Have you been hooked on whether First Bank gives interest on savings account, and even if they do, what’s their interest rate? If yes, then you’re absolutely on the right track. In this blog post, we’d be exposing you to all you need to know about First bank’s savings accounts and their interest rates. First of all, we’d be taking a look at the fundamentals of having a savings account.
To simply put, a savings account can be likened to a unique place at the bank where you can guarantee your money’s safety. Then as a reward for entrusting your money in the bank, you’re able to earn something extra, called “interest”. This interest is like a reward the bank gives you for allowing them keep your money.
Does First Bank give interest on savings account?
Just like other reputable banks, first bank will definitely give you interest on your savings account. Through this method, people become more interested to save since they know they’d be getting a little reward for their actions. So yes, first Bank will give you a little bonus for keeping your money with them.
First Bank Nigeria interest rate on savings account
Now that you’ve been clarified that first bank actually gives interest when you save your cash with them. The next question on your mind will be First bank’s interest rate in savings account. So how much extra money will you be getting by saving your money? Here’s what you need to know:
There’s no fixed interest rate on First Bank’s savings account. This is because the interest rate is based on the type of savings account you have and how much you’re able to save in it. Now let’s look at the various types of savings account.
Types of savings account in first bank
First bank has various types of savings account, which are designed to meet various needs. Therefore, each type of account has it’s own interest rates:
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First Instant Savings Account
This is the simplest savings account. If you have this type of account, then getting your money wouldn’t be a big deal. The interest rate for this account isn’t as much as the other types of accounts when compared together.
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First Savings Plus Account
This type of account has more accessible features, and it comes with a slightly better interest rate. It’s a wonderful choice if you’re looking forward to earning a little money from your savings.
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Kids First Account
This account is specifically for students, and if you’re a student, tis might be the best choice for you. It’s designed to assist students in saving their pocket money. It also makes available special benefits like scholarships and money-smart events.
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First Instant Plus Account
This is yet another savings account that has a different interest rate from the others. Therefore, if you want to open a savings account with First Bank, then you should first inquire about the rates that come with each types of accounts.
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What Are The Factors That Influence Interest Rates?
Some of the factors that can influence interest rates include:
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Account Balance
Usually, the higher the money you save in your account, the higher your interest rate will be. So we can say this is a way of spurring people to save more money.
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Economic Conditions
The condition of the economy can also directly influence interest rates. Bank’s might alter the interest rate depending on how well or how bad the financial state of the world is.
How Can I Know The Current Interest Rates?
Your next question might be, “ How do I know the precise interest rates for First bank’s savings account?” Well, here are some tips on what you can do:
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Check On First Bank’s Website
All you need to do is login to First Bank Nigeria website. They’re always sharing tips to their customers on the various types of accounts types and the current interest rates.
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Reach Out To Their Customer Care
Another alternative is to inquire about the current interest rates from their customer care representative. That’s if you’re not satisfied with the answer you get after checking their site online. The customer care representative will be more than happy to answer any question bothering you and give you a current information about their interest rate.
Benefits of First Bank savings account?
There a several benefits that you get when you choose First Bank for saving your cash. Some of the perks include:
- Earning Interest: As it has been discussed earlier, you get interest on your savings when you save with First Bank. With this, you can grow your money in the long run.
- Protection: You can be guaranteed of 100% safety when you choose First Bank. They’re well known to be a prestigious and trusted bank. Therefore you can feel confident knowing that your money is safe and secure with them.
- Financial Wise: By saving your money, you can become financial smart and learn healthy habits of spending money.
- Access to Services: With a First Bank savings account, you automatically have unlimited access to several banking services like mobile banking, online banking, ATMs and lots more.
Conclusion
So, in conclusion. First bank actually gives interest on savings account. However, there’s no precise interest rate because they vary based in the type of accounts and some other factors. Therefore, it’s necessary to conduct a little research and settle for an account type that suits your needs the best.
Don’t forget, saving money is a perfect way if becoming financial smart. Also, you’re able to earn a little bonus for being prudent with your money. Isn’t that just perfect!. It won’t be bad to consider opening a savings account with First Bank.
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