In this guide, you will know how the UBA Target account work.
A target account is a savings account specifically designed for the individuals to save towards a project or a set goal like children’s education, a wedding or furthering studies, etc.
The UBA target account in Nigeria offers customers the convenience of saving and maximizing their investments while having flexible access to their accounts at any time.
In this article, I will take you through how the UBA target account works in Nigeria and so much more.
How UBA Target Account Works
Did you know that the UBA target account is flexible and can be opened by anyone as long as the individual has a target or a goal that they have set? Now you know.
The UBA target works by having a minimum opening balance of 50,000 nairas and constantly depositing cash into your account.
It comes with some excellent interest rates according to the amount that you have saved yearly.
You also withdraw funds freely across the counter.
The Features That Come With The UBA Target Account In Nigeria
Here are some of the fascinating features that one enjoys after opening the UBA target account, they include:
- The minimum opening balance is 50,000 naira, and also the minimum operating balance is 50,000 naira
- There are debit cards available for its customers
- The deposit of OBCs and dividend warrants are allowed
- There are also free withdrawals across the UBA counters
- The interest is forfeited after four withdrawals in a month
- You can also transfer funds with UBA target account within and outside the bank
- Availability of online banking, mobile banking, USSD code banking, and many others.
The above are the features of the UBA target account but below are the requirements needed to open a target account.
What Is Required To Open UBA Target Account In Nigeria
The following are the required rudiments for an individual to open a UBA target account; they are as follows:
- A duly completed account opening form accompanied with a minimum account opening balance of 50,000 naira
- A recent passport photograph
- A government-issued ID (International passport, national ID card, driver’s license, permanent voter’s card, or NIMC slip)
- A parent’s valid ID (National ID, international passport, driver’s license, or a permanent voter’s card)
What Is A Target Savings Account?
UBA target savings account in Nigeria allows you to set a debit order to your business or salary account, an automated instruction that credits your target account with your desired amount of money at a set interval, e.g., weekly or monthly.
You do not have to remember to save.