Published On: Mon, Jul 10th, 2017

Savings accounts with additional values

One of the principles of wealth creation is savings. You can’t build wealth without saving a portion of your earnings. Though the prevailing circumstance in the country makes it challenging for one to save as the high inflation rate ravaging the Nigerian economy has eaten deep into the disposable income of most people, leaving them with nothing to save at the end of the month, you still have to squeeze yourself to set outside something for the rainy day.
And in doing this, you don’t have to dump your money in a savings account that pays very low interest on your savings. You have to search for accounts that give you the best bargain in terms of interest and additional values. Some savings accounts that offer you benefits that you would not from conventional savings accounts will be reviewed below:
Fidelity Personal Savings Scheme (FPSS)
Fidelity Personal Savings Scheme (FPSS) from Fidelity Bank offers you the opportunity to save for the future and at the same time enjoy all the convenience of a current account. It is a hybrid account that combines the features of a savings account and that of a current account.
Benefits:
The FPSS give the freedom to open account with any amount. And you have no restriction to the number of withdrawals you can make.
After opening this account, you are given a cheque book and you can lodge cheques and dividend warrants into this account.
You are also given a debit VISA or MasterCard and has free access to internet and mobile banking
You also earn a lucrative interest on credit balance.
And you are open to opportunity to earn a share from over N600m Xtra Income in Loyalty rewards that Fidelity bank runs every year.
Documentation:
Tier 1- Passport photograph
Passport photograph
Valid means of identification (ID)
Utility bill

Wema Bank Personal Savings account
A Wema Bank Personal Savings account is designed to help you achieve financial security with little or no stress.
It is an account makes your money worked for you as it requires a low minimum balance, has no hassles, and come with complete flexibility.
Target Market
This account is developed for individuals regardless of their every socio-economic class.
Features
To open the Wema Bank Personal Savings Accounts you need a minimum account opening balance of N2,000.
You are paid a monthly attractive interest payment on account balance if you do not withdraw up to three times within that month.
This account does not allow third-party withdrawals, but you have access to Wema Debit cards (for ATM, PoS, Mobile and Internet transactions) and internet Banking and Mobile Banking platforms.
Document Required
Completed account opening form.
Copy of valid ID (Driver’s Licence, National ID Card, International Passport or Voter ID Card)
Copy of Utility bill (PHCN bill, Waste bill or Water bill issued within the last three months)
Two passport photographs

Access Bank Instant Savings Account
Some people find it hard to walk into a banking hall to open a bank account because of their tight schedule. To help tackle this challenge, Access Bank has designed the Instant Savings Account, a savings account that you can open online with just a passport photograph.
Features and Benefits
The Instant Savings Account does not require opening balance and minimum deposit to keep the account open.
You will not be charged a monthly maintenance fee. And you can open this account online or in any branch of Access Bank.
You have the liberty to access this account on the go through Mobile banking platforms and you will also be given a verve debit cards.
With the Access Bank Instant Account, you can only make a maximum single deposit of N50,000 and maximum cumulative balance of N300,000. You are required to provide a valid ID at the point of account opening for maximum single deposit of N100,000 and maximum cumulative balance of N500,000 to be allowed.
Account Opening Requirement
Duly completed account opening form
Passport photograph
Valid ID – This is not mandatory

Stantic IBTC Max Yield Savings Account
Max Yield is a savings account that offers high interest rates on a minimum deposit balance. It is for customers that want their savings to earn more for them while enjoying partial withdrawals from the account without losing the interest earned.
Benefits:
This account gives you get additional incentives to save to meet personal targets or expenses and also offers you a higher interest on the deposits.
Third party deposits and withdrawals by cheques can be made into your Max Yield account at any Stantic IBTC Bank branch all over the country.
You also have access to make deposit and withdraw cash at any ATM or Stanbic IBTC Personal Deposit Machine.
You are allowed to make a flexible maximum cheque deposit value of N2,000,000on this account.
Receive transfers from abroad and locally and also make payments on the Web and via POS. You are also allowed to check balance, send money and pay bills via Internet Banking.
With Max Yield Account, you can set up direct debits or standing orders for regular bill payments.
And the good thing about this account is that you can earn interest of 6.2 percent per annum (subject to CBN-advised MPR) for minimum daily balances of N100,000. But the normal savings rate or 4.2 percentper annum (subject to CBN-advised MPR) if you withdraw more than once a month or daily account balance is less than N100,000.
He Max Yield account allows you build-up of your savings to meet specific goals.

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