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The Best Account for Target Savings in Lagos

Building substantial savings often requires financial discipline and healthy spending habits. This is why it is often a great idea to set a savings target and plan how you wish to work toward that financial goal. Fortunately, some bank accounts make it easier for you to set up a savings plan that can help you meet your targets within a set time frame. In this article, we’ll highlight popular banks with accounts for target savings in Lagos.

What is a Target Savings Account?

The major feature of a target savings account is that it is designed to help individuals to save towards a project or set goal. Target savings accounts usually have attractive interest rates meant to encourage people to save. They may also offer the option of automatic deposits from your main account, like your salary account as well as the feature of locking your funds till a set withdrawal date.

Why Should I Open a Target Savings Account?

Generally, saving money is an important way to ensure financial security through various stages of life. With an account designed to help you save, you can enjoy even more benefits:
  • Enjoy attractive interest on your money
  • Monitor your progress towards your target from one account 
  • Allows you to set up automatic deposits into the account on a monthly, weekly, and daily basis.

CIT Microfinance Bank Target Savings Account

Whether your goal is to save towards a new car, your upcoming wedding or even your own house our target account offers great features to motivate you toward your saving goals. 
  • Highly attractive interest rate of 8% annually
  • Minimum opening balance of N1000
  • No Monthly maintenance charge 
  • 90 days minimum savings duration
  • Account-holders can make standing order deposits for daily, weekly and monthly savings
Ready to grow your savings? Click here to open our Target Saving Account today.