If you’re considering opening a bank account with Union Bank, you’re making a smart decision to handle your money well. You might be curious about the types of accounts offered by Union Bank and which one would be the best fit for you. In this blog post, we’ll dive into the various Union Bank account options, primarily focusing on savings and current accounts. Let’s get to it.
Types of account in union bank
Current Account
A current account with Union Bank involves paying the bank to handle and manage it for you. It’s suitable for situations where money flows continuously, like receiving a salary. These accounts typically don’t have maintenance fees, and they come with extras like an overdraft facility, which lets you withdraw more money than what’s actually in your account, and access to personal loans.
Savings Account
Savings accounts are accounts where you can put your money in a bank and earn a small amount of extra money over time. The bank pays you interest to thank you for keeping your money with them. It’s like a bonus for saving your money instead of spending it all at once.
Domiciliary Account
This type of account deals with foreign currencies like US Dollars, Euros, and GB Pounds. It allows customers to bank in these currencies, providing flexibility for international transactions.
Target Savings
Target Savings accounts are designed for saving money for specific future needs, like paying medical bills or school fees. They are geared towards individuals with limited extra money to save and are currently available only in 11 states in the northern part of Nigeria.
Each type of account serves different purposes and caters to various needs. Understanding these differences can help you choose the account that fits your requirements best.
Types of Union Bank Savings Accounts
Union Bank offers a diverse range of savings accounts to cater to various financial needs and preferences. Let’s delve into the different types:
Regular Savings Account
Features
- Minimum account opening balance of N2,500.
- Quick and convenient 24/7 banking via UnionOnline and UnionMobile.
- Earns a 5.55% interest per year.
- Minimum daily operating balance of N1,000.
- Access to mobile and internet banking, along with a debit card.
- Allows cheque deposits up to N2 million.
UnionSave
Features
- No opening documentation needed.
- Minimum account opening balance of N2,500.
- Daily minimum operating balance of N1,000.
- Maximum single deposit of N50,000.
- Maximum daily cumulative balance of N300,000.
- Convenient 24/7 banking via UnionOnline and UnionMobile.
- Access to online banking and debit cards.
- Offers a 5.55% interest per annum.
UnionSave More
Features
- Opening documentation required.
- Minimum account opening balance of N2,500.
- Daily minimum operating balance of N1,000.
- Maximum single deposit of N100,000.
- Maximum daily cumulative balance of N500,000.
- Same convenient banking options as UnionSave.
- 5.55% interest per annum.
UnionSilver
Features
- Targeted at Savers
- Account opening balance of N20,000.
- Daily minimum operating balance of N20,000.
- Premium debit card.
- Access to online and mobile banking.
- Competitive interest rates: 5.55% for balances below N5 million and 5.9% for balances above N5 million.
Payroll Savings
Features
- Tailored for Employees
- Access to online and mobile banking.
- Personalized 3rd party withdrawal booklet.
- An interest rate of 5.55% per year.
Unionvibe – Student/NYSC
Features
- Designed for Youth
- Minimum opening balance of N1,000.
- Zero minimum daily operating balance for certain conditions.
- Access to a debit card and online/mobile banking.
- Earns a 5.55% interest rate per year.
- Different deposit and balance limits based on whether documentation (like school or NYSC ID) is provided.
UnionHybrid Enterprise
Features
- For Businesses
- Opening balance of N20,000.
- Daily minimum operating balance of N5,000.
- No maximum debit turnover.
- 2% interest rate.
- Customized cheque book and third-party withdrawals.
Domiciliary Account
Features
- Foreign Currency Account
- Opening balance of $100.
- Zero daily balance requirement.
- Use MasterCard or Visa debit cards for worldwide transactions.
- Earn interest with limited monthly withdrawals.
- Access online and mobile banking with UnionOnline and UnionMobile.
Fixed Deposit
Features
- Secure Saving Option
- Minimum deposit of N100,000.
- Minimum saving period of 30 days.
- Option to reinvest deposits at the end of the term.
Each account serves distinct needs, be it for regular savings, targeted savings, business operations, or foreign currency transactions. Understanding the features can help you choose the one that aligns best with your financial goals.
Types of Union Bank Current Accounts
Union Bank provides a range of current accounts designed for everyday banking transactions. Let’s look at some of these options:
Basic Current Account
Features
- Account opening fee: N2,500
- Debit cards (MasterCard, Visa, or Verve) for withdrawals and online transactions.
- Online and mobile banking through UnionMobile and UnionOnline.
- SMS, email alerts, and monthly statements.
Payroll Plus Current Account
Features
- Tailored for Salary Earners
- No account opening fee.
- Zero daily minimum operating balance.
- No account maintenance fee.
- Access to online and mobile banking.
- Flexibility of an overdraft facility.
- Access to personal loans.
Conclusion
Union Bank presents a variety of savings and current account options to match your financial requirements and aspirations. To make the right choice, take some time to assess your needs and select the account that aligns best with your financial goals. Additionally, reaching out to a Union Bank representative can provide you with personalized advice for a clearer understanding.