₦airaland Forum

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

There's no way you can because you have already drawn down the balance. You may close the account however, if the Bank will not impose any charges. I counsel you to leave it because you might ned it later, when you are rich.

Savings and current account are the same bank still money in both account ...Simple !!!

SweetDipBenny:
too bad.send ur acc

No .

Lol. Quickly Top-up your airtime via quickteller using an ATM before them go deduct am finish

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

I'm FINISHED , GT bank just reduced it to N65. This world don tire me.


.

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

Pls, what's COT?

ednut1:
Difference is in the name

lol u no serious 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

I'm FINISHED , GT bank just reduced it to N65. This world don tire me.


.

funny

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

No l don't work for them.

highbee02:
Pls, what's COT?

Commission On Turnover

Name is the difference

ednut1:
Difference is in the name

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.

That unnecessary charges that you don't want is the exact thing you will get

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

What of salary account? Can I also get loan with that? Like say 500k

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

I have a current account as an individual.

omoadeleye:
In layman's explanation



On a norms, current account is created for people who are earning correct money, cause there are some charges that would be deducted from the account type most times and they may qualify for bank overdraft (to withdraw above the limit in their account) and they are also using cheques to drawn on them, but savings account is created for low income earners, it was set up to encourage low income earners to also save or have a bank account, and you can maintain a little amount on savings account compare to current account... And savings account most time are always given some interest amount based on their balance... And cheques are not really drawn on them.

Savings account is not really for low income earners. what u shud say is , these days certain savings account have been created for low income e arners. you can have any amount of money in both savings and current, depending on the kind of savings u have,

frozen70g:
That unnecessary charges that you don't want is the exact thing you will get

Chai, I don run

Njeps:
Savings account is not really for low income earners. what u shud say is , these days certain savings account have been created for low income e arners. you can have any amount of money in both savings and current, depending on the kind of savings u have,

What was the aim when it was first created?

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

No, it is not....
>

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

Why will you keep a current account that charges COT or rather keep a savings account that pays you interest no matter how small. Individuals can keep current account but that not the best

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

Unlimited amount provided you can explain your source of income

[quote author=sterlingD post=84052714]Commission On Turnover [/quote
Thanks

Thanks bro cos quit a handful believe embassies prefer or favor savings to any other.

RichDad1:
Anyone. As long as you can provide your account statement with sufficient funds and transactions.

francdec4:
Thanks bro cos quit a handful believe embassies prefer or favor savings to any other.

Not at all. Al long as you can provide your statements and sufficient evidence of the said account being active with volume of transactions.

Thanks bro.

RichDad1:
Not at all. Al long as you can provide your statements and sufficient evidence of the said account being active with volume of transactions.

Difference Between Current and Savings Account
https://businessplan.com.ng/difference-between-current-and-savings-account/

I shock say after all these years, I still don't know the difference.

Never been interested in a current account till I registered my business with CAC and was forced to open one.