The HIDA Account Features in Full

How to Apply for Diamond High Interest Deposit (savings) Account?

To open a diamond HID account, you’ll need fill and complete the account add-on form (for regular savings account owners) or fill the new account opening form (for new account) at any of their branches nationwide.

Passports, verification documents and the least opening balance of NGN100,000 is required to open the Diamond HID account.

2. DiamondXtra Savings Account

DiamondXtra is an interest-yielding savings account that allows the deposit of both cash and third party cheques. The interest rate isn’t as huge as the first option above but it is a cheaper choice as it can be opened with as little as NGN5,000.

DiamondXtra Savings account will also qualify you to compete for their Salary4Life® offer that has been won by some bloggers in the past, saving and maintaining a minimum of NGN5,000 is all that it takes to qualify for this huge offer.

DiamondXtra Savings account Features 

How to Apply for Diamond Savings Xtra?

You can apply for diamond savings xtra account or upgrade your regular diamond savings to diamondXtra by walking into any of their branches nationwide or by downloading the DiamondXtra account opening form at http://www.diamondbank.com/index.php/savings-accounts/diamond-savingsxtra

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See Also: Mobile Banking Apps Download Link: For all Nigerian Banks

3. GTMax

GTMax is a special current account that works like a savings account. It offers high interest yield like a savings account as well as all the premium features of a current account.

It is a great option for bloggers, non-profit organizations, entrepreneurs and netpreneurs that just started out and would like to own an account in their business name without paying all the ridiculous charges that comes with operating a current/business account.

GTMax high yield deposit account comes in three separate categories, the first requires an opening balance of NGN150,000 while the last needs at least a million naira (NGN1,000,000) as the opening balance.

The full comparison of GTMax account types is presented in the table below:

GT Max SilverGT Max GoldGT Max Platinum
Minimum opening amount150,000500,0001,000,000
Minimum account balance100,000250,000500,000
Interest rate2.00% per annum2.75% per annum3.00% per annum

 

GTMax High Yield Deposit  Account Features  in Full

The Cons

How to Apply for GTMax Deposit Account?

Since GTMax is primarily a current account, references, verification documents, the minimum opening balance and other necessary items required to open a current/business account will be needed.

You can open a GTMax account from any of the Guaranteed Trust Bank (GTB) branches nationwide.

4. FCMB Premium Savings Account

First City Monument Bank’s (FCMB) Premium Savings Account works exactly like the diamond high interest deposit account discussed above with the exception of tiered interest rates grading system.

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It combines the benefits of Savings, Current and Fixed Deposit Accounts all at once. Lets you earn higher interest than you’ll normally get on regular savings account.

FCMB Premium Savings Account Features

How to Open a Premium Savings Account with FCMB

Opening a premium savings account with First City Monument Bank (FCMB) is as easy as opening their normal savings account.

Just visit any of their branches nationwide with the documents already disclosed in similar account types above.

5. FirstSavings Plus

FirstSavings Plus is premier savings account from First bank Nigeria that combines the features of a savings and current account in one.

It lets you earn a higher interest that you’ll normally get with their regular savings account. It is the fifth in our list and does come with some unique features such as:

How to Open a FirstSavings Plus Account?

To open a FirstSavings plus account with First bank Nigeria, you’ll need references, verification documents and the minimum opening balance of NGN50,000.

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1 Comment

_sadon

Great post,… keep it up


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