gtbank interest rate on savings account
When it comes to managing your money and saving for the future, it’s super important to pick the right bank and savings account. If you’re thinking about opening a savings account with GTBank or already have one, I’m sure you’re wondering about the interest rates they’ll give you. In this article, we’ll dive into all the details about GTBank’s interest rates on savings accounts.
So briefly let’s explain what a savings account is.
A savings account is a type of bank account where you can deposit and store your money while earning some interest on it.
It’s just like saving money in a piggy bank, but this time, the bank doesn’t just keep your money safe; it also gives you a add extra money to the one you’re saving. This extra money is what is called “interest.” So basically, the bank is paying you interest for letting them hold your money. The longer you leave your money in your savings account, the more interest they add to it!
And the best part is, you have access to your money and can take it anytime you want. That being said, let’s go through the types of savings account available on gtbank.
Types of Savings Accounts at GTBank
GTBank has different savings accounts for different needs. Here are a few:
GTInstant Save Account
The GTInstant savings account is good if you don’t have many documents to open an account. You can quickly get your account number and a special Naira MasterCard.
To open a GTInstant account, just dial *737*0# along with your BVN (Bank Verification Number) or you download the GTWorld app and open the account there.
- You can put in up to N50,000 at once but your total money in the account can’t be more than N300,000.
- The Naira MasterCard can only be used for local transactions.
Interest: Your money in this account earns interest at a rate of 5.55%.
You can also upgrade your GTInstant account into one with higher limits by going to any gtbank branch proximal to you with your ID and a utility bill.
This account is best for people who have a specific savings goal, like buying a car or anything. It gives you a higher interest rate compared to other regular savings accounts.
- You need to start with a minimum monthly deposit of N500.
- You can put money into this account daily, every three months, every six months, or even once a year, and there are no restrictions about how often you need to deposit.
- if you save money regularly for six months, you’ll get interest payments every six months. However, if you take money out before the end of the six months, you won’t get any interest. And, if you keep up with your monthly savings for a whole year, you’ll get an extra 1% interest on top.
- You can add money to your GT Target account via cash or through transfers, and you can also receive money into the account and also send to other people.
GTSave is an attractive account for people who want to save money. It helps you earn some extra money from the money you kept in the account while also letting you transact with the account 24/7.
- 24/7 banking service via various GTbank e-channels
- A Naira MasterCard for withrawals and making online payments.
Interest: GTSave offers a good interest rate of 5.55%.
With this, you’d be surely motivated to save more and watch your money grow.
To open a GTSave account, below are the few things you’ll need:
- A signed copy of the account opening form.
- A valid ID like a Driver’s License, International passport, or National I.D Card.
- A passport photograph.
- A utility bill that’s not older than 3 months, so they can check and confirm your address.
The GTCrea8 eSavers Account was made for undergraduates between age 16 to 25. It provids them with an opportunity to start their journey to becoming financially independent.
- Offers 24/7 banking services through various e-channels
- You can deposit cheques and dividend warrants, with maximum limits of N100,000 for Tier 2 accounts and N1,000,000 for Tier 3 accounts. When your cumulative account balance exceeds N500,000, you’ll need to present a regulatory ID (Driver’s License, National ID Card, Permanent Voters card, or International Passport).
- Invitations to exclusive GTCrea8 events and Master classes, improving your banking experience.
Interest: It comes with a competitive interest rate of 5.25% per annum on your account balance. To open a GTCrea8 account, all you need is a passport photograph. This level 1 account has a transaction limit N50,000 for single deposits and a cumulative balance limit of N300,000, making it accessible for young savers.
The account offers numerous benefits, including:
- No transfer charges to any bank (737 & Mobile App)
- No SMS charges
- No charges on standing instructions
- Zero account opening fee
With a GTCrea8 eSavers Account, you enjoy the convenience of banking without the burden of fees and charges, making it a smart choice for young savers.
Smart Kids Save (SKS) account
It’s important for you to teach your children about managing their finance and about saving money from young age. The Smart Kids Save (SKS) is the perfect account for your kids.
This account is split into two categories: SKS (0 – 12 years) and SKS Teen (13 to under 18 years, opened when the child turns 13). It’s available for all kids aged 0 to 12 and is designed to help them develop good money habits.
To start, you’ll need the following:
- A passport photograph of both the person opening the account and the child.
- Valid identification for each person.
- A utility bill.
- A copy of the child’s birth certificate.
The SKS account can be opened with a minimum balance of just N1,000, which encourages saving. You can also put in cheques, drafts, and dividends, up to a maximum limit of N1,000,000 per instrument.
Interest: it offers competitive interest rates at 5.25%,
As the child grows up, you can then change the SKS account into a regular savings or current account. If the young saver turns 18, he can then become an authorized signatory of the account.
Things That Affect GTBank’s Savings Account Interest Rates
Some things can make GTBank change the interest rates they offer on their savings accounts. See few of them below;
The Central Bank of Nigeria (CBN) sets rules about savings account, including how much banks can pay you for saving with them. If the CBN changes these policies, it can affect what GTBank gives you.
How things are going with money in Nigeria and around the world can change interest rates. When everything is stable and growing, banks might offer more interest to get more people to save. But during tough times, interest rates might go down.