If you have money sitting in savings or current account doing nothing and you don't have the need for it at least for the next 2 or 3 months, it could be you are not yet certain what profitable thing to do with it for now, then this my little piece of information could interest you.

How To Multiply Unused Funds In Your Bank Account



Someone might quickly think of fixed deposit or Call Deposit as good options for reserved funds. While it isn’t a bad idea, I do not agree. With fixed deposit, you only enrich the banks.
It's true fixed deposit for a million naira or a little less could fetch you about 4-7% annually excluding tax. While some sees this as an opportunity, I see it as cheating.

By whom? The banking system. Well, don't condemn me yet until I explain my reasons.

Have you heard of government instruments like Federal Government Bond and Treasury Bills?

Do you know they pay more, even more than double of fixed or call deposits?

Treasury Bills or FG Bond is all about lending Nigerian Government money.
They use it to run the country and pay you interest. It’s free money so to speak.
Treasury Bills have a maximum tenor of 364 days, but FG Bonds varies, with longer tenors. These government instruments are 100% risk/ tax free and can pay up to 18.7% (Treasury Bill as at last week's auction) depending on the tenor.

The more interesting part is that the interest ( ROI) is paid up front, and can be reinvested if it meets the minimum requirements, thereby compounding the interests.

Money Market Funds is also very profitable as well. You can Google it for more details.

Let me share this experience. A friend wanted to go to the bank to do a fixed deposit on her NYSC 'allawee'. She had just passed out and had carefully saved all she was given. Since she had no good business idea to start, she decided fixed deposit would be better than just savings in the bank.

She was promised 4-5% by a bank and she was very excited. When I got to know, I strongly discouraged her. I told her about Treasury Bills, she went to FBN and got a whopping 18.1%. She almost worshiped me.

HOW TO GET STARTED

CBN through Debt Management Office (DMO) has a list of approved banks and financial houses accredited for these instruments. I prefer Banks. Go to your bank and ask how to start. As a tip, IBTC and FBN has the best rates so far, GTBANK follows, but avoid Ecobank or whatever they call that bank.

Alternatively, you can delve into digital currency also known as Cryptocurrency trading, though with risks due to price volatility, yet it has great potentials. Seat Belts On, this could sweep you off your feet. http://www.compellingadverts.com/2017/06/why-keeping-idle-money-in-bank-is-crime.html