My plan is to save up cash to get myself a new car before the end of the year 2015. I want to buy it all by myself without any input from my family. I have Toyota Avalon or Camry in mind, but it does not have to be a new car. The car has to be in the region of a few bucks above one million. I earn a fair amount of money every month; a six digit figure. Which bank do you guys suggest I bank with? I already bank with UBA but my experiences with them over the years make me doubt if they can give me what I need. My needs are an efficient, technologically driven, highly reliable bank that my salary will be paid directly into, which will set aside a certain amount for me in a fixed account for 12 months; maybe a hundred and twenty every month, while keeping the rest open for my use. I have FirstBank and GTB in mind. I'm not really into these financial and banking language, but I hope there are Bankers, Accountants, and Economists on nairaland who can capture what I'm trying to say, thus my decision to share it here. I'm just an honest person please, so no insults. I do not know it all.

Try Big, Strong n Reliable.

If you have up to 100k in your account, you can start by investing it in Fixed deposit and there by increasing it on a monthly basis with any amount you so wish like 120k you said. UBA is still more reliable now,

A car is not an investment how many times will I have to say this.

verygudbadguy:
Try Big, Strong n Reliable.

Do you bank with them? What's the experience like?

shortgun:
A car is not an investment how many times will I have to say this.

You amuse me. Did you hear me say I want to invest in a car? I need a car for ease in mobilty my friend. My profession needs efficient mobility. Go and invest your own money and leave me alone joor.

shortgun:
A car is not an investment how many times will I have to say this.

True, its more of a liability. Fuel, service, maintenance... All theres have to be paid for

Mondisweets:
True, its more of a liability. Fuel, service, maintenance... All theres have to be paid for

Mondisweets dear, maintenance won't be a problem. I'm up to it. I can always make more money and besides, I can't continue jumping byke. I've thoroughly thought about it.

Mr man I will give you my one penny




invest in assets and not in liabilities. I won't say more than that

SAMBARRY:
Mr man I will give you my one penny




invest in assets and not in liabilities. I won't say more than that

Uhmmmm. Your advice is well taken, but ever been called up by 2am in the night by emergency ward matrons or your seniors (residents) for an emergency surgical proceedure in the middle of night? Some people were just shot and they are losing much blood, and might die pretty soon if nothing is done? You dont understand my profession, or do you? Mobility is just a neccesity.

mentorandfriend:
Uhmmmm. Your advice is well taken, but ever been called up by 2am in the night by emergency ward matrons or your seniors (residents) for an emergency surgical proceedure in the middle of night? Some people were just shot and they are losing much blood, and might die pretty soon if nothing is done? You dont understand my profession, or do you. Mobility is just a neccesity.

haaa ok. Based on your profession I see it is a necessity based on your profession . If you know you can maintain it. No worries

OP: If you have up to a hundred thousand for starters, let your Bankers buy some treasury bills with a tenor of 91 days. The interest should be capitalized. you can repeat the cycle as many times as possible within the 1yr period. This ensures that you not only save but earn enough as interest to grow your savings. Most importantly, the temptation to spend will be eliminated because it is a contract with strict guidelines for termination.

coldgate:
OP: If you have up to a hundred thousand for starters, let your Bankers buy some treasury bills with a tenor of 91 days. The interest should be capitalized. you can repeat the cycle as many times as possible within the 1yr period. This ensures that you not only save but earn enough as interest to grow your savings. Most importantly, the temptation to spend will be eliminated because it is a contract with strict guidelines for termination.

Ok. I love this one. I can afford to comfortably put aside 150 thousand naira monthly without constraints on the remainder of the salary, but I need more info on this treasury bills stuff.

Who are all these people talking about assets and liabilities? ? Op isn't asking for investment advice but rather how to save and get a car... A car is a liability so everyone should be trekking or be stuffed in Lagos Danfo?? If he can afford it, then why not??

Nothing like being mobile, saves you alot of stress that may even increase your life span...

Op, I second the person that talked about fixed deposit. . You can go to first bank and find out more info about treasury bills... I don't know which has better returns btw the two...

@mentorandfriend, That reminds me of the small saving box that is popularly called "Kolo" in Yorubaland. Jst try to get the small box, keep it in a very secretive place, dnt open it until you are ready to buy the car, and you can save your money inside that box for few months.
Trust me! You wont regret ur savings with that "Kolo" bank.

STENON:
@mentorandfriend, That reminds me of the small saving box that is popularly called "Kolo" in Yorubaland. Jst try to get the small box, keep it in a very secretive place, dnt open it until you are ready to buy the car, and you can save your money inside that box for few months.
Trust me! You wont regret ur savings with that "Kolo" bank.

Hmmm. What if I'm tempted oneday to go and use it? I dont trust that method o.

mentorandfriend:
Mondisweets dear, maintenance won't be a problem. I'm up to it. I can always make more money and besides, I can't continue jumping byke. I've thoroughly thought about it.

