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 usually earn about NGN250,000 monthly from your Google Adsense account and get 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 flexibility 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

  • You earn highly competitive interest rates per annum on your available balances payable monthly. This simply means the more you save, the more you earn.
  • Gives you the convenience and flexibility of depositing cash, other banks cheques, and dividend warrants at any of diamond bank branches nationwide.
  • Enjoy the flexibility of multiple withdrawals without forfeiture of credit interest payment on available balances maintained.
  • Encourages saving culture and does not come with a debit card
  • The convenience of being able to transfer money between your Diamond Bank accounts in the branch, online, or over the phone (if you are registered for Diamond online and Diamond mobile respectively).

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

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

Passports, verification documents, and the least opening balance of NGN100,000 are 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 massive 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 

  • Earn competitive interest on your daily balance paid every month. (Interest is forfeited if more than three withdrawals are made in a month)
  • Deposit cheques from other banks directly into your account
  • Deposit dividend warrants directly into your account
  • Use your cheque book to make personal withdrawals at any Diamond branch for free
  • Bank at any Diamond branch, with any mobile agent or Diamond promoter and withdraw cash from any ATM nationwide for free
  • Register for free Diamond Online Banking or Mobile Banking which allows you transact on the move

How to Apply for Diamond Savings Xtra?

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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

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

  • You pay Zero COT*
  • You earn interest** if you keep up the agreed minimum balance.
  • Cheque books on all GTMax accounts are FREE!
  • You earn more because you will get higher interest rates up to 1% above the Bank’s savings account rate
  • GTMax is a non borrowing account (There will be no credit facility of any kind on this account).
  • Allows you to pay in all clearing instruments i.e. cheques, dividend warrants e.t.c.
  • The GTMax cheques you issue can be paid into any bank.
  • The account can be used as a salary account.
  • Free access to all GTBank services such as; on-line/ real-time banking, SMS banking and e-banking (both Internet banking & banking via ATMs).

The Cons

  • In any month you make more than 5 withdrawals, a Commission on Turnover (COT) charge of =N=2/mille will apply on all transactions for the month.
  • If you withdraw below the minimum account balance in any month, you will lose the interest benefit on the account for the month and COT will be charged at =N2=/mille on all transactions for the month.

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

  • Account opening balance of N100, 000.00.
  • Savings Account Interest rate of 3.3% per annum
  • No minimum balance required  (However If daily balance falls below N100,000.00, the interest rate reverts to the normal savings rate. However, if withdrawals exceed three times in a month, interest will be forfeited for the entire month.)
  • Debit/ATM Verve Card with:
    • Higher withdrawal limits (up to N200, 000.00 per day) on FCMB ATMs only.
    • Bill Payment facility through over 9,000 FCMB and InterSwitch ATMs
    • Unlimited payments through POS machines
  • Free personalized Cheque Book – for self and 3rd party over the counter withdrawals
  • Four (4) free domestic bank drafts or manager’s cheques allowed on the account monthly.
  • Zero COT and No Account Maintenance, Service or Intersol charge
  • Allows for the lodgement of clearing instruments and dividend warrants
  • SMS and free E-mail transaction notifications
  • Unlimited withdrawals allowed monthly. However, any further withdrawal after the third (3rd) withdrawal will cause the account holder to forfeit the interest payment for that month.
  • Free monthly E-statements (hard copy available upon request)
  • The account can be operated as either an individual or a joint account.

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:

  • No limitation to the number of withdrawals.
  • It allows withdrawal through the use of customized cheque books.
  • Allows the issuance of bank drafts, lodgment of dividend Warrants, and cheques.
  • It allows third party transactions across the counter in any First Bank branch nationwide.
  • Attractive Interest rate above normal savings rate.
  • FirstSavings Plus cheques do not go through (interbank) clearing.
  • References are required to open a First Savings Plus account.
  • The minimum opening/operating balance on First Savings Plus is N50,000.00.

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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