Yemisi Izuora
The desire by Nigerians to get better returns on their savings has received a boost with the promotion by Stanbic IBTC Bank of its Max Yield Savings Account (MYSA). The bank, a member of Stanbic IBTC Holdings PLC, said MYSA is a high interest paying account that pays interest at fixed deposit rate (currently up to 6.2 per cent per annum) on savings balances of N100,000 and above. This increases the interest returns enjoyed on the account in excess of the regular savings account rate. The product is one of the bank’s bouquet of products aimed at providing medium savers who may not have the large amount required to open fixed deposit accounts the benefit of both fixed and savings accounts in one account.
The Stanbic MYSA account is 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 fund through the bank’s multiple transaction channels.
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. “With the rich experience and expertise the bank has as a member of the Stanbic IBTC Group, we are determined to churn out innovative products and services that are not only relevant to the economic aspirations of Nigerians but also that will help them achieve those aspirations much faster,” she added.
Max Yield is an investment account that enables customers to save in a regular and disciplined way for future need or for specific purposes and projects. The product is targeted at individuals across all segments, including students, artisans, salary account holders and self-employed individuals, among others. Some key features of the product are third party withdrawal using cheques, internet and mobile banking access, free withdrawal access, among other benefits.