Savings

Always giving you extra

  • Save money for an emergency:

    Because life happens, emergencies can occur. Saving for a rainy day helps you to face unexpected future mishaps with confidence

  • Save money for a specific project or event:

    Whatever your savings goal, Baobab can help you to achieve it with attractive interest rates

  • Earn Attractive interest rates:

    While saving money and securing your financial future, you can earn attractive interest rates as high as 10% per annum

FLEX’O ACCOUNT

Manage your daily transactions easily and anytime

• Withdraw, make deposit, transfer or pay safely and effectively
• Ulimited Access to Funds
• Zero COT
• Deposit of cheques and dividend warrants










SAFY SAVINGS ACCOUNT

Earn as you save towards your future

• Grow your money and grow your wealth
• Earn a highly attractive interest of 5% interest (p.a)












FIXED DEPOSIT SAVINGS PLANS

Give life to your projects and that of your relatives

• SmartBusiness Plan: Save towards your business investment needs or working capital needs
• BabyBoss Plan: Save money for your family needs, child investment, new babies and catering towards your family
• EduPlan: Ensure the future of your children’s education and secure money for their studies
• MyRent Plan: Save money for housing purposes to enable payment of rent, purchase of a new house, office premises or land
• Savings Plan: Helps you to save regularly(daily, weekly, monthly)

1

Determine your savings goal

2

Determine how often and how much you want to save and what tenor you want to save for

3

Open a Safy Account to get instant savings

4

If you are interested in other special savings accounts, indicate interest by writing an instruction

5

Save without moderation and enjoy your high interest rate

FAQ

What is the difference between a current account (FlexO) and a Savings account (Safy)?A current account (FlexO) is an active account for the purpose of daily transactions. The FlexO does not attract any COT and permits multiple withdrawals/inflows while requiring no minimum balance. The Savings account allows the account-holder to earn an interest and may be restrictive for withdrawals, while having a minimum balance.

Is there a minimum or maximum that I can save and what are the requirements for saving large sums of money?Yes there is a minimum balance: Safy account (minimum of N1000), Term Deposits and Savings Plan (minimum of N5000). Declaration of origin of funds is requested from clients for deposits over N5,000,000.

What is the penalty for pre-mature closure of the Savings Plan?Not possible to close the account before the end of the term (if no money is available on the client Flex O account, Baobab will not take any money from the account, and it is not extending in scope to the next month).

Are Additional deposits allowed during the tenor?Yes, additional deposits are allowed.

What transactions are permitted on the Savings Plan?Withdrawal cannot be made if the amount agreed in the contract does not reach 50% and if the amount saved over the 50% of all withdrawals cannot go below 50%. Deposits into the savings plan are made through the Safy Account and fund transfers can occur from Flex O and Safy accounts.