Please people of niaraland I know there has been a lot of changes in the banking sector and still more changes to come, but one question still bothers me, when I was in secondary school our business studies teacher always told us savings accounts receive very little interest than current accounts, now my question is what is the interest received by the savings accounts since all I see lately are customers being debited unjustly in the name of card maintenance fee or stamp duty charge.. Can anyone please explain what interest actually is in today's banking sector

Savings interest is 3.6%/annum whereas interest is not paid on current account by default but you can negotiate something for yourself wch depends on a number of factors.

Hope this helps

nnatobryno:
Savings interest is 3.6%/annum whereas interest is not paid on current account by default but you can negotiate something for yourself wch depends on a number of factors.

Hope this helps

yeah I know about the interest associated with savings account, but some banks don't even pay interest they end up debiting you.. Not sure I've seen any interest paid to me by my bank since last year..just reversal alerts for transactions that never went through, I don't know if you get my point here

Tochyodiks:
yeah I know about the interest associated with savings account, but some banks don't even pay interest they end up debiting you.. Not sure I've seen any interest paid to me by my bank since last year..just reversal alerts for transactions that never went through, I don't know if you get my point here

Their are other clauses to interest payment, for some banks, when you initiate withdrawal above a certain number of times (2 or 3 times) you forfeit interest for the month

nnatobryno:


Their are other clauses to interest payment, for some banks, when you initiate withdrawal above a certain number of times (2 or 3 times) you forfeit interest for the month

thank you very much, I think this explains it all, thank you sir