I opened an account with fidelity bank due to the nice interest rate. However, they began by deducting for sms alert for weekly account statement, I nor send them? I began with 10k, then deposited 40k later on. I don't even understand the rubbish they were doing on the account. They even took interest tax from me for withdrawing N900 for airtime recharge.

I don't know if I am wrong or something, but the minimal interest that should be paid to me by fidelity bank is NGN2,450 which is the result of 5% interest on NGN49,000 as they stated on their website. Anyone who has a better understanding should kindly shed more light.

Cc naijacutee, dominique, puskin, FOD

Nor be today banks begin dey defraud their so called highly esteemed customers ooooo. In fact there is nothing like interests again. Instead what we have currently is multiple deductions for committing the crime of saving our hard earned money with them.

Nor be today banks begin dey defraud their so called highly esteemed customers ooooo. In fact there is nothing like interests again. Instead what we have currently are alarming and wicked multiple deductions for committing the crime of saving our hard earned money with them.

you wan steal am. You calculated this as a flat rate instead of a per annum basis. No bank in the WORLD would pay you a flat rate. NONE. also the charges you have put are mainly statutory e.g. tax which is paid to Government. You need some education Bro. besides the high interest rate advised by the bank is based on 100k deposit and above. Anything below that you earn the regulatory minimum of 4.2% per annum.You have deposited 50k right? Based on this your interest monthly shouldnt be more than N200. Guy try increase your balance, I hear say them they do promo oh

horpeyemmi66:
I opened an account with fidelity bank due to the nice interest rate. However, they began by deducting for sms alert for weekly account statement, I nor send them? I began with 10k, then deposited 40k later on. I don't even understand the rubbish they were doing on the account. They even took interest tax from me for withdrawing N900 for airtime recharge.

I don't know if I am wrong or something, but the minimal interest that should be paid to me by fidelity bank is NGN2,450 which is the result of 5% interest on NGN49,000 as they stated on their website. Anyone who has a better understanding should kindly shed more light.

Cc naijacutee, dominique, puskin, FOD

The mistake is that you are calculating using flat rate? Interest is calculated per annum

Bro horpeyemmi66, this is how it works.
Below N100,000 (normal savings rate - 4.2%)
N100,000 - N999,999 - 4.6%
N1m - N4.99m - 5.1%
N5m & above - 5.6%
Be sure to know that every interest earned, attracts withholding tax of 10% (statutory). I v frnds who have earned from HYSA and other Savings offering of the Bank but i v neva been lucky. Abeg try contact your account officer or their customer care - True.serve@fidelitybank.ng, 01-448-5252 or Whatsapp: +2349030005252 for clarity.

You need to understand. That an alert meant for the statutory monthly withholding tax came in AFTER you bought airtime does not mean they charged you for buying airtime. You opened a good account. Learn more about FIDELITY HYSA ACCOUNT HERE: https://www.banknaija.com/best-high-yield-savings-accounts-in-2020/