The desire by Nigerians to get better returns on their savings received a boost with the launch of Max Yield Savings Account (MYSA) by Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC.
The bank said MYSA 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 product is the latest addition to the bank’s bouquet of products aimed at rewarding medium savers who may not have the large amount required to open fixed deposit accounts.
The Stanbic MYSA account, is well suited for people who desire to save towards a target purchase or investment eg 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 banks 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 (hard earned) 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.
Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.