Union Bank Account Types

If you’re thinking about starting a bank account with Union Bank, you’re making a wise choice in managing your money. But you might be wondering, “What kinds of accounts does Union Bank have, and which one suits me best?” Well, you’re in luck because, in this blog post, we’ll explain the different types of Union Bank accounts, especially focusing on savings and current accounts. Let’s get to it.

Union Bank Account types fall under four broad categories, which are

Current Account

Simply put, for current accounts, you pay the bank to run and maintain it for you. It is suitable for situations where there is continuous cash flow (e.g. salary earners). Current accounts come with zero maintenance fees, an overdraft facility, and access to personal loans.

Savings Account

A savings account is an interest-earning deposit account held at a bank and usually pays a modest interest. The bank pays you interest to encourage you to save your money with them.

Domiciliary Account

This is a foreign currency account that provides customers with the luxury of banking in any of the three global currencies (US Dollars, Euros, and GB Pounds).

Target Savings

This is a tenured savings targeted at covering future expenses such as medical bills, school fees, etc. This account type is designed for individuals with low disposable income and it is currently only available in 11 states in the northern part of Nigeria.

Types of Union Bank Savings Accounts

As previously explained above, savings accounts are meant for saving money and earning a bit of extra cash through interest. Union Bank offers various types of savings accounts to match your various financial goals. They include the following;

Regular Savings Account

With just N2,500, you gain access to secure, quick, and convenient 24/7 banking through UnionOnline and UnionMobile. The account offers several benefits including earning a 5.55% interest per annum, a minimum opening balance of N2,500, a daily minimum operating balance of N1,000, access to mobile and internet banking, access to a debit card, and the ability to deposit cheques up to N2 million

UnionSave

The UnionSave can be opened without any documentation. While this is the simplest savings account, it has the following features.

N2,500 minimum account opening balance
N1,000 daily minimum operating balance
Maximum single deposit of N50,000
Maximum daily cumulative balance of N300,000
Secure, quick, and convenient 24/7 banking with UnionOnline and UnionMobile
Access to online banking and debit cards
55% interest per annum

UnionSave More

The UnionSave More is an upgraded version of the UnionSave account. This requires documentation to create one and comes with the following improved features.

N2,500 minimum account opening balance
N1,000 daily minimum operating balance
Maximum single deposit of N100,000
Maximum daily cumulative balance of N500,000
Secure, quick, and convenient 24/7 banking with UnionOnline and UnionMobile
Access to online banking and debit cards
Earn 5.55% interest per annum

UnionSilver

Designed for those who save more funds. The UnionSilver savings account is a unique savings account that offers concessions and other benefits including the following;

Account opening balance of N20,000
Daily minimum operating balance of N20,000
Premium debit card.
Access to online and mobile banking
Competitive interest rate based on available minimum daily balance. 5.55% for amounts below N5m, and 5.9% for amounts from N5m and above.

Payroll Savings

For employees looking to save up and enjoy benefits, Payroll savings is a savings account customised to serve as a salary account with special offers and benefits. It comes with the following features:

Access to online and mobile banking
Personalised 3rd party withdrawal booklet
An interest rate of 55% per annum

Unionvibe – Student/NYSC

UnionVibe is a Union bank savings account designed for young people, preferably students and NYSC members. You can create one with just N1,000 and enjoy up to zero naira daily operating balance depending on whether you have documentation or not and enjoy the following respective features.

Account available for youths without documentation has the following features

N1,000 account opening balance
Zero minimum operating balance
Access to debit card
Access to mobile and internet banking
Earn 5.55% interest per annum
Maximum daily deposit of N50,000 and maximum cumulative balance of N300,000 for youths without documentation, or Maximum daily deposit of N100,000 and maximum cumulative balance of N500,000 for youths with documentation such as school ID, NYSC ID card.

UnionHybrid Enterprise

Designed for businesses with low daily turnover to save and earn interest as well. The Union Bank UnionHybrid Enterprise account has the following features.

opening balance of N20,000.
Daily minimum operating balance of N5,000.
No maximum debit turnover.
2% interest rate.
customised cheque book.
Third-party withdrawals across the counter

Domiciliary

This is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros, and GB Pounds) while earning interest.

Opening balance of $100
Zero daily balance
Use your MasterCard or Visa debit card for worldwide ATM withdrawals and online transactions
Earn interest with limited monthly withdrawals (interest will be forfeited after 3 withdrawals)
Access to online and mobile banking with UnionOnline and UnionMobile

Fixed Deposit

Fixed Deposit is a savings account that offers more investment certainty with a tightly restricted saving requirement to enable customers to achieve saving goals. A Minimum deposit of N100,000 is required with a Minimum tenor is 30 days to create a fixed deposit account. Deposits can also be reinvested back at the end of the agreed saving term.

Types of Union Bank Current Accounts

Current accounts are the ideal choice for everyday transactions. Union Bank offers various current account options tailored to your specific day-to-day banking needs. Here are some of them:

Basic Current

A flexible current account to meet your everyday banking needs. It comes with basic current account features which include the following

Account opening fee of just N2,500
MasterCard, Visa, or Verve debit cards for withdrawals and online transactions
online and mobile banking with UnionMobile and UnionOnline
SMS, email alerts, and monthly statements

Payroll Plus Current

Payroll Plus Current is a customized union bank current account tailored specifically for those on a regular payroll (i.e. for salary earners). As a current account, it comes with the flexibility of an overdraft facility, zero maintenance fee, and access to personal loans in addition to the following features

Zero account opening fee
Zero Daily minimum operating balance.
Zero account maintenance fee
Access to online/mobile banking
Access to loans

Conclusion

Union Bank offers a variety of savings and current account options to meet your financial needs and goals. Before choosing which to use, Take your time to assess your requirements and decide the account that aligns with your financial objectives. You can also talk to a union bank agent for better advice.

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