• Latest
  • Trending
  • All
  • LATEST NEWS
  • SPONSORED POSTS
  • BANKING
  • Cryptocurrency
  • Job Past Questions
  • PRICE WATCH
  • VIEW POINT
  • ECONOMY
  • Careers
  • Press Release
  • Breaking News
  • education news
  • Personal Finance
  • Networth
bank

What every account holder should know about his bank

August 29, 2017
A Comprehensive Guide to the European Union Blue Card

Unlocking Opportunities: A Comprehensive Guide to the European Union Blue Card

August 31, 2024
Naira Redesign Policy Causes Banks' Deposits with CBN to Plummet by 95.82%

Currency in Circulation hits all-time-high Fueling Inflationary Pressures

August 29, 2024
Ecobank Nigeria Launches Oja Oge Pop up Marketplace to Empower SMEs

Ecobank Nigeria Launches Oja Oge Pop-up Marketplace to Empower SMEs

August 28, 2024
inflation Push Over 31 Million Nigerians into Acute Food Shortage

Insecurity and Economic Woes Push Millions of Nigerians into Acute Food Crisis

August 28, 2024
NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

August 27, 2024
Food Prices in Nigeria Soar in July 2024

Food Prices in Nigeria Soar in July 2024: Beans, Eggs, and Yam Lead the Surge

August 27, 2024
Fed Rate Cuts Could Offer Respite for Nigeria’s Naira and Economy

Fed Rate Cuts Could Offer Respite for Nigeria’s Naira and Economy

August 27, 2024
Nigeria's Manufacturing Sector Struggles in Q2 2024

Nigeria’s Manufacturing Sector Struggles in Q2 2024: Growth Slows Amid Economic Challenges

August 27, 2024
Nigeria's Agricultural Sector Shows Modest Growth in Q2 2024

Nigeria’s Agricultural Sector Shows Modest Growth in Q2 2024: Crop Production Remains Key Driver

August 27, 2024
Nigeria's Economy Grows by 3.19% in Q2 2024

Nigeria’s Economy Grows by 3.19% in Q2 2024: Services and Industry Lead the Charge

August 27, 2024
States Share $71 Billion in Seven Years, But Poverty Persists

States Share $71 Billion in Seven Years, But Poverty Persists: What’s Going Wrong in Nigeria?

August 26, 2024
Interest Rate Hikes, Inflation Squeeze Profit Margins for Nigerian Paint Manufacturers

Interest Rate Hikes, Inflation Squeeze Profit Margins for Nigerian Paint Manufacturers

August 26, 2024
  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise
Monday, June 16, 2025
  • Login
Financial Watch
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
Financial Watch
No Result
View All Result
Home LATEST NEWS

What every account holder should know about his bank

by Haruna Magaji
August 29, 2017
in LATEST NEWS
0
bank

bank

492
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Your bank account is one of the most important things to understand about your personal finances. Without a bank account, it is difficult to be paid a salary or to budget effectively. You need to know the essentials of what makes your bank account work and tips and tricks to managing your account effectively. If you want to know more about how to make bank accounts work for you, here are the ultimate things you need to know about bank accounts, according to https://www.peachy.co.uk/blog.

You need to know if your bank account has fees attached to it

Many bank accounts for personal use do not have any fees attached to them. This means you can operate them without being charged any extra money to have your account. However, changes in the financial environment mean that banks are looking for extra ways of making money from their customers. You should make sure that you read the small print of your bank account agreement to make sure it is free. If you are trying to build up your personal finances from a point where they were stressing you out, steer clear of bank accounts that have management fees.

Does your account have a free overdraft?

When opening your account, you should ask if your account comes with an overdraft. An overdraft is an amount of money that the bank puts aside in case you want to go ‘over’ and essentially borrow money. An overdraft is not a loan and it is meant to act as a safety net in case you overspend. Overdrafts should be used carefully. If you have an overdraft and then you continue to go deep in it, you will find yourself in a situation that you cannot dig yourself out of. Avoid overdrafts if you are someone who likes to spend money frequently on shopping trips, for example, because you will be tempted to use the overdraft. Most accounts do not have a free overdraft – they have an overdraft that you have to pay extra fees for in case you need to use it.

