Kuda Bank is a Nigerian digital bank that offers its customers an entirely digital banking experience. It was founded in 2019, Kuda Bank aims to make banking accessible and affordable to everyone. Which reduces the need for physical branches and long queues.
Kuda Bank offers savings accounts to its customers. It helps users to save money and earn interest on their savings. The Kuda Bank savings account is entirely digital. This means that customers can manage their accounts through the Kuda Bank app without the need for physical branches or long queues.
What is Kuda Bank Savings Account?
Kuda Bank savings account is a type of bank account that allows customers to save their money and earn interest on their savings. Kuda Bank offers competitive interest rates on its savings accounts to encourage customers to save money and earn higher returns on their savings.
The interest rate on a Kuda Bank savings account is a percentage of the account balance and is calculated daily and paid monthly.
Kuda Bank Savings Account Interest Rate
The interest rate on a Kuda Bank savings account is 15% per annum. It is higher than the interest rate offered by many traditional banks you can find in Nigeria. However, interest rates are expected to change based on various factors such as market forces and the central bank’s monetary policy.
Kuda Bank offers different types of savings accounts, such as Flex Savings, Target Savings, and Regular Savings, each with different interest rates and features. The interest rate may also vary depending on the type of savings account and the account balance. Customers can view the interest rate on their savings account within the Kuda Bank app and monitor their earnings.
Types of Kuda Bank Savings Account Interest Rate
Kuda Bank offers different types of savings accounts, each with its interest rate and features. Here are the types of savings accounts that Kuda Bank offers:
- As You Want: As you Want saving method offers a competitive interest rate of 5% and allows customers to withdraw their funds anytime without any penalties. Users can save whenever they can and withdraw whenever they want.
- Frequently: Frequently saving account is designed to help customers save towards a specific financial goal, such as buying a car or going on vacation. The interest rate on the Target Savings account may vary depending on the savings goal and the duration of the savings plan. You will lose interest for the month if you withdraw.
- Kuda spends + save: Spend + Save is an exclusive feature that saves money for you automatically every time you spend from your Kuda account. You can withdraw from your Spend + Save savings anytime.
- Fixed Deposit: Fixed Deposit on kuda is a basic savings account that allows customers to earn interest on their balance. Users can choose to save daily weekly or monthly. The interest rate on Regular Savings is 7.5% per annum. You will lose accrued interest if you withdraw before your savings maturity date.
Those are the three types of Kuda bank Saving options.
Check out: How to save on kuda
Benefits of Kuda Bank Savings Account
There are tons of benefits you can get in having a Kuda Bank savings account. These are some of the main advantages:
Higher Earnings: With a higher interest rate, customers can earn more money on their savings. Kuda Bank offers a competitive interest rate of 5% per annum. It allows customers to earn a decent return on their savings.
Compound Interest: Kuda Bank savings accounts offer compound interest, which means that customers can earn interest on their interest. Over time, this can significantly increase the amount of money users earn on their savings.
Flexibility: Kuda Bank savings accounts offer flexibility in terms of deposit and withdrawal. Users can deposit or withdraw money from their account anytime without any penalties, making it easy to save and access funds in a time of need.
Easy Access: Kuda Bank savings accounts can be easily accessed through the Kuda Bank app. Customers can view their account balances, monitor their earnings, and make transactions anytime, anywhere.
Having a saving account with Kuda can give can provide users with a reliable and convenient way to save money and earn higher returns on their savings.
Conclusion
The interest rate can change based on various factors like market forces and the central bank’s monetary policy. You can see the present interest rate offer on your saving account with the Kuda Bank app and monitor your earnings. However, save with any of the three types of saving options on Kuda. To earn more from saving, users should maintain a high balance and avoid frequent withdrawals.