Benefits

Savings account features 

With a minimum opening deposit of NGN 1, 000 you can start taking important steps to secure your financial future.

Features

  • Account minimum operating balance of N1, 000
  • Payments can be made anywhere nationwide with our Pocket Money banking service
  • Easy access to your account
  • Expert financial advice available

Documents Required

  • Duly completed application form
  • 2 recent passport-size photographs
  • Current utility bill
  • A valid means of ID (national ID, driver's license, voter's card or international passport)

RATES

Savings account interest rate

Earn interest on your entire account balance with a Individual Savings Account. That’s cash you earn simply for placing your money in an interest-bearing savings account.

Daily Collected Balance APY+ Interest Rate

All balances

0.02%

0.020%

Rates current as of January 1, 2021, and subject to change.

+Annual Percentage Yield. Rate is variable and subject to change.  Fees could reduce the earnings on the account. Call or visit a branch for more enquiry.

Frequently Asked Questions

Question Answer

How do I open Individual Savings Account?

To open an Individual Savings Account, you need to fill out the account opening form, bring 2 recent passport-size photographs, utility bill and a valid means of identification to any LAPO MfB branch closest to you.

Do I need a guarantor to open Individual Savings account?

No.

Who can operate an Individual Saving Account?

Anybody can operate the account.

You may also be interested in:

Savings-plan Savings

A savings safety net that earns you interest. Open the account with as little as a NGN 200 deposit.

Term Deposits (TDs)

Earn more interest than traditional savings. You choose the length of term that best fits your needs.

My-Pikin Savings

Child-focused savings account with high interest and life insurance. A chance for your child to win LAPO MfB Scholarship.

Details you need to make a smart decision

NGN 1, 000 minimum opening deposit required for Regular savings account. Please refer to each product and service for additional details. Additional terms and miscellaneous fees may apply. Products, features and benefits offered with accounts are subject to change at any time. You may vsit our branch for additional details.