Variants of Savings Accounts

By: Onyinyechi Nneji01 comments

Basic Savings

These are accounts you can easily open and operate under the CBN’s 3-Tier KYC requirements for banks. They are one of the key pillars of the CBN’s Financial Inclusion strategy. You do not need minimum deposit as a condition to open an account.
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Standard Savings

Straightforward account for everyday banking transactions with no minimum or very low opening amount, no minimum or very low operating balance and comes with a debit card, monthly bank statements, internet and mobile access, and telephone banking facilities. Offers varying interest rates from bank to bank and may also have withdrawal restrictions to qualify for interest.
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Standard-Plus Savings

Savings account with features of a current account and usually requiring a higher minimum opening amount. Also pays higher rate of interest and comes with some restrictions and covenants.
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Target Savings

Saving money for a specific financial goal or personal want can be difficult. The discipline to achieve such saving objective can be facilitated through a target savings plan where a certain sum of your salary or earning is saved in a structured manner over a defined period of time. Such savings plan can be useful to save for education, a specific objective or simply wealth creation purposes.
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Children & Educational

An account designed for children, young people and students in higher education to manage their finances and carry out basic banking transactions. They come with a debit card that enables student withdraw from ATMs, make payments on POS terminals and shop online. Accounts can be opened and operated by parents on behalf of their children pending when they become adults after which they assume sole and direct management of the accounts.
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Seniors & Women

These are accounts that offer features specifically designed for older customers and could be savings or current accounts. Age requirements may vary from bank to bank but the minimum age is usually between 50 and 65 years. Not all banks offer such accounts and the key selling points are usually free fees or fee waivers, some lifestyle benefits and other unique perks.
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Diaspora Accounts

These are accounts opened for Nigerians living in a foreign country giving them the opportunity of maintaining an account in Nigeria while living abroad. The main features of the account vary from bank to bank, and the eligibility requirements and conditions for operating such accounts also vary from bank to bank.
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