A savings account is a bank account where you can deposit and store your money while earning some interest on your balance. While the interest you get is determined by the amount of funds you have in the account, a lot of people may be inquisitive on the limit of money that a savings account can hold in Nigeria. This and all about savings account in the country will be covered in this article.
Contents
What’s a Savings Account
We cannot stress on the max amount a savings account can hold without knowing what this type of bank account is. First, let’s take a gander at how the savings account is, the eligibility for registration, and subsequently the pros and cons of having an account of this type.
As the name implies, a savings account is designed for the purpose of savings. It is that bank account that makes you to store your funds. Interestingly, you can receive interest on this your savings. Your balance savings is independent on the interest you will receive. All these makes savings account an ideal choice for an individual who earns a regular income as salaried employees. It’s also preferred for small scale business or organizations that would consider it an option to save their profits. Moreso, savings account is a type of account that is also ideal for those who have any short-term financial goals like future vacation, financing a wedding, buying a car etc. The account will help in actualising these dreams.
Features of Savings Account
It not longer news that a savings account is designed to help customers save their funds with the bank. Aside from the interest you will receive from your savings, there are many other things you might be oblivious of this account.
Below are the features and benefits of a savings account in Nigeria;
- A savings account allows the holder to deposit money as is convenient. This means that there is no restriction to when you should put your funds into the account.
- Holders and users of savings account are open to earning interest from their savings. This interest is dependent on the balance of your saving account.
- A savings account may be opened by an individual or as an organization.
- There is a limit of how less you saving account should have. As such, it requires the holder to usually maintain a pre-specified amount as a minimum balance.
- Savings accounts have an interest which ranges between 4% to 6%. The interest rate varies among banks and the interest is a function of the funds you have with the bank.
- Savings accounts do usually carry the facility of issuing cheques, but it depends on the bank.
- There is a maximum amount your savings account is allowed to hold. This is the aim of this write-up, as we will expound more on these as we progress.
However, if you have more than the maximum amount your savings account can hold, you may upgrade the account at any time. This depends on whether your bank has an option for this. After knowing what a savings account really is, the specifications and the intriguing benefits of opening such an account, it’s best to get in to the main issue here. We’ll look at the maximum amount a savings account can hold in any of the banks in Nigeria.
The Most Amount of Money a Savings Account Can Hold in Nigeria
Savings account is an interest-based account. With the interest being a function of your savings balance, there may be a limit (in some cases) of how much you can store in the account. Though it is varying across banks in the country, we will apprise you on the current maximum amount each of Nigeria’s bank savings account can hold.
In Nigeria, there are limits on the amount of money that you can put in a savings account. This makes banks in the country place certain restrictions to their customers using this type of account. However, there is no government law which makes this, but rather it is one of the conditions for using the bank.
The only limits imposed on the amount your savings account can hold are the limits imposed by the bank itself. It is not all the banks that prioritize this, as only few banks impose a limit on your savings account’s balance. In the course of the article, we’ll outline the Banks in Nigeria and their respective maximum amount of savings account. This will help in making a decision on which one to clue in. Nevertheless, you’re unlikely to ever have a bank turn your deposit away, because the banks make money when you put in your money into an account.
Most banks in Nigeria have a limit of N3,000,000 as the maximum amount a savings account can hold. Nonetheless, this amount is dependent upon the bank you are using. Below is the list of popular banks in Nigeria and their respective limits for savings account:
Banks | Max Amount a Savings Account Can Hold |
---|---|
Stanbic IBTC Bank | N2,000,000 |
Access Bank | N5,000,000 |
First Bank of Nigeria | |
First City Monument Bank (FCMB) | |
Guarantee Trust Bank (GTB) | |
United Bank of Africa (UBA) | |
Zenith Bank Plc | |
Fidelity Bank | N4,000,000 |
Union Bank | — |
That’s the rundown of some top banks in the country with the maximum amount their Savings account can hold. We hope this will give you a guide in choosing an account and which bank to go for with respect to how much you want to save.
Nevertheless, hope is not lost if you have reached the end point of your savings with the bank. A good number of banks allows customers to upgrade their accounts to subsequently increase the maximum amount their Savings account can have. A prominent of these banks is FirstBank Nigeria Plc, and a lot of other banks which gives this option for savings account users. Do enquire more from your bank about upgrading your savings account.
