₦airaland Forum

Current account works with electricity while Savings account works with inverter and solar.

nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it

you are so funny

Both individuals and businesses can have checking account.

Open a Rubies account if you are concerned about fees. I use it exclusively now.

https://rubiesbank.page/?ibi=com%2Ehighstreetmfb%2Erubies&isi=1458430556&apn=com%2Equcoon%2Erubies&link=https%3A%2F%2Fwww%2Erubies%2Eng%2Fibanker%3Freferral%3Dsomorinwyhcch

Savings ideally should be for funds you have no plans of putting it to use anytime soon. The bank can do biz with it and remit a micro sum as interest.

Current account means you can walk into the bank anytime and demand for the sum and you won't be given any excuses as to why the fund isn't available. The bank don't do biz with funds in current account that's why the account holder pays for the service (COT).
This why the law holds it that savings account holders intending to withdraw a given amount like N1.5mil (not very sure) need to give the bank 24hr notice.

nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it

Seriously

eleojo23:
OP, this is the kind of question you ask Google.

See u

Solsix:
Current account is a business account in carious forms. It charges COT in various forms according to the bank while savings account is use to save money. It pays interest depending on the type and bank. Savings account cannot be used for loan application, but it can be used by small businesses onwers who don't want to be charged

Sorry my brother current account mustn't be a business account, individual can own current account, let me list some difference between both.
Current account has a cheque book, which u can use for settlements, cheque book is like money in a way.
Cheques can be paid into a current account, so if u receive a cheque from some one, knows as a third party, for settlement, or exchange of value, u can pay the cheque into your current account, the cheque will go through clearing house. Clearing is a place where cheques are verified, since d cheque may b another banks cheque.
Your can get a business loan or overdraft from your current account, but not savings.

Banks charge COT charge on turnover, for every withdrawal. they charge u a certain amount, like #3 for every 1k.
From an x

Ekehwinz:
Whats the highest amount that can be deposited in current and savings acccount?

No limit. If u own 55 percent of bank deposit in the bank you will become board member

nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it

You might have to close the account to get the balance...that is if you have not grossed up unpaid SMS alert charges that will wipe it away.

Alternatively, and depending on your bank, you can recharge your line with N50 out of it.

RichDad1:
With the advent of e-banking, Online transfer etc, there’s no difference between both type of accounts.
Before, having to issue a check to a third party is an edge that Current account holders had over Savings account. But it’s longer a relevant thing because you can always make a transfer.
Savings account is also valid for issuance of Visa now.
To me , it’s just a status symbol. Nothing much.
I pay far more charges on my current account compares to the savings account.
Aside Corporate Account, I don’t see anything special in issuing a check when you can actually make a transfer.

If you don't have money at hand, your supplier could accept a post-dated cheque(which is a legal acceptance of debt)and deliver goods/ services to you,then cashes his money later.
With savings account,you can't do that.

Ekehwinz:
Whats the highest amount that can be deposited in current and savings acccount?

If you are operating an account where all the required documentation has been provided, whether savings or current, there's no limit to he maximum balance you can have in the account.

ogbuefi677:
If you don't have money at hand, your supplier could accept a post-dated cheque(which is a legal acceptance of debt)and deliver goods/ services to you,then cashes his money later.
With savings account,you can't do that.

But I believe a LPO can serve the same purpose.

helinues:
Savings is for personal use while current is mostly for business.. They both have limits of depositing and withdrawing
With current account, you could get a reasonable loans compared to Savings account

if current is for business then what are corporate accounts for?

slyfoxxjoe:
if current is for business then what are corporate accounts for?

And you omitted mostly

One is current the other is savings......lol

The Bankers can't Answer for now because they are probably at work. From 6'o clock you'll start seeing professional answers

Instinged:
current: No interest
Savings; There is interest but when u withdraw more than 3 times you forfeit the interest for the month.
Current; Can get a POS and can withdraw to zero naira
Savings: Cant get a POS and some banks you cant withraw all

Can't get a POS on savings? Like for personal use right?

Or you mean one cannot use commercial payment points to withdraw or make payment by handing out one's ATM using POS?

