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Types Of Bank Account - Business - Nairaland

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Types Of Bank Account by Okfiscal(m): 5:08pm On Jun 07
I think it worthwhile to know the difference in various bank accounts before opening account with many bank.

You have to define the pros and cons of account operated by banks in terms of monthly charges, interest on savings and other policies.

Take this quote from a villain

If you have a gun, can rob a bank

But if you have a bank you can rob anyone

Black kaask
So you see your bank can be a arsenal to make wealth.

Read- 5 banks with high paying interest rate

Without much I do, here are the types of bank accounts:

1.Savings account
This is the most common and basic account most people operate. Basically, an account just for deposits and withdrawals which make it restricted to some types of transactions. It is an interest bearing account though the interest rate is always low. Little or no cash is required to open a savings account.

2. Current account
A current account would be preferable for business because transactions on this account are limitless, unlike the savings account. A cheque book is also issued after opening a current account.

3. Fixed deposit account
Just as the name implies, this account is for a fixed period of time, a minimum period of 30 days and a maximum period of 180 days. During this period, the money deposited cannot be withdrawn until the duration elapses. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested.

4. Joint account
A joint account is opened with the name of two or more people who are all signatories to the account. Co-owning the account, no individual can make a decision on a joint account without informing the other signatory or signatories.
There are two types of joint accounts
A. Joint-tenancy mostly operated by married couples
B. Tenants-in-common mostly operated by business partners

5. Domiciliary account
A domiciliary account is opened for carrying out foreign transactions. The account can be used to transfer money to another country or receive foreign currency from other countries.

6. Corporate account
An account opened by multinational companies and big corporations. The corporate account is totally different from the personal or investment banking accounts, it is majorly opened for business purposes

7. Non-resident Nigerian account
A Non-resident Nigerian account is a bank account designed for Nigerians living in the diaspora and want to operate a Nigerian bank account.

You can walk into any banking hall of your choice today to make more inquiries about the type of bank account that suits you

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