Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,272 members, 7,954,066 topics. Date: Friday, 20 September 2024 at 11:49 AM |
Nairaland Forum / Nairaland / General / Investment / Does Your Savings Account Still Receive Monthly Interest? (32539 Views)
Gtbank Savings Account Interest Payments Replaced By Deductions / Can I Still Receive Bonus After Selling My FBN Shares? (2) (3) (4)
Does Your Savings Account Still Receive Monthly Interest? by charlsecy4(m): 6:44am On Jan 31, 2013 |
I know a savings account should be a bank account that earns interest on money deposited. To the best of my knowledge, the only bank whose savings account still gives out some interest is GTBank. Most other banks would charge you for even running a savings account! The whole essence of savings account has been defeated, thanks to the obnoxious deals, unexplained and unwarranted charges and deductions by the banks. So far, I have used the services of old Standard Trust [now UBA], Intercontinental [now Access], and GTBank. The savings account I had with the old Standard Trust was yielding interest, until they merged with the old UBA. Then they even started charging the account. When the account was no longer of use to me, I officially had it closed. I have two accounts with Access Bank, a regular savings and the one that combines the attributes of savings and current accounts. It was called IPSA during the time of Intercontinental Bank. Each month, I discover that there have been deductions in each account. I have abandoned the regular savings, but still run the other account, because it is the means by which I pay in share dividend cheques. Of all the banks I have used, GTBank is the only one that still pays out interest. I receive SMS alerts the first week of every month, containing my balance, interst earned and charges. In the end, there is always a net increase in my balance, no matter how little. What bank(s) do you use? What is your experience with regard to how they run savings accounts? Do you get interest? 3 Likes |
Re: Does Your Savings Account Still Receive Monthly Interest? by souleymon(m): 7:02am On Jan 31, 2013 |
I use Gt, but havent gotten interest since i run it daily Skye bank does give interest on savings 1st Bank- No 2 Likes |
Re: Does Your Savings Account Still Receive Monthly Interest? by Ebestsmscom: 7:07am On Jan 31, 2013 |
souleymon: I use Gt, but havent gotten interest since i run it daily GTBank haven't given me 1k not to talk of interest. Nigeria bank interest is rubbish. If they send you an interest of N3.00 interest they will collect the sms charges which is N10 if GTBank, now who is lossing. 2 Likes |
Re: Does Your Savings Account Still Receive Monthly Interest? by leverage12(m): 7:28am On Jan 31, 2013 |
charlsecy4: I know a savings account should be a bank account that earns interest on money deposited. To the best of my knowledge, the only bank whose savings account still gives out some interest is GTBank. Most other banks would charge you for even running a savings account! The whole essence of savings account has been defeated, thanks to the obnoxious deals, unexplained and unwarranted charges and deductions by the banks.my brother, don't depend on banks to make money. To make money- its either you create your own business or you invest on other people business, that's how you get reasonable amount from your money. cheers 3 Likes |
Re: Does Your Savings Account Still Receive Monthly Interest? by souleymon(m): 7:31am On Jan 31, 2013 |
0p how much interest is given to u My thousands in skye bank only pave way for N45 @ times Sms- i have long deactivated that.when there is internet banking for me |
Re: Does Your Savings Account Still Receive Monthly Interest? by charlsecy4(m): 7:41am On Jan 31, 2013 |
leverage12: my brother, don't depend on banks to make money. To make money- its either you create your own business or you invest on other people business, that's how you get reasonable amount from your money. cheers It doesn't look like your response is applicable to the thread. Please re-read the post. 6 Likes |
Re: Does Your Savings Account Still Receive Monthly Interest? by charlsecy4(m): 7:45am On Jan 31, 2013 |
souleymon: 0p how much interest is givenTrue, the interest is poor. But it's better than losing some money to unexplained deductions, leading to a fall in balance. |
Re: Does Your Savings Account Still Receive Monthly Interest? by souleymon(m): 8:27am On Jan 31, 2013 |
Yes it just wld never equate to sms charge. But then the interest is never reflective, just like those under N100 dividends one get from stocks |
Re: Does Your Savings Account Still Receive Monthly Interest? by maxibrainz: 8:58am On Jan 31, 2013 |
I use Fidelity bank savings account and i get interest monthly no deduction |
Re: Does Your Savings Account Still Receive Monthly Interest? by charlsecy4(m): 9:23am On Jan 31, 2013 |
I was using IPSA during the time of Intercontinental Bank. Now they are Access they've introduced a monthly charge of N200, in the name of Account Maintenance Charge. |
Re: Does Your Savings Account Still Receive Monthly Interest? by neksummi(m): 3:41pm On Jan 31, 2013 |
I do get from GTBank but nothing to write home about. Other banks, I only go to find out that my balance ha gone low. 1 Like 1 Share |
Re: Does Your Savings Account Still Receive Monthly Interest? by charlsecy4(m): 4:07pm On Jan 31, 2013 |
