Benefits
MY-Pikin & I Savings Account
My-Pikin & I Savings Account is one of the bank's deposit products targeted at parents who want to invest in their children's future. It gives clients the opportunity to save and earn attractive interest, get free insurance for the first one year (subject to qualification criteria) and get a chance for their child or wards to be nominated for LAPO scholarship.
Features
- N200 Minimum Account Opening Amount.
- 3.25% Per Annum Interest Rate on Savings.
- The Account is meant for Children or dependents below 18 years of age.
- Minimum Monthly Accumulated Savings of N5,000.
- Tenure: 12 Months.
- Frequency of Savings: Daily, Weekly, and Monthly.
- Available to new and existing Group Clients and Individual Clients.
- 1 Year Insurance Cover (Fire, Burglary, Disability) on milestones achievement.
- Scholarship through Primary and Secondary school for beneficiary's ward, on milestones achievement
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
My-Pikin & I interest rate
Earn interest on your entire account balance with a My-Pikin 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 |
3.25% |
1.25% |
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 |
|---|---|
|
Do I need a guarantor to open My-Pikin & I Savings Account? |
No |
|
Where do I open My-Pikin & I Savings Account? |
You can open My-Pikin & I Savings Account at any LAPO MfB branch nationwide. Our Client Support Officers (CSO) will be glad to open one for you. |
|
Who operates My-Pikin & I Savings Account? |
The parent/guardian opens and operates My-Pikin & I Savings Account. |
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Details you need to make a smart decision
NGN 200 minimum opening deposit required for 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.