Your assets such as your savings are a banks liabilities whereas Your liabilities i.e. debt are a banks assets. Banks main purpose is to make money off their customers through taxes, interest and loans.there are however various ways to beat the system. Banking professionals in the house should please tell us how the average man on the street can get the most value out of his money through banking. I will start first.


1. Make your savings account your salary account. This way you wont be charged excessively by banks. Also save lots of your money that you want to transfer ; in your saving account as transfers from this account are free.


2. When purchasing treasury bills tick the option of your realised interest to remain within your original invested principal so that the power of compounding can work for you. This is better than having your interest come back into your normal account only for you to spend it instead of it growing.

3.withdraw large amounts from the atm instead of small amounts numerous times so that you are not charged a high c.o.t (credit on turnover)

What else do you guys know?

Activate Internet Banking and deactivate SMS alert on your phone if you receive a lot of alerts or use your account for business.

And just be checking your transaction on your phone with operamini.

Good stuff man

jacobscros: Good stuff man

If you have a Domiciliary with banks like GTBank,no need to be going to banking hall before you can collect your cash in foreign currency and later go to aboki to change as you can just take little step of changing it to naira straight away while you are at home and walk up to any any ATM Machine close to you to collect your cool naira.

It is as simple as ABC using token plus FX TRADE...

legalwealth: Activate Internet Banking and deactivate SMS alert on your phone if you receive a lot of alerts or use your account for business.

And just be checking your transaction on your phone with operamini.

Clients would kill your battery with calls, especially with a product that needs almost instant provisioning, the 10naira per sms is worth the peace of mind, its the COT that's my grouse

Never keep above 1m u won't use for more than 30 days in your savings account, move it to a fixed deposit account or t.bills for better returns, only keep what you need immediately +extra for emergencies in the bank.

bigx: Never keep above 1m u won't use for more than 30 days in your savings account, move it to a fixed deposit account or t.bills for better returns, only keep what you need immediately +extra for emergencies in the bank.

excellent stuff man. Thanks for that gem.

bigx:

Clients would kill your battery with calls, especially with a product that needs almost instant provisioning, the 10naira per sms is worth the peace of mind, its the COT that's my grouse

You might be right and you might not be.

As a matter of fact,you won't receive alert for all deposits but you will be charged at the end of the month.

A very example is that a nairalander called as at 9 a.m yesterday morning that he wanted to fund Liberty reserve
and he made the payment as early as possible around 9.30 a.m and I checked my account via Internet banking but I didn't find his deposit though he seriously claimed that he made payment of N4,000.

Seriously speaking,I deposit only appeared around 7.30 p.m around evening and up till now,no alert on my phone whatsoever.

What is now the essence of alert as I'm evening planning of disabling it and adding it money to my monthly subscription on my smartphone since I do check my balance and make transfers on my smartphone using OperaMobile 11.

legalwealth:


You might be right and you might not be.

As a matter of fact,you won't receive alert for all deposits but you will be charged at the end of the month.

A very example is that a nairalander called as at 9 a.m yesterday morning that he wanted to fund Liberty reserve
and he made the payment as early as possible around 9.30 a.m and I checked my account via Internet banking but I didn't find his deposit though he seriously claimed that he made payment of N4,000.

Seriously speaking,I deposit only appeared around 7.30 p.m around evening and up till now,no alert on my phone whatsoever.

What is now the essence of alert as I'm evening planning of disabling it and adding it money to my monthly subscription on my smartphone since I do check my balance and make transfers on my smartphone using OperaMobile 11.

I've the same issues too I've been getting 1 out of 3 alerts from gtb for d past week or so but the issue is that I'm a very mobile person so most times I'm driving and its nt really convenient/safe browsing while driving. So its easier to just get the alerts, check and foward to my people at the office to handle.
Also, browsers can disappoint at times o!

How do I buy Treasury bills, What is the minimum I need to buy it and what are the returns like?

toluxa1: How do I buy Treasury bills, What is the minimum I need to buy it and what are the returns like?

It depends on where you buy, check discount houses or ask your account officers at your bank, the place I use accepts a minimum of 1 million naira for investment and the returns range from 7 - 14% (annually) depending

bigx:

It depends on where you buy, check discount houses or ask your account officers at your bank, the place I use accepts a minimum of 1 million naira for investment and the returns range from 7 - 14% (annually) depending

Is this higher than fixed deposit?

toluxa1:

Is this higher than fixed deposit?

Much much higher...

www.nairaland.com/878880/treasury-bills-why-it-best/12

nice stuff here.

toluxa1:

Is this higher than fixed deposit?

I bought my own T-bill for 100k from my a/c officer at fbn and i make 3k every 3months from it.you have the option to add more money to your initial investment upon its maturity date thus increasing your future returns.

jacobscros: I bought my own T-bill for 100k from my a/c officer at fbn and i make 3k every 3months from it.you have the option to add more money to your initial investment upon its maturity date thus increasing your future returns.

Roughly 12% per annum, meanwhile with fixed deposit u'd beg for 5%

Guys, I really appreciate ur various contributions. Keep on shining; the sky is ur starting point. Thanks for sharing.