Whew!
Bank Managers and their sweet mouths! As I was minding my business today, temptation came to my office. A BM of StandardChartered came to give a very interesting and very persuading presentation on his bank's products and services.
First of all, I am not the type that believes that money should lie idle in any bank neither do I pledge loyalty to any of them. If you offer me rate wey pass my neighbor I go follow you sharp sharp!

Anyways, the guy was making a lot of sense as these two points caught my eye:
1. Forex Transfer
Hear him "we have branches in over 70 countries in the world. Presently in Nigeria, we offer intermediary banking service to a lot of our colleague banks, helping them to process their forex wires. We charge 0.5%, and $26 flat Telex charge no matter the volume"
finally, he had me rushing for their dorm account forms when he said "all transfers hit beneficiary account within 3 hrs"
2. e-Savers Account
I'm still quoting "with our e-savers account, you can earn up to 10%p.a tiered interest (payable monthly) with 0 account maintenance fees, 0 sms fees and full online banking service, this is obviously higher than the 6% offered on Diamknd Bank HIDA"

Honestly, for someone who has been through it all in the name of wiring money abroad (from N10,000 Telex charges at GTB to beneficiary getting it after 1 and half weeks with FBN) I'm seriously considering taking a dive.

Up until today, I never knew that StandardChartered was a bank in Nigeria, I always thought the global StandardChartered Bank operated in Nigeria as Stanbic IBTC. Olodo like me.

A beg, my fellow investors give me info before I enter 1 chance. Does anyone have experience banking with them, please share o.
Also how does their e-savers account compare to Diamond Bank's HIDA?

following ooo, mostly on the E-saver, i run a HIDA account and the rate is 6 per cent on a mill and 4 percent below a mill

The Standard Chartered e saver account attracts an interest rate of far less than 10% as stated in the previous post. This can be confirmed from their website.


I operate a Diamond Bank High Interest Deposit Account (HIDA) which is a fantastic account that gives a flexibilty of saving N100,000 and above with access to Internet banking to make transfers to the account or outside the account.
Deposit above 1Million and above attracts attracts an interest rate of 6% pa. This rate is one the best in the industry.

You can visit any Diamond bank branch to make enquiries and pick up a form.

YoungExec pls tell me mor. I'm very interested. Is there any money they want me to keep with them to get 10%?

I think it's 1M and above, But I'll still find out from a totally different staff of the bank. I want to get a second opinion before I decide. However, I'm told that unlike the Diamond Bank HIDA which doesn't issue ATM, this one does.

YoungExec:
I think it's 1M and above, But I'll still find out from a totally different staff of the bank. I want to get a second opinion before I decide. However, I'm told that unlike the Diamond Bank HIDA which doesn't issue ATM, this one does.

1m for 10% is not that fantastic, I know an asset management firm that will give u 12% for that same 1m

ernie4life:


1m for 10% is not that fantastic, I know an asset management firm that will give u 12% for that same 1m

Please share!

YoungExec:


Please share!

investment one financial services, offer my pass Gold at 12% for minimum of 1m

YoungExec:


Please share!

investment one financial services, offer my pass Gold at 12% for minimum of 1m
while my pass silver is 11% for minimum of 500k

and my pass orange is 10% for minimum of 100k

ernie4life:


1m for 10% is not that fantastic, I know an asset management firm that will give u 12% for that same 1m

Will your money be available the moment you need it? For diamond HIDA i can decide to withdraw all my money any time i want, its like operating a normal bank account, just that you are not issued an ATM card.

Pesuzok:

Will your money be available the moment you need it? For diamond HIDA i can decide to withdraw all my money any time i want, its like operating a normal bank account, just that you are not issued an ATM card.

I think so but you need to leave the money for year to get the full interest

ernie4life:


I think so but you need to leave the money for year to get the full interest

You are not too sure. HIDA is per annum but the interest is calculated and paid monthly. And you still have access to you money the instant you want it. I dont want a fixed deposit kind of investment

Pesuzok:


You are not too sure. HIDA is per annum but the interest is calculated and paid monthly. And you still have access to you money the instant you want it. I dont want a fixed deposit kind of investment

Ok ok that's a totally different thing because what am talking of is more of fixed deposit.

ernie4life:


Ok ok that's a totally different thing because what am talking of is more of fixed deposit.

I'm guessing there is withholding tax charged on the profit as per usual FD practice?