[quote author=Paulo3ree post=84041001][/quote]wetin hook your mouth

nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it

so you are always on freebasic browsing abi

nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it

Yes. That's if your bank is zero banking system. You can easily go to the counter and fill form. It's your money or you recharge your phone with the whole of your money... No doubt. I've gone to the bank to save 50 box b4 to compliment my 950 naira so I could collect 1k when I was schooling though level has changed now with more than 1M in that same stupid account!

dottozil:
Thanks alot, how do the COT work, cos am interested in upgrading my savings account into current and I won't want unnecessary charge.

If you don't plan on using POS terminal soon, i would advice you stick to your savings account.
Current account is a scam!!!

helinues:
Savings is for personal use while current is mostly for business.. They both have limits of depositing and withdrawing
With current account, you could get a reasonable loans compared to Savings account

Savings has no limit for deposits and withdrawal!
You just have to upgrade your savings to tier 2 or tier 3 as the case maybe

yomalex:
wetin hook your mouth

When a situation is progressively getting blurred its understandable
But for a solution to pgb, mehn! Hmmm

slyfoxxjoe:
if current is for business then what are corporate accounts for?

A corporate account is a type of current account.There are two types of current account

We have the individual current and the corporate accounts so when you say current account you have to specify is it individual current or corporate.

Ikem11:
No limit. [s]If u own 55 percent of bank deposit in the bank you will become board member[/s]

All these beer palour talk sef

Instinged:
current: No interest
Savings; There is interest but when u withdraw more than 3 times you forfeit the interest for the month.
Current; Can get a POS and can withdraw to zero naira
Savings: Cant get a POS and some banks you cant withraw all

You can also withdraw all on savings for some banks.
The only difference I see this days is cheque book and holders are corporate account holders.
My account with Stanbic even shows current whenever I login to my internet banking platform.
I can also use it to receive cheque deposit even though it's a savings account with zero balance allowed.

TroubleMaker47:
If you don't plan on using POS terminal soon, i would advice you stick to your savings account.
Current account is a scam!!!

Woow, thanks alot

helinues:
Savings is for personal use while current is mostly for business.. They both have limits of depositing and withdrawing
With current account, you could get a reasonable loans compared to Savings account

Thanks

sonature1:
The new generation banks have introduced lots of similarities between the two accounts, making it difficult to spot a difference.

By and large, individuals own savings account while businesses own current/account.

More importantly, opening a current account comes with more headaches because you will be asked to provide references

Ok, thanks

1. Currents account owners enjoy loan facilities than savings
2. Current account holders have COT i.e Commission on turnover/transfer while savings enjoy COT free running it.
3. Current accounts holders have cheque books allocated to them while savings have passbooks or withdrawal slips.
4. Current account holders can issue cheque to be drawn on same account in other banks through clearing the clearing house. E.g Mr A with a current account in bank X can issue a cheque for payment of goods bought from Mr B in bank Y but a savings account holder needs to withdraw cash and pay his customer.

However the advent of e-banking and improved competition has made banks alter the above generic features.Both accounts can now make transfers comfortably through USSD command prompts,apps and internet.

However,some banks have savingàs accounts with features of a current account but not through clearing houses.It is normally called in-house cheque.Restrictions are also placed on number of withdrawal within the month of which a breach can lead to interest forfeiture for same month.

Also customers with huge volumes of transactions can negotiation for reduced COT or non at all as the banks will still enjoy the 'float' on the deposits.

Additional comments are welcomed.

All in all your a/c officer can shed more light on it.

RichDad1:
With the advent of e-banking, Online transfer etc, there’s no difference between both type of accounts.
Before, having to issue a check to a third party is an edge that Current account holders had over Savings account. But it’s longer a relevant thing because you can always make a transfer.
Savings account is also valid for issuance of Visa now.
To me , it’s just a status symbol. Nothing much.
I pay far more charges on my current account compares to the savings account.
Aside Corporate Account, I don’t see anything special in issuing a check when you can actually make a transfer.

Thumbs up

you funny sha ooo.

nototribalist:
My savings account balance is N90.

Experts in the house, it's there a way I can withdraw N50 from it?

I need it