Which is the best current account for a salary earner – UBA, Standard Chartered or Zenith?

If you’re a hardworking employee who devotedly pays your salary into a dedicated bank account, maybe it’s time to ask yourself what you get in return. If the answer includes high fees, terrible customer service and little or no interest on balances, then maybe it’s time to switch. The single most common reason why people continue to remain in abusive relationships with their banks  is the fear of the unknown. If your bank doesn’t treat you well, it is not a holy matrimony – switch! One of the best things you can do for your finances is to move frequently to get the best possible offers every time. It is a bit of a hassle, but one that your personal finances will thank you for. The banks need your business, so ensure that you are treated well for them to have it.

This guide looks at a cross-section of mainstream employee bank accounts, as well as their associated benefits in comparison to others. Before we continue, we need to clarify common terms used in account opening lingo – opening balance and operating balance.

Opening balance refers to the amount of money you need to deposit at the time when opening your account. You will not be able to open an account without this amount as a minimum.

Operating balance is the minimum amount of money which must be held in the account at any given time.  Some banks might charge if your balance falls below this minimum.

All banks offer internet banking and SMS as standard so this was not included in the list of benefits offered.

COT is an abbreviation for Commission on Turnover, which refers to the amount a bank charges for all withdrawals from your account – whether by online banking, cheque or ATM withdrawal. COT  charges are typically calculated at “₦X per mille”. This means that for every ₦1,000 withdrawn, the bank charges you ₦X COT. These charges are calculated and taken from your account at the end of every month.

Download a Free Audiobook from Audible.co.uk

Screen Shot 2015-09-14 at 13.07.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From our analysis of 3 dedicated employee salary accounts, the UBA salary account (or the “UBA Professional”) seems to offer the most benefits to salary earners. In addition to a personal overdraft (Salary Advance) which all banks cap at 50% of the monthly salary, they offer access to a mortgage loan for house purchases as well as a MasterCard and a VISA card. Plus there is zero opening balance, unlike Standard Chartered which requires ₦50,000 as a minimum opening balance. However, this account requires an operating balance of ₦1,000.

Standard Chartered bank comes second, offering 2% discount on personal loans, as well as 50% discount on foreign currency cards, but potential customers will find that they need to have a ₦50,000 opening balance for the privilege. It probably helps that this account comes with zero COT which means that you don’t get any unexpected charges down the line. This bank account uniquely can also be held in local or foreign currency, so could replace a domiciliary account for employees interested in that option.

Finally we have the Zenith Salary Current account, which in addition to internet banking, mobile money, debit card and e-mail alerts offers access to loans as well as a salary advance of 50% of your monthly salary. There is also a zero opening balance attached to this account.

For all the banks featured above,  salary earners will need to have their salaries paid into the relevant accounts for a minimum of 3 months before getting the opportunity to access any of the loan or credit facilities.

Am I an agent? I work for neither of these banks, nor have I been sponsored by any. My selection of this two is purely by chance and accessibility of contact information via the bank websites. I simply picked the banks with the most prominent contact information via websites. My reviews are unbiased, and if I haven’t reviewed any others yet, don’t worry – “life is turn by turn”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here are the requirements you would need to open an account with each of these accounts.

76 Comments

  1. Pingback: URL May 12, 2016
  2. Pingback: fat cutter June 10, 2016
  3. Pingback: Bank Tracker Bot Review June 11, 2016
  4. polecam link November 10, 2018
  5. polecam link November 10, 2018
  6. link November 10, 2018
  7. znajdz to January 22, 2020
  8. Carmela Dreyfuss January 24, 2020
  9. Irving January 24, 2020
  10. Brett January 24, 2020
  11. poker online January 25, 2020
  12. situs nonton online January 25, 2020
  13. Rory January 25, 2020
  14. Medical Device animation January 25, 2020
  15. Medical Animations January 25, 2020
  16. Medical Animations January 25, 2020
  17. old mobile Betin January 25, 2020
  18. league betin mobile January 25, 2020
  19. www.betin.co.ke mobile January 25, 2020
  20. betin account January 25, 2020
  21. Nichole January 25, 2020
  22. betin kenya app for android January 25, 2020
  23. Warren January 25, 2020
  24. betin.coke January 25, 2020
  25. Bettini V Gye January 25, 2020
  26. betin customer nos January 25, 2020
  27. Deangelo January 25, 2020
  28. Betin kenya contacts January 25, 2020
  29. betin league tricks 2018 January 25, 2020
  30. betin league home January 25, 2020
  31. range repair in Phoenix January 25, 2020
  32. ac repair service January 25, 2020
  33. refrigerator repair Arizona January 25, 2020
  34. washer repair in Phoenix January 25, 2020
  35. dryer repair near me January 25, 2020
  36. dishwasher repair in Phoenix January 25, 2020
  37. Appliance Repair Bros LLC January 25, 2020
  38. Divorce Qld January 25, 2020
  39. judi domino January 25, 2020
  40. moja strona January 25, 2020
  41. skäggolja stockholm January 26, 2020
  42. https://smellgood.se/ January 26, 2020
  43. smellgood January 26, 2020
  44. ekstra zrodla January 26, 2020
  45. facebook cover photo quotes January 26, 2020
  46. ทางเข้า FIFA55 January 26, 2020
  47. mommy makeover payment plan January 28, 2020
  48. Kaelwv May 5, 2023
  49. Zdywea May 7, 2023
  50. Clwnpe May 9, 2023
  51. Ajudxh May 10, 2023
  52. Vvobuf May 10, 2023
  53. Gimzna May 11, 2023
  54. Hhuydt May 12, 2023
  55. Fdbhyi May 14, 2023
  56. Hyxadm May 15, 2023
  57. Obdzjc May 16, 2023
  58. Lwkdpv May 17, 2023
  59. Lmnbvr May 18, 2023
  60. hat May 18, 2023
  61. Ovwexu May 18, 2023
  62. Olxgxu May 19, 2023
  63. Rpjmgv May 20, 2023
  64. Fljeei May 21, 2023
  65. Adbhmy May 23, 2023
  66. nup May 23, 2023
  67. Ewbztn May 25, 2023
  68. zex May 25, 2023
  69. SkeCe May 25, 2023
  70. twela May 26, 2023
  71. Lwlfjl May 26, 2023
  72. Lbgtwg May 28, 2023
  73. Kniplg May 28, 2023
  74. Dam May 30, 2023
  75. Wfoqnc May 30, 2023
  76. Fkkccp May 31, 2023

Leave a Reply