Benefits
Savings Plan
At some point in time, every individual has projects to execute. LAPO MfB has designed Savings Plan Account for individuals and groups to save funds towards their specific projects for a specified period.
The savings account will generate interest on your fund, while you plan your project.
Features
- Minimum opening and operating balance is just N200
- Savings Plan Account can be opened at any LAPO MfB branch nationwide
- Very low entry balance
- Easy access to your account
- Payments can be made anywhere nationwide with our Pocket Money banking service
- You are able to secure and grow savings
- Available to individuals and groups
- Expert financial advice
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 Plan interest rate
Earn interest on your entire account balance with a Savings Plan 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 |
1.25% |
0.10% |
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 |
|---|---|
|
Is the interest rate negotiable? |
Yes |
|
Do I need a guarantor to open Savings Plan Account? |
No. |
|
What kind of identification do I need to open Savings Plan Account? |
We accept any valid means of identification (see requirements). |
|
Where can I open and operate a Savings Plan Account? |
You can open and operate Savings Plan Account at any LAPO MfB nationwide. Our Client Support Officers (CSO) will be glad to open one for you. |
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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.