Union Bank
Basic Savings Account
- Account opening balance of ₦2,500.
- Daily minimum operating balance of ₦1,000.
- Cheque deposits of up ₦2million.
Interest Rate: |
7.95% |
Min. Opening Deposit: |
₦2,500.00 |
Min. Operating Balance: |
₦1,000.00 |
Cheque Lodgement: |
Allows cheque lodgement |
Last Updated: |
Jun 01, 2026 |
Product Review
Expert Take
Union Bank Basic Savings Account scores 4.3 out of 5, led by strong withdrawal limits per month. The main tradeoff is interest rate/apy.
| Rating Criteria | Product Value | Score |
|---|---|---|
| Interest rate/APY | 7.950% | 2.8/5 |
| Minimum opening deposit | NGN 2,500.00 | 4.9/5 |
| Withdrawal limits per month | No limit | 5.0/5 |
| Cheque lodgement | Allowed | 5.0/5 |
| Fees | NGN 0.00 | 5.0/5 |
Review Summary
This Basic Savings Account from Union Bank has received a rating of 4.3 out of 5 stars. Key advantages include 4 notable benefits. However, there is 1 consideration to be aware of.
Pros
- minimum opening deposit
- withdrawal limits per month
- cheque lodgement
- fees
Cons
- interest rate/apy
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