Hi Nairalanders, I want to save up for a project, i want to ask if a Savings account can be restricted for withdrawal for a certain period of time (a year precisely) but can accept Savings only.


Thanks.

also lalasticlala, ishilove please unban my previous account. username @amhackdee

hackdee:
Hi Nairalanders, I want to save up for a project, i want to ask if a Savings account can be restricted for withdrawal for a certain period of time (a year precisely) but can accept Savings only.

Adesiji77, your input please

Discuss wt ya bank.

@hackdee

I can think of 2 options

1. Through a written instruction, ask your bank to place a "Post No Debit" (PND) on your savings account until further notice. That way, you would have no access to the funds in your account until the restriction is lifted via another written instruction from you to that effect.

2. Most banks have savings products that allows targeted savings such as for payment of school fees, pligrimages, vacation, festive periods, purchase of consumer products etc. It can be done for 1 year but it depends on your intended project.

You can deposit into the account at regular intervals and would not have access to the funds until maturity date. Ask your bank for their product offerings and make your choice.

cc: Ishilove

Adesiji77:
@hackdee

I can think of 2 options

1. Through a written instruction, ask your bank to place a "Post No Debit" (PND) on your savings account until further notice. That way, you would have no access to the funds in your account until the restriction is lifted via another written instruction from you to that effect.

2. Most banks have savings products that allows targeted savings such as for payment of school fees, pligrimages, vacation, festive periods, purchase of consumer products etc. It can be done for 1 year but it depends on your intended project.

You can deposit into the account at regular intervals and would not have access to the funds until maturity date. Ask your bank for their product offerings and make your choice.

cc: Ishilove

Thanks dear, very instructive

Kindly visit any of the nearest Wema Bank around your area, there's a savings account called"Smart Save".

Smart Save allows you to save towards a specific purpose without you having access to the fund..

N:B
*The Minimum/Maximum tenor for the account is 6/36months..
*Minimum monthly savings target is N5000.
*Access to Normal Interest rate on Savings account + Bonus interest.
*Access to loan amount up to 75% of account balances at special interest rate..
*Any withdrawal from the account before the agreed date leads to "Automatic Liquidation" of the account..

*I hope have answered your question??

Adesiji77:
@hackdee

I can think of 2 options

1. Through a written instruction, ask your bank to place a "Post No Debit" (PND) on your savings account until further notice. That way, you would have no access to the funds in your account until the restriction is lifted via another written instruction from you to that effect.

2. Most banks have savings products that allows targeted savings such as for payment of school fees, pligrimages, vacation, festive periods, purchase of consumer products etc. It can be done for 1 year but it depends on your intended project.

You can deposit into the account at regular intervals and would not have access to the funds until maturity date. Ask your bank for their product offerings and make your choice.

cc: Ishilove

thank you so much, i will go to my bank tomorrow to get further info.

Ishilove:

Thanks dear, very instructive

Thank you too sir, so how about my previous account, could you please help me.

Dexnuel:
Kindly visit any of the nearest Wema Bank around your area, there's a savings account called"Smart Save".

Smart Save allows you to save towards a specific purpose without you having access to the fund..

N:B
*The Minimum/Maximum tenor for the account is 6/36months..
*Minimum monthly savings target is N5000.
*Access to Normal Interest rate on Savings account + Bonus interest.
*Access to loan amount up to 75% of account balances at special interest rate..
*Any withdrawal from the account before the agreed date leads to "Automatic Liquidation" of the account..

*I hope have answered your question??

thank you so much sir, i will ask about that also

Thanks to everyone that commented , i have gone to the Bank this morning and i was told to write an instruction letter of which i did, immediately my account has been debit restricted.

Thank you so much for all your advise.

@hackdee Welcome! Good to know that it went well.

@Ishilove Trust you had a good day dear