What is the Difference between Savings and Current Account

Savings and current accounts are designed for different purposes and have different features.

Savings accounts cater to individuals who want to save whereas current accounts are made for regular transactions of firms and companies.

You can open a savings and current account on SAHA by GTI.

What is a Savings Account?

A savings account is a typical account at a bank that allows an individual to deposit, secure, or withdraw money when the need arises. A savings account usually pays some interest on deposits, although the rate is quite low.

However, there are high yield savings account, which allow customers to increase their savings more quickly while keeping money in a safe place.

As of August 1, 2022, The Central Bank of Nigeria has raised the minimum interest rate on Naira savings deposits from 0.15 percent to 4.2 per cent.

What is a Current Account?

A current account is an account meant for business. It facilitates the making of payments (direct debits, standing orders) and it let people, businesses and organisations pay you easily.

A current account can be used for receiving your salary, online shopping, subcriptions, direct debits and standing orders. Some special features includes sending money abroad, and using an overdraft.

What is the Difference between Savings and Current Account

1. A savings account is most suitable for people who are salaried employees or have a monthly income, while a current account works best for business onwers who need to access their accounts frequently.
2. A savings account earn an interest at a rate of around 4%, while there is no such earning from a current account.
3. A current account can be overdrawn while on a savings account, this overdraft facility is not available.
4. A savings account minimum balance is usually low, while for a current account, it is much higher in comparison.

Types of Savings Account

SAHA by GTI offers different types of savings account  to cater for your different savings goals.

1. Classic Savings Account
2. Super Classic Savings Account
3. Fixed Deposit Account
4. Target Savings Account
5. Salary Account
6. Save & Win Account
7. Young Shall Grow Account
8. Joint Account
9. Corporate Savings Account
10. Esusu Account

High Yield Savings Account

With the competition out there, one of the values many individuals are looking for in a savings account, is the interest rate. SAHA offers 2 high yield saving account.

1. Classic Savings

• Maintain a minimum balance of ₦‎1,000,0o0
• Receive an interest rate of 10% p.a monthly

2. Super Classic Savings 

• Maintain a minimum balance of ₦‎5,000,000
• Receive an interest rate of 12% p.a monthly

To earn the interest monthly, you have to maintain the minimum balance in your account without withdrawal.

Sign up on SAHA, to get a high yield savings account now.