Achieve your savings goals on time every time with the Wema SmartSave Account. Choose what you’ll like to save for and earn interest on your money every month for up to three years. We’ll even pay you bonus interest if you achieve your monthly savings goal consistently.
Features
- Account opening amount of N5,000
- Minimum monthly savings target of N5,000 required.
- No minimum operating balance as there will only be incremental deposits on the account with no withdrawals
- Freedom to choose purpose of savings, target savings amount and tenor.
- Flexible contribution/saving frequency – daily, weekly or monthly
- Minimum Saving Tenor of 6 months and Maximum Savings Tenor of 36 Months.
- Interest rate at the normal savings interest rate.
- Bonus interest payment at (20% of Interest earned in 3 months) for non-withdrawal within 3 months provided the minimum monthly savings target is achieved for each month and no withdrawal was made before target date.
- Accumulated balance can be used as equity contribution or as security for consumer loan.
Benefits to Customers
- Enables customers save towards a specific goal and earn interest at the normal Savings Account interest rate plus an additional bonus interest.
- Standing order for deposits allowed.
- Transaction Alert through e-mail
Documentation
- Duly completed account opening form including signature mandate card
- Copy of National ID card, Driver’s License, Voters ID or International Passport of the account holder
- 1 passport photograph
- BVN
- Copy of a utility bill (water, electricity, waste or telephone) issued within the last 3 months
- Address Verification