YoungExec:


I'm guessing there is withholding tax chargedo on the profit as per usual FD practice?

of course there is withholding tax

ernie4life:


I think so but you need to leave the money for year to get the full interest

1 year?...In that case, HIDA is better then. Or if I want that high an interest, I can still fix my money with Diamond. HIDA serves a different purpose altogether

maum:


1 year?...In that case, HIDA is better then. Or if I want that high an interest, I can still fix my money with Diamond. HIDA serves a different purpose altogether

the choice it's yours

Can't tie my funds up for a year in FD for just 12% and withholding tax. Currently and through last year, I've been hedging 1 year T-Bills at an average of 14% tax free. Hedging suits my risk appetite better and is more rewarding than a lump dive.
However, I'm equally considering some Finance Houses that offer 15% onsubstantiall investments in their lending pool.
I've also been offered 15% by a Univeristy Credit Union. These are under the radar deals shaa but look promising.

YoungExec:
Can't tie my funds up for a year in FD for just 12% and withholding tax. Currently and through last year, I've been hedging 1 year T-Bills at an average of 14% tax free. Hedging suits my risk appetite better and is more rewarding than a lump dive.
However, I'm equally considering some Finance Houses that offer 15% onsubstantiall investments in their lending pool.
I've also been offered 15% by a Univeristy Credit Union. These are under the radar deals shaa but look promising.

BRO HOW DO U HEDGE UR T-BILLS? & WHAT WILL 14% TAX FREE TRANSLATE TO AS I'LL LIKE TO KNOW D DETAILS OF D CALCULATION? HOW IS HEDGING MORE REWARDING THAN A LUMP DIVE?

gibschy:

BRO HOW DO U HEDGE UR T-BILLS? & WHAT WILL 14% TAX FREE TRANSLATE TO AS I'LL LIKE TO KNOW D DETAILS OF D CALCULATION? HOW IS HEDGING MORE REWARDING THAN A LUMP DIVE?

First off, be warned; Hedging is capital intensive and not for the faint hearted.
You probably know what Treasury Bills are so no need to explain it. As you may know, T-Bills are tax free. A lump dive is when you invest a large amount all at once in low risk fixed income securities like T-Bills or Bonds. Though low risk, political and economic instability can pose a significant risk and this endangers lump dives.

Simply put, if I have liquid cash of 60M I can choose to either:
Lump Dive by investing the entire cash in 1 year T-Bills @ 12% then I get 7M+ upfront interest and then 60M after 1 year. However, my risk appetite and BP may not stand this.
Hence, I may choose to hedge by buying 5M T-Bills monthly at prevalent rates for 12 months. Hence, every month the following year, I am getting credit each month which I may chose to reinvest. Hence, rather than a lump dive that yields 7M+, I hedge and get 580k+ monthly.
This is a good way to pace oneself as you are sure of guaranteed monthly income come rain come shine.

From experience most Nigerian 1 year T-Bill yields exceed 10% on average.

Sorry if this is not as detailed as you may want. Bear with me as I'm up to my neck in work.

As a contractor, hedging has saved me lots of times as I use the yields to pay salaries especially during job droughts (periods when you don't get contracts).

Educative for noobs like me.. Thanks sir.. Please how and where can one buy or invest in t-bills? Thanks sir
Still following

YoungExec:


First off, be warned; Hedging is capital intensive and not for the faint hearted.
You probably know what Treasury Bills are so no need to explain it. As you may know, T-Bills are tax free. A lump dive is when you invest a large amount all at once in low risk fixed income securities like T-Bills or Bonds. Though low risk, political and economic instability can pose a significant risk and this endangers lump dives.

Simply put, if I have liquid cash of 60M I can choose to either:
Lump Dive by investing the entire cash in 1 year T-Bills @ 12% then I get 7M+ upfront interest and then 60M after 1 year. However, my risk appetite and BP may not stand this.
Hence, I may choose to hedge by buying 5M T-Bills monthly at prevalent rates for 12 months. Hence, every month the following year, I am getting credit each month which I may chose to reinvest. Hence, rather than a lump dive that yields 7M+, I hedge and get 580k+ monthly.
This is a good way to pace oneself as you are sure of guaranteed monthly income come rain come shine.

From experience most Nigerian 1 year T-Bill yields exceed 10% on average.

Sorry if this is not as detailed as you may want. Bear with me as I'm up to my neck in work.

As a contractor, hedging has saved me lots of times as I use the yields to pay salaries especially during job droughts (periods when you don't get contracts).

you can buy T-Bills through your local bank either from the primary market (CBN) or secondary market (people who are exiting their positions before maturity)

This thread will help:
https://www.nairaland.com/878880/treasury-bills-nigeria