EgunMogaji2:
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

This rubies account is it for real

sterlingD:

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.

okay. Noted.

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.

COT Is Been charged (one naira per mile)

happydays1:

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

Thanks alot, but am more concerned about the daily transfer limit of both how much can u send out or receive in a day in a current account with the use of token

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.

The beginning is to ask why you want a current account? What benefit do you think a current account will give you that a savings account won't?

The only difference between a saving and current account is the fact you can give a cheque to another person to withdraw money from your account without you being present. You can also deposit cheques into your current account but can't do this for savings. For savings account, you have to present yourself to withdraw money. Apart from that, interest on savings account is usually higher. That is all

Ekehwinz:


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

No limit for any account except the account was opened without complete KYC documentation

Nigerians tend to mix this up.

In simple terms, Current account is supposed to be the everyday account used for deposits, withdrawal and all those daily transactions. while Savings account as the name goes is to be used strictly for savings. But unfortunately, the reverse is the case in Nigeria.

sterlingD:

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.

Chai me no know this o

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

Use mobile banking and top it ur phone with 50 naira airtime

mfm04622:


The beginning is to ask why you want a current account? What benefit do you think a current account will give you that a savings account won't?

The only difference between a saving and current account is the fact you can give a cheque to another person to withdraw money from your account without you being present. You can also deposit cheques into your current account but can't do this for savings. For savings account, you have to present yourself to withdraw money. Apart from that, interest on savings account is usually higher. That is all

Thanks, I thought daily transaction limit on current is more than that of savings

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

That's why the great pablo escobar never kept any of his penny in any bank, because each bank is a den of thieves.
whether current or savings, they are both charging.

sterlingD:

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.

Do you work with sterling bank or are you one of their marketers?

Which one is preferred by the embassy for visa issuance as proof of fund. Any idea?

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.

dial *737# or *777#

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

Paulo3ree:

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

wetin be pgb?

francdec4:
Which one is preferred by the embassy for visa issuance as proof of fund. Any idea?

Anyone. As long as you can provide your account statement with sufficient funds and transactions.

yomalex:
wetin be pgb?

Progressively getting blurred

A current account is the account u have currently while savings account is the account that your are saving or planning to have in the future. The difference is that current account is like a present tense while saving account is the future tense.
Na joke oh.

Brandstudio01:
this man just nailed it.
He sounds like an ex Banker

He forgot to add issuance of cheque book

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

use it to buy airtime

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 you can. Go to the ATM and buy airtime for yourself.

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.

EOD

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

too bad.send ur acc

Paulo3ree:

Progressively getting blurred

yomalex:

Bro let's go for a break

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

Hello namesake

These days it mostly nomenclature, because in a bid to escape charges(COT)- banks have rolled out a thousand variants of current accounts and saving accounts too.

Now there are savings accounts with cheque books. There are also corporate savings account. Just like there have always been, individual and corporate current acct.

Ideally, current acct is supposed to be the acct for your daily transactions, not your savings acct (which is supposed to sit pretty and earn INTEREST).

... but we have it all mixed up here.

Though there are services Current acct holders can access. Like loans.

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

buy 50naira airtime and sell to yyour friend to collect cash.

[quote author=dottozil post=84025927]

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

You cannot upgrade a savings account to current account .
You either upgrade a savings to another type of saving e.g Hybrid (feature of saving n current). Or you open a new current a/c

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

yea u are right, but am sure he asked the question here so that he would know more from experts here.

Current is where keep money anytime u want to withdraw the money it shocks you, because of the high current. While saving account is where u save petty petty money without fear of being shock by electricity.

[quote author=ADEMOSU post=84047382][/quote]

Woow thanks