Fm4real06:

This is a cool write up. It seems most of the banks are now discouraging customers from investing in Tbills.
There is something i still dont understand, cant Fedgovt do something to stop them from discouraging their customers since the fed govt is in need of our money?
Uptill now my bankers in the branch i opened my TB are not happy with me. Is it by force to do FD?

Not sure the government can do that because the banks are not publicly saying you can't invest

Also, the government is looking for cheaper funds to borrow that's why they came up with the 50million requirement to investment in the primary market. I think they are trying to encourage FGN bonds which have lesser yield.

Lastly, the bank is only trying to eliminate "you" since they can easily take your money and buy T-bills. Earning more and pay you less on FD or saving accounts. The government is not really bothered because the banks will still invest either ways. Also, there are institutional investors like the pension managers that invest your pension in T-bills.

tobe4real:
no i will much later

I was almost tempted to do FD. Infact i already have d form just to fill because of the way the lady in the bank approached me and talked me to it.
I still dont understand hw i stumbled on this thread in the first place even though i have searched about tbills online. Now my investment is getting close to 30days even though they will mature within 80days. I just pray Nigeria dont break up b4 oct 1st this one im hearing agitations everywhere.

torres2:


Diamond bank you don't want to die early according to review here.

Dust your passport/ voters card move to FBN and/or Stanbic on Monday. Open an account with them.

Primary auction: Stanbic is the King
Secondary market: FBN no dey carry last.

cooldudeng:


I don't want to bore you with a long strong, so I will try and make it brief using my own personal experience.

I bank with Diamond and I've always wanted to invest in T-bills through them. However, their rates are not encouraging in addition to their tactical ways of persuading me not to invest in T-bill. A novice would have been easily fooled.

I have a bit of banking experience, spent 3.5 years with two good banks, so I'm no novice to their ways. Banks enjoy "float" on current accounts which they lend out to "borrowing" customers at over 18%. Mind you, there's is no cost of funds to the bank since they are paying the depositors nothing on current account deposits and when they do (for FD and saving accounts), it's always marginal.

In summary, banks would rather keep your money with them. However, when you invest in T-bills, the funds are not available for the bank to use or earn on. Hence they will give you all the silly excuses on earth when you give them an instruction.

Based on this thread, I had to open new bank accounts with both banks - FBN and Stanbic and I tried investing through both (this week). Despite the fact that my funds had been sitting with FBN for a week prior to bidding, they still came back with a silly excuse of not getting approval from HQ. Again, I suspect the branch does not want to lose deposit, at least not for the next two weeks since they are now promising and begging that they will make next bid

Stanbic only got the funds Monday and by Tuesday, a lien was already on the funds and just yesterday I was debited.

On a lighter note, Stanbic wasn't one of the banks i worked for

torres2:


Diamond bank you don't want to die early according to review here.

Dust your passport/ voters card move to FBN and/or Stanbic on Monday. Open an account with them.

Primary auction: Stanbic is the King
Secondary market: FBN no dey carry last.

Thank you so much sharing your experience. I so much appreciate this. By God's grace I will be at Stanbic and First Bank Monday morning .

Please, I must have read it someone here on this thread but I forgot, what's the MINIMUM capital for TBILLs for FBN and Stanbic?

wellsaid:
Good evening to u all. I have been following this wonderful thread for quite a while and I must say I appreciate the efforts of gurus in order to make this thread one f financial enlightenment.

Please I have a question, as regards purchasing of TBILLs either in the primary or secondary market, can u put DIAMOND BANK on the same level with STANBIC and FIRST BANK? I use DIAMOND BANK but I see that stanbic and First bank happen to be the most recommended banks for TBILLs here.

If DIAMOND is good to go, I think I will start investing in TBILLS right away.

A lot have been said but if you want more review..I will let you know that I have done TB with FirstBank, Stanbic,GTB, Sterlin and Diamond. The worst of all I have used is Diamond. Stanbic is the best but I like FBN because of their ability to help you roll over investment @maturity if you choose that option when investing.

GTB and Sterlin are just OK. @ least you now know. In Diamond if you want to do FIxed Deposit you be told to open a HIDA account instead later you will be told you can no longer withdraw money from that HIDA account unless you open another diamond account to transfer the money to. They will frustrate your primary market bid and give you secondary market rate that is almost equal to other bank's Fixed Deposit rate.

freeman67:


A lot have been said but if you want more review..I will let you know that I have done TB with FirstBank, Stanbic,GTB, Sterlin and Diamond. The worst of all I have used is Diamond. Stanbic is the best but I like FBN because of their ability to help you roll over investment @maturity if you choose that option when investing.

