Stanbic IBTC Bank says its new account offering, Max Yield Savings Account (MYSA) will encourage more Nigerians to imbibe savings culture. The account which the bank recently launched pays a premium on savings compared to its competitors.
MYSA according to the bank is a high interest paying account that pays interest at fixed deposit rate (currently up to 6.2% per annum) on savings balances of N100,000 and above, thus increasing the interest returns enjoyed on the account in excess of the regular savings account rate.
The bank in a statement said the Stanbic MYSA account 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 them achieve their target savings faster while also allowing easy access to the funds through the bank’s multiple transaction channels,” it said.
Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, said the product was introduced to help customers achieve their savings and investment objectives.
According to her, in line with the retail banking drive of the Stanbic IBTC Group and the financial inclusion policy of the Central Bank of Nigeria, the bank will continuously explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians.
“Max Yield was developed to ensure customers get better returns on their savings, which we believe will help them achieve their savings and investment objectives in a disciplined and profitable way. Although one of the set objectives of Max Yield is maximizing returns on savings/investments, funds invested or saved in this account are left readily available and accessible to the account holders,” Okoli said.