neksummi: I do get from GTBank but nothing to write home about. Other banks, I only go to find out that my balance ha gone low.I now have a policy of maintaining only the minimum balance on those banks' accounts that suffer deductions. |
Re: Does Your Savings Account Still Receive Monthly Interest? by charlsecy4(m): 7:27am On Feb 06, 2013 |
I've done that, but was surprised they still deducted my money beyond the minimum balance. I'll close the account. After all, I can do without them. 1 Like |
Re: Does Your Savings Account Still Receive Monthly Interest? by baynix(m): 5:36pm On Feb 10, 2013 |
I Thot I Was The Only One Experiencin Ds!! FirstBank Stopped Givin Me Interest In 2012... Around August Or So!! And Their Monthly SMS Charges Is Eatin Up My Balance!! They 're Thieves!! |
Re: Does Your Savings Account Still Receive Monthly Interest? by toluxa1(m): 5:41pm On Feb 10, 2013 |
The money they deduct for monthly SMS charge far exceeds the N20 interest they give me. And that is any month they remember to do so, but trust me they never forget those SMS charges. Bunch of Barawos |
Re: Does Your Savings Account Still Receive Monthly Interest? by Lafemme1: 5:44pm On Feb 10, 2013 |
Yes, I receive interest from GTBank and Diamond bank (though HIDA). For other banks, NO!!! |
Re: Does Your Savings Account Still Receive Monthly Interest? by DJDOLA(m): 5:45pm On Feb 10, 2013 |
mtchewwwww..is only someone dat have money will save in bank |
Re: Does Your Savings Account Still Receive Monthly Interest? by Nobody: 5:45pm On Feb 10, 2013 |
Funny topic. Naija banks no dey give interest, unless say you do fixed deposit. . .and even that one sef, the interest dey pathetic, unless say na pension funds money you fix (N20 billion and so on). Imagine an interest of N102.29 ontop about N1.2m wey done dey rest for account for like 3 months? Lol. Useless jokers. |
Re: Does Your Savings Account Still Receive Monthly Interest? by akatonero(m): 5:45pm On Feb 10, 2013 |
After using my money to do business they still charge 100 naira maintenance fee. I no fit shout self |
Re: Does Your Savings Account Still Receive Monthly Interest? by Nobody: 5:46pm On Feb 10, 2013 |
Niga is ful of fraud, sms chargs alone is mo dan interest which is insignificance |
Re: Does Your Savings Account Still Receive Monthly Interest? by martyns303(m): 5:47pm On Feb 10, 2013 |
souleymon: I use Gt, but havent gotten interest since i run it dailyExcept the service is selectively available, cos I was having N50,000 in my account befor I travelled, I get interest of N83 every month, my statement is being E-mailed to me. Not much but at least my money is being deducted. 1 Like |
Re: Does Your Savings Account Still Receive Monthly Interest? by dridowu: 5:49pm On Feb 10, 2013 |
I use 1st bank, d only tme i recve sms is wen dy are debiting my account, |
Re: Does Your Savings Account Still Receive Monthly Interest? by martyns303(m): 5:50pm On Feb 10, 2013 |
pro01: Funny topic. Naija banks no dey give interest, unless say you do fixed deposit. . .and even that one sef, the interest dey pathetic, unless say na pension funds money you fix (N20 billion and so on).Nigerian banks give one of the highest interest rate in the world, SA highest is 5.05 standard bank. India is 7.0. |
Re: Does Your Savings Account Still Receive Monthly Interest? by pak: 5:53pm On Feb 10, 2013 |
I think its quite clear that GT pays interest on saving when you withdraw 4 times or less in a month. The last time I received an interest was sometimes in November 2012, about 3K or so |
Re: Does Your Savings Account Still Receive Monthly Interest? by DonHummer(m): 5:53pm On Feb 10, 2013 |
martyns303:Are u a learner or a nigerian...were did u get ur facts 4rm.....i havnt gotten any interest on my savings account 4 da past 2 years.... Seems like we are paying them to keep our mony safe.... |
Re: Does Your Savings Account Still Receive Monthly Interest? by prospy04(m): 5:54pm On Feb 10, 2013 |
They pay interest but d amount they charge for each month wont make u even notice it. I use uba btw. |
Re: Does Your Savings Account Still Receive Monthly Interest? by sheriffman(m): 5:56pm On Feb 10, 2013 |
FCMB does pay interest 1 Like |
Re: Does Your Savings Account Still Receive Monthly Interest? by Nobody: 6:02pm On Feb 10, 2013 |
A saving account will attract interest rate when withdrawal isn't more than 3 times in a month(I stand to be corrected),otherwise it will be treated like current account. 1 Like |
Re: Does Your Savings Account Still Receive Monthly Interest? by mimima(f): 6:08pm On Feb 10, 2013 |
there is something i want to get here,interest is paid on average account bal monthly,if you withdraw more than 3times,you forfeit your int.sms alert is optional,if the charge is much you can deactivate.you can request for email alert or internet ban |
Re: Does Your Savings Account Still Receive Monthly Interest? by mcevans1(m): 6:10pm On Feb 10, 2013 |
I bank with skye bank and they have never added interest to my savings account. They deducted 732naira the last time I withdrew 45k. Really sucks. |
Re: Does Your Savings Account Still Receive Monthly Interest? by glimpse(f): 6:10pm On Feb 10, 2013 |
Access bank charges too much. I av stoped usin d acct. |
How Can One Recover Money From A Fraudster? / H2 Report: 31 States Fail To Attract Fresh Investments / Can I Buy Shares With 5,000?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 33 |