Savings quote checklist: rates, access and protection

Start with a written quote

Record the institution, product name, date and length of time the quoted rate remains available. A screenshot of a headline percentage is not a complete set of terms. Ask for the rate that applies to your intended balance and whether you meet any conditions attached to it.

Keep promotional conditions separate from the ordinary rate. If an introductory offer ends during your planned holding period, a single fixed-rate estimate will not describe the whole return. Ask the provider to explain both periods rather than extending the promotional rate yourself.

Match interest payment to the calculator

Ask whether the stated percentage is an annual nominal rate or an effective annual yield. They are not interchangeable when interest compounds. Our calculator takes a nominal annual percentage and a selected compounding method; it does not reinterpret a provider's yield.

Interest paid into another account is different from interest reinvested in the deposit. Choose a method that matches the quote. Use the same amount and number of months for both entries, and include the fees that apply over that entire period.

Check what happens when you need the money

Write down withdrawal notice, lock-in periods, minimum balances and any penalty for closing early. The estimated closing balance assumes you hold the deposit for the entered period without making further deposits or withdrawals. It cannot measure whether the access rules suit your needs.

• Can the rate change while the money is held?
• When is interest actually credited?
• Does withdrawing money change the rate or trigger a penalty?
• Which legal institution holds the deposit?

Verify the institution and keep the evidence

Check the actual deposit-taking institution and applicable protection using the Nigeria Deposit Insurance Corporation's official information. A product's marketing name alone does not establish deposit protection. Keep the source link or written terms beside your quote and check again if the provider changes them.

The comparison is a private estimate from your figures, excluding tax and inflation. A larger estimated balance is not a recommendation to open an account, and LagosXchange does not take deposits or arrange investments.