Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, says Nigerians’ desire to get better returns on their savings has received a boost with the launch of its Max Yield Savings Account.
The bank described the MYSA as a high-interest paying account that paid interest at fixed deposit rate (currently up to 6.2 per cent per annum) on savings balances of N100,000 and above.
This, it said, would increase the interest returns enjoyed on the account in excess of the regular savings account rate.
According to a statement by Stanbic, the product is the latest addition to the bank’s bouquet of products aimed at rewarding medium savers who may not have the large amount required to open fixed deposit accounts.
The Stanbic said MYSA was well suited for people who desire to save towards a target purchase or investment, like property purchase, school fees payment, vehicle purchase, vacation, annual rent, etc.
The high interest yield helps customers to achieve their target savings faster while also allowing easy access to the fund through the bank’s multiple transaction channels.
The Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, said the product was introduced to help customers achieve their savings and investment objectives.