Access Bank Releases Breakdown Of Approved Charges, Announces Changes On Savings Account

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One of Nigeria’s leading financial institutions, Access Bank has released a breakdown of approved savings and account services charges.

According to reports, the breakdown was captured in a Service Charge and Rate Cards document approved by the Central Bank of Nigeria recently.

The document showed charges from card transactions to account maintenance, providing customers with a clear understanding of the costs associated with their banking transactions.

For personal savings, Access Bank said the rate for electronic transfer transactions is N50 for transactions done above N50,000, N25 for N5,000 – N50,000 and N10 charge for below N5,000. Another is the quarterly debit card maintenance fee (Inclusive of VAT), which will attract a N53.75 charge, and the issuance fee for these cards is N1,000 (one-off charge) irrespective of the card type.

The fee for SMS obligatory alerts will be based on cost recovery from the previous maximum price of N4. The current account maintenance fee stands at N1. Additionally, the charges for a chequebook are as follows: 25 leaves cost N806.25, 50 leaves cost N1,612.50, and 100 leaves cost N3,225.

Naira debit or credit cards linked to savings accounts attract a maximum N50 quarterly maintenance fee, while foreign currency-denominated debit/credit cards attract $10 from $20.

For business and corporate accounts, there are monthly subscription fees as follows: basic at N2,000, growing at N4,000, established at N7,500, Trader Lite Individual at N75, and Trader Lite Business at N75.

Also, Access Bank recently announced a new interest rate on savings accounts in a new message to its customers.

The bank said all its savings accounts will carry a flat rate of 5.55% interest following changes in MPR. The development comes as Nigerians anticipate an increase in interest rates by CBN by as much as 500 basis points.

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