The Types of Bank Account you Should Know

types of bank account
types of bank account

Opening a Bank account is not a difficult issue, the main issue is that you need to choose the types of bank account to open before attempting to opening any Bank. In this article, I am going to give you more insight into the types of bank account to take note before opening a bank account.

It's so obvious that so many people made the mistakes to choose the right account for individuals and for business purposes. To avoid such a mistake that is the reason why I am sharing this decided to articles.

Mostly, opening any bank account in Nigeria requires you a lot of eye searching before you're satisfied in considering the bank for you should go for.

Below are some types of the bank account you should consider in Nigeria or anywhere in the World before opening any Bank account:
  • Savings account
  • Joint account
  • Fixed deposit account  

Savings Account

Saving account is the most common and basic type of account most people do operate here in Nigeria and this can be related to some other Countries. Saving account is the type of account that is designed majorly for depositing and for withdrawing.

 A user operating savings account can be restricted in some of the transactions. Saving is an interest bearing account though the interest rate always appears in low sections. One can open a savings account with little or no money.

Joint Account

The name Joint Account is simply signified that it is not for an individual or a private account rather it is an Account for Co-operation or Company or even involves two or more people. And Joint Account is a Co-owning account, no individual can make a decision on a Joint Account without the awareness of the other signatory. And Joint account also comes with types which are:

Joint-tenancy Account

Is the types of Joint account that specialized mostly by married couples. For one to make transactions on this account a signatory must be approved by the other.

Tenants-in-Common Joint Account

This type of account is operated mostly by business partners. And transactions cannot be made with the permission of a business partner.

Fixed Deposit Account

A Fixed Deposit Account is the type of account that is fixed for a period of time. a minimum period of 30 days and a maximum period of 180 days.

During this period, you can make any transaction to withdraw the money deposited until the duration elapses. The Fixed Account can be opened by individuals or corporate clients looking to earn high interest on money invested.

These articles cover some of the types of bank account you need to know before making an attempt to open any Bank account. If you have any questions regarding this article or even contribution, you can use the comments box to reach us.

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