I get scared now anytime i see a GTB alert on my phone. those guys seem to constantly debit my accounts. WTF is SMS charge on both my current and savings for same month? i shall go and find out if this is an invitation to close my account.

=))º°˚˚˚°ºнaĦaнaº°˚˚˚°º‎​=)).  PHB :-Xg

My First Bank savings account pays me interests every month till date. I operate an hybrid savings account with Fidelity Bank called FPSS, where I can issue non-clearing cheques to 3rd parties and I also receive interests every month. The other savings accounts I operate with both GTB and Stanbic IBTC have both never failed in paying me interests at the end of every month.

I'm kinda surprised at what you guys are saying. The interest might not be much, but it has always been regular.

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

I dont see how ur answer relates to the question asked!!! why is it hard for nigerians to read nd understand before opening deir mouths

As savings account is supposed to be for savings, regular withdrawals from it defeats the purpose. That is why most banks do not pay interest once money has been drawn from the account more than a certain number of times monthly.

I have been asking people around me if the description of Savings account has change in Nigeria. I bank with GT and ACCESS and gt don't have any of these 'systematic robbery' charges like ACCESS. On my ACCESS IPSA account, they charge me electronic channel fees of N100 sometimes twice in a month (as in January 2013) and another monthly account maintenance charge of N200. Apart from these charges, they also deduct sms alert charge. Can somebody please tell me if these deductions exist outside the shores of Nigeria?

sean benito: As savings account is supposed to be for savings, regular withdrawals from it defeats the purpose. That is why most banks do not pay interest once money has been drawn from the account more than a certain number of times monthly.

If forfeiting my interest (a condition we are all aware of after 3 withdrawals in a month) is all they do, that is fine. But the issue is the other charges like maintenance account charge and electronic channel fees in ACCESS bank.

My First Bank Savings have not received any dime as interest.

UBA don nearly kill me ontop my money again!

I have not gotten any interest from any bank o, GTB only gives me monthly deductions not interest however it is still better than UBA, I angrily abandoned my savings a/c @ UBA when their deductions became so ridiculous and maddening. As for first bank, no single kobo has been given me as interest but their deductions are moderate just like GTB even though customer satisfaction at my branch of first bank in Akure (Akure Main @ Alagbaka) is the worst in the world.

I left N939,000 in UBA for 3 good months without touching it, it became N938455, not a dime was given as interest, someone is here saying that withdrawing frequently defeats interest payment, the simple fact is that savings account no longer attracts interest but deductions, shikena!

ShalomNigeria:
If forfeiting my interest (a condition we are all aware of after 3 withdrawals in a month) is all they do, that is fine. But the issue is the other charges like maintenance account charge and electronic channel fees in ACCESS bank.

charlsecy4:

Does that mean they run a selective interest rate policy? Or you could lay a complaint. I use GTB, and I get interest. There've always been a net increase in my balance after the charges and the interest.

I use GTB n First bank, GTB gives d interest on savings bt it depends on d side of ur account n how frequently U mk withdrawals tht will determine d interest rate..... First bank is a mess, no interest instead they charge me unneccessarily...

I left N2000 in my account with standard trust when I left Nigeria in 2004, I don't no how things are now.

People should try and get themselves educated about the accounts they run in whichever bank.

Most Savings accounts have terms and conditions for which interest is paid monthly. Most savings products in most banks stipulate that you must NOT do more than 3 withdrawals in a month before you are paid any interest. But what happens is that bank customers in this category allow their accounts to run a diarrhea of cash outflow on a daily or weekly basis, and still expect their account to earn monthly interest.

Banks need to plan with money. And no bank would want to pay any customer interest on a Non Earning Cash (cash that has not been deployed to use). Until cash gets to CBN (at times taking up to 2 - 3 weeks), or given out as loans etc, banks do not earn anything on this idle csh. It therefore explains why a business man who deposits daily cash and withdraws the same day, or weekly may not get interest.

Please, visit your bank and let them properly explain to you the account plan you are running, and the T&Cs.

ShalomNigeria: I have been asking people around me if the description of Savings account has change in Nigeria. I bank with GT and ACCESS and gt don't have any of these 'systematic robbery' charges like ACCESS. On my ACCESS IPSA account, they charge me electronic channel fees of N100 sometimes twice in a month (as in January 2013) and another monthly account maintenance charge of N200. Apart from these charges, they also deduct sms alert charge. Can somebody please tell me if these deductions exist outside the shores of Nigeria?

I get the same nonsense charges from Access Bank and I will go any length to make sure I get all that money back. They are a bunch of criminals.

In the United States, you are told upfront what your options are regarding accounts and you make your choice accordingly. If it is a free account with conditions attached (like amount of withdrawals as it is in Nigeria or direct deposit) you will know what will trigger any charges BEFORE you open the account. Anything otherwise is illegal and no bank will try it but in Nigeria, there are no regulations and anything goes. If I had the ears of the Central Bank governor, I would report Access Bank so that all these nonsense will stop across all banks in Nigeria.

I also run a saving account with GTB, but just last week they send me an alert saying my SMS charges for the month of January is -N-345.00. Dont realy know which transaction i made that is upto that. Its been long since GTB send me interest alert.

Gtb is d only one dat do give interest monthly , skye only give, if u dont wtdraw more than once in a month, either tru machine or bankinghall

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.

Which bank?
I was getting over 3000 interest every month in my gtb acc. with about 1.1m
I do get over 800 with about 300000