XtremeLoaded Forum

Welcome, Guest: Join XtremeLoaded / Login / Trending / Recent / New
Stats: 13,656 members, 5,274 topics. Date:   May 22, 2018, 8:15 pm

The difference between savings and current account in Nigeria - Bank/Money - XtremeLoaded

XtremeLoaded Forum / Bank/Money / The difference between savings and current account in Nigeria (2 Posts

Naira falls as dollar scarcity worsens / MMM Nigeria Support Updates for January 25, 2017 / Naira plunges in free float against US dollar /



(1) (Reply) (Go Down)

The difference between savings and current account in Nigeria by Drealup(m) : 10:42 pm On Feb 03

It is always important to understand the terminologies of any field of life before attempting to dive into it.

It would be counter-effective or tedious to arrive at a banking hall without having any fore-knowledge of the differences between an ATM card, a debit card and a credit card, which was properly explained on my former tutorial.

Certain processes possess certain simple terminologies that are virtually easy to understand, even the complex ones appear so but down within are mere identifications.



The most popular accounts offered by Nigerian banks are the savings and current accounts. As already said, it won't look nice throwing tons of questions to any bank's staff when many people are yet to be attended to.

Even with their friendly faces, it isn't ever proper so it's better you to know the real difference between them once and for all thereby saving yourself some shame.

Current account

Accounts like these are usually created by small businesses, public people, companies, and individuals who need to use bank transactions. It doesn’t mean the transactions have to be regular ones.

In this type of account, money comes and go. A person who has such a bank account can work at a company or be a businessperson whose number of transactions through the current account is not limited to a particular figure. This account comes with a cheque book and an unlimited amount of daily withdrawal.

Savings account

The name clearly says it all. This type of bank account allows users to save their money. It is a great option for workers and businesspersons who have regular solid income. This account makes sure their financial dreams they visioned comes true.

Such accounts can be used to save money for a purchase of a car or apartment etc.

In savings account, there is only a limited transaction allowance per month. It is impossible to earn any interest rate on such accounts but you can withdraw everything you have earned till your account touch down to 0 Naira.

A savings account is for saving of money. It helps customers manage their finances for the future. On the other hand a current account helps customers actualise daily transactions without any restriction.


Re: The difference between savings and current account in Nigeria by clem24(m) : 10:58 pm On Feb 04

Great info



(1) (Reply)

4 genuine ways to earn Bitcoin and make money with it in Nigeria / 2014 accounts: 17 insurance firms to pay daily fine / Earn Instant $17 In your Perfect Money Through Currency Exchange /

(Go Up)

Xtremeloaded - Copyright © 2018 Collins Ezeakonam. All rights reserved.
Disclaimer: Every XtremeLoaded member is solely responsible for anything that he/she posts or uploads on XtremeLoaded. Contact Us admin (at)xtremeloaded.com