Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has launched Max Yield Savings Account (MYSA) in a bid to reward customers with better returns on their savings
The bank, in a statement over the weekend, said that MYSA is a high interest paying account that offers 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.
According to the bank, 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, 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.
Nkolika Okoli, Head, Personal Banking, Stanbic IBTC Bank, 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.