Types Of Nigerian Bank Accounts

We all use the bank to store our hard earned money with the exception of those who live in a primitive world and still store their money at home. Keeping your money in the bank, keeps you from all your cash till you run broke, because when there is physical cash, there is a strong compulsion to spend and spend you will. When you go to open a bank account, the most common and easiest account to setup is the Savings Account. However, they’re other types of account that you may likely be unaware of. The following is a list of accounts that you can open in Nigeria, go through them and get enlightened.

Savings Account

This is the most common account. This is an interest bearing deposit account set up at the bank. Little interest rate is accrued on your deposit.

Current Account

This type of account is also referred to as a Checking account. You are given a check book when you open this account and you can perform unlimited transactions unlike the savings account.

Domiciliary Account

This account, enables you make transactions in foreign currencies. If you have business with your customers or clients that reside outside Nigeria, you may consider opening this form of account to facilitate international transaction.

Fixed Deposit Account

This is an account in which your deposit is fixed for a particular duration with a high return of interest with a minimum duration of 30 days and a maximum duration of 180 days.

Non Resident Nigerian Account (NRN)

This is a special accounting service, set up to meet the needs of Non Resident Nigerians living in diaspora or overseas.

Corporate Account

This is an account designed for large corporations and multinational organizations with high turnover or profit.

Joint Account

This is type of account is setup with the name of two or more individuals who are jointly signatory to the account. Joint account holders are regarded in law as together making up the ‘owner’. Any action made on the account is made jointly not individually. Joint accounts are of two types:
(1) Joint-tenancy (usually owned by married couples)
(2) Tenants-in-common (Usually owned by business partners or directors)