Look for savings accounts with good interest rates

One of the bank accounts you should open is a savings account. This can be one that you don’t touch or it can be a general savings account that you can access whenever you want. These savings accounts should always have interest; so make sure to find out how much interest you can get. For the best rates of interest, banks look for more money upfront.

Understand the charges for late direct debits

Direct debits revolutionised banking for people because it made it even easier to bills. Paying bills can be a hassle and it can be even harder if you receive money, and want to spend it but you know you need to pay your bills. Direct debit took all of the hassle out of the way. However, direct debits can still have late payments on them as well if your debit fails to clear on time. Don’t just assume that if your direct debit doesn’t go through that you will not fall behind. Always follow up and make sure that you know what is going on with your finances.

Are standing orders allowed?

Standing orders are regular payments that you authorise but are not bill payments. For example, a standing order could be you sending N5,000 per month to a savings account directly so that you don’t have to do it manually. Many current accounts have standing order facilities to ensure that you can save the way you want.

Online banking

Most banks have online banking options to make it easier for you to access your account. The growth of mobile banking has made it even more important for you to access your money on your phone. You should always choose a bank that has an excellent mobile banking interface to ensure that you can manage your finances on the go. Online banking also gives you the option of transferring cash to and from your account, from as little to as much as you want.

The growth of premier banking

Premier banking involves bank accounts that are targeted towards people who earn more money. These are not standard accounts that just have a simple overdraft. Your premier account will probably have extra charges but you may have extra benefits to having that account, for example.

  • Get rewarded by simply using access bank’s mobile banking
  • Account opening requirements for tier two kyc
  • FBI places $1,000 bounty on wanted Kelechi Declan James
  • Bank Accounts Hacked; ‘Hackers From Abroad Trying To Access Bank Accounts in Kuwait’
  • Resume Or Resign: Nollywood Actor Jim Iyke Joins Protest [Photos]
  • Skye Bank to use digital banking to Deepen Market Penetration
Share197Tweet123
Previous Post

BoI, FCMB partner to support local content policy

Next Post

Agriculture is the next big thing, here are top 50 ideas to start farming business

Haruna Magaji

Haruna Magaji

Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - harunamagaji@financialwatchngr.com

Next Post
Farmers begin 10 days nationwide strike, demands better prices

Agriculture is the next big thing, here are top 50 ideas to start farming business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Stanbic IBTC launches Africa-China Agent Value Proposition

List of Stanbic IBTC bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
Banks Employ More Contract Staff as full staff continue to dwindle

Nigerian bank employee grades and levels

June 14, 2021
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account

N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account

November 17, 2020
Zenith Bank2

List of Zenith bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
Union Bank2

List of Union bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
How buy 2019 JAMB 2019 UTME form/ registration PIN online

UTME result: How to Check JAMB Result 2022 – Jamb Result Checker

1333
JAMB Result checker 2020 out | www jamb org ng result checker

Utme 2021: Check JAMB Results Using JAMB Registration Number

1146
List of JAMB Approved CBT Centres In Abia State 2020/2021 | Abia State Jamb Cbt Centres

Jamb Portal 2021: How to check Jamb Results – jamb.org.ng/efacility

523
P Yes registration

www.p-yes.gov.ng – Register For P-YES Progeamme Portal – Apply Now

436
Breaking: JAMB releases more 15,490 UTME results

JAMB Results 2021 Online Checking Steps | www.jamb.org.ng Result

316
A Comprehensive Guide to the European Union Blue Card

Unlocking Opportunities: A Comprehensive Guide to the European Union Blue Card

August 31, 2024
Naira Redesign Policy Causes Banks' Deposits with CBN to Plummet by 95.82%

Currency in Circulation hits all-time-high Fueling Inflationary Pressures

August 29, 2024
Ecobank Nigeria Launches Oja Oge Pop up Marketplace to Empower SMEs

Ecobank Nigeria Launches Oja Oge Pop-up Marketplace to Empower SMEs

August 28, 2024
inflation Push Over 31 Million Nigerians into Acute Food Shortage

Insecurity and Economic Woes Push Millions of Nigerians into Acute Food Crisis

August 28, 2024
NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

August 27, 2024
Financial Watch

Copyright © 2023 Financial Watch.

Navigate Site

  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH

Copyright © 2023 Financial Watch.