GTB and Sterlin are just OK. @ least you now know. In Diamond if you want to do FIxed Deposit you be told to open a HIDA account instead later you will be told you can no longer withdraw money from that HIDA account unless you open another diamond account to transfer the money to. They will frustrate your primary market bid and give you secondary market rate that is almost equal to other bank's Fixed Deposit rate.

Yeee !! .. thats so sad. "wickedness in high places" as some people would call it. Thank God I asked this question. Please what's the minimum capital for Stanbic and FBN?

Enough is enough. ...



I am going to open first bank account n Im moving my money from access to fbn....


Access seems to be dulling.

wellsaid:


Yeee !! .. thats so sad. "wickedness in high places" as some people would call it. Thank God I asked this question. Please what's the minimum capital for Stanbic and FBN?

Minimum is N100,000 for first bank.

Good evening houz, if I may ask can you place TBILLS of fidelity & Gtb on the same level with first bank.

[quote author=emmanuelewumi post=59145259]


Which of their branches? Ajao estate branch will not allow you, but most of the branches on Lagos island will oblige you.[/quote

I do everything via email..

Fm4real06:

This is a cool write up. It seems most of the banks are now discouraging customers from investing in Tbills.
There is something i still dont understand, cant Fedgovt do something to stop them from discouraging their customers since the fed govt is in need of our money?
Uptill now my bankers in the branch i opened my TB are not happy with me. Is it by force to do FD?

Actually, my friend who works with Union Bank informed me that the current instruction from HQ was that if anyone bids for T-Bills, the bank will offer the same rate for fixed deposit and offer to convert T-Bill to FD.

As much as agitation for break up lingers, there is a 1:100 probability of a break-up. Here is unbiased reason why;

According to history, a country that has been in long existence before others always have priority over its smaller counterparts except there is in a influx of investors into the smaller country (the probability of investors flooding the East with investment is 1:100 as well).

During breakup, a country doesn't breakup its central banking system except a severe war of a very high magnitude causing 70 percent Nigerians to flee from the country, i don't see such happening. Nigerians love their beer parlour night outs and the armed forces are not weak.

Agitation is a groundbreaking plea for equal rights and truly not an intent to break up, some agitators like we see lose the purpose due to power adrenaline as we see but there wil be no success story about breakup.

To build a country of 60 million people you need at least $500 Billion for a start which the Nigerian govt don't even have.

Fm4real06:

I was almost tempted to do FD. Infact i already have d form just to fill because of the way the lady in the bank approached me and talked me to it.
I still dont understand hw i stumbled on this thread in the first place even though i have searched about tbills online. Now my investment is getting close to 30days even though they will mature within 80days. I just pray Nigeria dont break up b4 oct 1st this one im hearing agitations everywhere.

Fm4real06:

I was almost tempted to do FD. Infact i already have d form just to fill because of the way the lady in the bank approached me and talked me to it.
I still dont understand hw i stumbled on this thread in the first place even though i have searched about tbills online. Now my investment is getting close to 30days even though they will mature within 80days. I just pray Nigeria dont break up b4 oct 1st this one im hearing agitations everywhere.

lol...man up bro,nothing will happen Nigeria can never break up its all noise.

Fynebouy:
My friend did 6 months and got 17.25% on First Bank. Is this a good rate?

You are damn lucky......Mine was 16.9%,GTBANK,April

when is d next Auction date??

wellsaid:


Wow ,... Thanks for the quick response and also the note of warning , highly appreciated.

Please house,what is are the requirements of opening a FIRST BANK SAVINGS ACCOUNT.?
What is the the minimum Balance.?

Please house,what is are the requirements of opening a FIRST BANK SAVINGS ACCOUNT.?
What is the the minimum Balance.?

Chai! How and where people dey get big big money from?

You just dey hear people dey do TBills of 3, 5, 10...million, as per spare money ooo.

God bless advance me to this level oooo.

it seems 364days wont b available.

Moses247:
when is d next Auction date??

tobe4real:
5-10pages?? Cool!thanks,better than reading 300+ pages

I have adviced you not to get scared by 350 pages but you seem to be looking for a short cut.

Well, the choice is yours and I bet you that if you decide to go through only the last 10 pages as advised by someone, you will still come back to ask many questions.

I will be waiting to see you back with questions sooner or later

vazsily:
Good evening houz, if I may ask can you place TBILLS of fidelity & Gtb on the same level with first bank.

How dare you compare sleep with death?