Conclusion
Since there is a limit of how much your savings account can hold in Nigeria, but there are some other interesting options. You can either upgrade the account or transfer the funds to a current account. All of these things were explicated in this article, as well as informing you on the maximum amount a savings account can hold in the country. This will help you know what’s involved and in making a decision.
How do I upgrade my GT bank savings account to a current account
This can be done easily at any GTbank near you
Pls, in case up to 10million Naira is to be deposited on my savings Account, would it enter? I mean, if I haven’t upgraded yet.
You might be required to upgrade the account to a current account for it
While you are opening an account, you will be asked to specify the type of account you desire to open. And also on the form there are columns to tick to indicate your annual income which ranges from N50,000 to above N20,000,000. So the amount your account can receive or hold depends on your initial amount indicated on your form while opening it.
I’m a union Bank User, if I have #4million(the savings limit) in my savings acct, can I withdraw it once?.
How do I change my debit card to credit card
Kindky meet your bank customer care agent
But I’m using my GTBank Savings account for my work. And I do receive up to ₦15m in the account.
The only thing is that I’m allowed to make the highest transfer of 5m p/d
Hello I created my zenith Bank account last 2 week I deposited 3k in it I wanted to withdraw 1,500 but they said invalid transaction plz why
Can my savings account carried up to 500hundred thousand naira eco bank
Yes.
Pls ooo, can my NYSC account carry 2 million naira ???
Can my nysc account hold up to N1,000,000
Meet your bank for more inquirues on it
No
Pls ooo, can my access bank account receive 450,000 thousand naira once without any issue ???
Pls ooo, can my access bank account receive 450,000 thousand naira at once without any issue ???
Sir I opened account with 5k can it takes 5m just in case am asking in uba bank
Can I deposit 10m into my current account
Can I be able to send 2000000 from Europe to my savings account In Nigeria
Can I deposite 100 thousand naira to my access bank account at once without having issue before collecting it
Can I receive cradit of 200,000 in a transaction
Am looking forward to deposit $250,000 in my account is that possible in Nigeria
Yes You can that’s if you are operating a current account.
I have UBA BANK account, have upgrade it with my NEPA bill and national I.d card, but if I was send like 900 millions naira (it converted to dollar to naira) through western union , please can I receive that money into my my account without freezing my account , please reply to me
Please how much amount of money can a saving account holds
Is it that you didn’t go through the list provided.
Check the bar up there 👆
Didn’t you read all the write ups before coming to ask questions? It was stated, different banks and their limits….
My company sent me 288000 naira to my GTBank savings account, but what am seeing is #25000 why all the money didn’t drop?
Please did my account need upgrading or what?
Yes you need upgrading your account
Pls, what’s the minimum amount you can deposit to ur Fcmb bank
Please how much can I deposit in a an heritage savings bank account and its master card
Pls can my Zenith savings account contain up to 50,000,000
Pls can my savings account carried upto 3millon naira
The bank is access bank
Pls I need urgent
answer thanks
Yes, cuz the Max is 5m
Can I receive a credit alert of 200 thousand in my access bank savings account without having any issue before collecting it
I didn’t see maximum limit of Ecobank savings account on the list…can my Ecobank savings account Carry 5 million naira.
Yes it can carry up to 5m
If you already ( before hearing about this limit) exceeded the allowable limit, what happens to the excess/ extra amount. Does the bank cease / confiscate the excess amount ; inform you or redirect it to your already existing current account in their he same bank?
Pls can my u b a bank save account contains 50,000,000
You would be required to upgrade the account
I was sent 300,000 into my UBA account and I received the alert, I checked my mobile app it’s showing balance unavailable what’s the cause
Can I change my number for receiving alert on mobile bank without visiting the bank
You have to visit the bank
Is it possible??
Can 5m drop once in my savings account
Access bank
It can but be careful as accounts are now being blocked
If 1.8m is sent to an account of limit 400k, what will happen and does it vary from bank to bank. Thanks
Seems most of these banks have lifted the limit
Please can my Access bank account that I upgraded from students account to normal savings account carry up to 6 million
What is the charges for current account
Read this: https://nigerianinfopedia.com.ng/bank-charges-in-nigeria-by-cbn/
What and what do current account require before open it?
How much can enter a Uba savings account