I was just agreeing with the poster i quoted i wasnt saying you cant afford to maintain the car

[quote
author=mentorandfriend post=29239811]Hmmm. What if I'm tempted oneday
to go and use it? I dont trust that method o.[/quote] owkay o, You can as well discipline yourself not to open the box for that period.

And btw.....I'm just joking with the above point of mine.

You can as well try first bank and you'l be fine.

Goodluck to you.

Mondisweets:
I was just agreeing with the poster i quoted i wasnt saying you cant afford to maintain the car

Ok.

Go for the treasury bills. It is far better than fixed deposit and can act as a stepping stone to investment opportunities even after buying your car. I think they pay a little over or below 12% on the amount purchase or 'deposited' after 3months. Say you bought 150k worth, in 3months you can then add the 300k saved for the two idol months to the invested 150k plus the interest yielded and buy for the next 3 months..continously. Approach the nearest first bank for reliable details as they buy directly from govt and sell to the public and other banks, not forgetting their efficiency.

Floodgater:
Go for the treasury bills. It is far better than fixed deposit and can act as a stepping stone to investment opportunities even after buying your car. I think they pay a little over or below 12% on the amount purchase or 'deposited' after 3months. Say you bought 150k worth, in 3months you can then add the 300k saved for the two idol months to the invested 150k plus the interest yielded and buy for the next 3 months..continously. Approach the nearest first bank for reliable details as they buy directly from govt and sell to the public and other banks, not forgetting their efficiency.

Oh my God. I love this. Thank you.

mentorandfriend:
Oh my God. I love this. Thank you.

Yeah, treasury bill has a higher return at this time than fixed deposits, especially from 182 days upward.

You can invest in it through any commercial bank, not only First Bank.

However, you may also have to invest in fixed deposits with a monthly rollover option (30-days cycle) until the T-Bills mature so that you won't be tempted to spend the cash that you are setting aside monthly for the car acquisition.

Thanks all. I sincerely appreciate. More ideas please.

Choose stanbic ibtc bank.
Request for a contractsave account.
A standing order will be placed. The amount you intend to set aside monthly will be moved to a separate account where you cannot withdraw from.
At the end of the tenor, you get all your money back.
.
This helps you to save in a disciplined manner, and set aside money for a purpose.

Winneygirl:
Choose stanbic ibtc bank.
Request for a contractsave account.
A standing order will be placed. The amount you intend to set aside monthly will be moved to a separate account where you cannot withdraw from.
At the end of the tenor, you get all your money back.
.
This helps you to save in a disciplined manner, and set aside money for a purpose.

Thank you Winneygirl. I so love this advice.

happy new year sire

u can try my bank. at the end of the year, not only would u have access to ur new car but the zenith of satisfaction. we guarantee ur trust. my bank and I with u will redefine fidelity, surpass the pioneers of the enterprise, create sterling performances, we have an overwema international presence, our success is eco of the diamond mines. be our keystone and stand out on IBT street...

alphalpha:
happy new year sire

u can try my bank. at the end of the year, not only would u have access to ur new car but the zenith of satisfaction. we guarantee ur trust. my bank and I with u will redefine fidelity, surpass the pioneers of the enterprise, create sterling performances, we have an overwema international presence, our success is eco of the diamond mines. be our keystone and stand out on IBT street...

Hahahaha **falls down from palm tree**

Bro, we are in the same shoe, walk into any skye bank and open salary account wit them with an instruction to fix a certain amount of money for u once the salary drops. That's what I'm doing presently and I pray to God to help me achieve this set target.

alphalpha:
happy new year sire

u can try my bank. at the end of the year, not only would u have access to ur new car but the zenith of satisfaction. we guarantee ur trust. my bank and I with u will redefine fidelity, surpass the pioneers of the enterprise, create sterling performances, we have an overwema international presence, our success is eco of the diamond mines. be our keystone and stand out on IBT street...

shey you knw say u dey mad ni, you make me laugh inside house wey be say I wake up person wey dey sleep by my side.

tenry:
Bro, we are in the same shoe, walk into any skye bank and open salary account wit them with an instruction to fix a certain amount of money for u once the salary drops. That's what I'm doing presently and I pray to God to help me achieve this set target.

Thanks bro. I've made enquiries at GTB. I'll check out Skye bank tommorow as you suggested.

If you need the car so badly and you have a regular income stream and some excess cash, then you could take a loan. Your excess cash will serve as equity and there will be a domiciliation from your salary account to the loan account. Also insist that you be allowed the option of prepayment or part termination without any charges accruing to you for doing so. Hence if the loan is initially for 2 years but you get some bulk cash before that, you can always use it to reduce the loan and end up paying off the total loan before the 2 years given by the bank.

Fixed deposits and Tbills are short term investments but should be invested with a long term horizon if a substantial interest is expected from them.

donmalcolm21:
shey you knw say u dey mad ni, you make me laugh inside house wey be say I wake up person wey dey sleep by my side.

That guy is looking for who to confuse. Lol