Good afternoon house, so I am yet to collect my Proof of investment from my bank. I bought Tbills with Ecobank since July 7th though they gave me 16.8% for 182 days through secondary market. I filled the form and wait to be debited then, they didn't until 3 weeks.. I opened a Stanbic account and went to another branch of Ecobank to transfer the money, Do you believe that they didn't allow me to transfer the money. They kept telling me that the network was bad. I knew they were lying. Infact my account officer called me like 10times that evening.. I knew they already called her that I was about to move my money.. They only debited me Tbills 5 days. So they know what they are doing. You just need to be smart about it. Next time, I am moving all the money to Stanbic

She told me she has mailed them at the head office for my proof of investment and later told me that it seems the lady that do send the Tbills proof is on leave. Please is it only the branch where you bought your Tbills that you can collect proof of investment or you can walk into another branch?

caesaraba:


Actually, my friend who works with Union Bank informed me that the current instruction from HQ was that if anyone bids for T-Bills, the bank will offer the same rate for fixed deposit and offer to convert T-Bill to FD.

If your bank is frustrating as per Treasury Bill investment, try your stockbroker.

Investment one will accept 100k

United capital will accept N1 million

CSL stockbrokers will accept N1 million for TB.

By the way do we still have smart people banking with Union Bank.

Gavrelino123:
Please house,what is are the requirements of opening a FIRST BANK SAVINGS ACCOUNT.?
What is the the minimum Balance.?

2k

TONY56:


I have adviced you not to get scared by 350 pages but you seem to be looking for a short cut.

Well, the choice is yours and I bet you that if you decide to go through only the last 10 pages as advised by someone, you will still come back to ask many questions.

I will be waiting to see you back with questions sooner or later

Oga Tony, going by the TBills programme for this 3rd quarter, its like there will be no auction for 364days tenor in the next bid.

Please can you take a look at the schedule posted by a folk here and advice please. If true, i might have to settle for the Secondary market at First Bank away from my branch.

gogedda:
Good afternoon house, so I am yet to collect my Proof of investment from my bank. I bought Tbills with Ecobank since July 7th though they gave me 16.8% for 182 days through secondary market. I filled the form and wait to be debited then, they didn't until 3 weeks.. I opened a Stanbic account and went to another branch of Ecobank to transfer the money, Do you believe that they didn't allow me to transfer the money. They kept telling me that the network was bad. I knew they were lying. Infact my account officer called me like 10times that evening.. I knew they already called her that I was about to move my money.. They only debited me Tbills 5 days. So they know what they are doing. You just need to be smart about it. Next time, I am moving all the money to Stanbic

She told me she has mailed them at the head office for my proof of investment and later told me that it seems the lady that do send the Tbills proof is on leave. Please is it only the branch where you bought your Tbills that you can collect proof of investment or you can walk into another branch?

At First Bank you can only get your proof of investment from the branch where the TB investment was consummated

emmanuelewumi:

2k

thanks....1st thing on Monday morning, on my was to first Bank..

OK.. Thanks

emmanuelewumi:



At First Bank you can only get your proof of investment from the branch where the TB investment was consummated

punae:
Any UBA investor in the house?

UBA investor, was debited on Thursday evening at 17% for 182 days.

emmanuelewumi:


If your bank is frustrating as per Treasury Bill investment, try your stockbroker.

Investment one will accept 100k

United capital will accept N1 million

CSL stockbrokers will accept N1 million for TB.

By the way do we still have smart people banking with Union Bank.

Please, do you have any idea of what their last rates were and how that differs from Stanbic and First bank?

Hello house, please do you usually ask the bank's bid rate when you turn in your application and then compare the upfront interest you receive when the bank's bid go through? I always ask and I ask Stanbic in this last bid and they said they are bidding 18.5% for 364days which was still below the cbn marginal rate. So why is Stanbic crediting 18.48%? Are they making a spread on investor's capital??

Please lets take this up with our respective branches and lets compare the explanations from them.

NL1960:


About 18.48%.

walexlo78:
Hello house, please do you usually ask the bank's bid rate when you turn in your application and then compare the upfront interest you receive when the bank's bid go through? I always ask and I ask Stanbic in this last bid and they said they are bidding 18.5% for 364days which was still below the cbn marginal rate. So why is Stanbic crediting 18.48%? Are they making a spread on investor's capital??

Please lets take this up with our respective branches and lets compare the explanations from them.

I believe they make a "spread" off investors that can't meet the 50 Million primary market limit.

walexlo78:
Hello house, please do you usually ask the bank's bid rate when you turn in your application and then compare the upfront interest you receive when the bank's bid go through? I always ask and I ask Stanbic in this last bid and they said they are bidding 18.5% for 364days which was still below the cbn marginal rate. So why is Stanbic crediting 18.48%? Are they making a spread on investor's capital??

Please lets take this up with our respective branches and lets compare the explanations from them.

Who told you their bid rate before the auction?
You can't know the rate until after the auction.
D only thing you can know ahead is the last auctions rate.
It is only secondary market rate you get to know upfront before the investment.