Apr 9, 2017

GTB Target Savings Account: What It Is & How To Open One

While going through my usual habits of wallowing online endlessly in search of any reasonable article that might catch my attention, I stumbled upon an article at Ogbongeblog which talked about how to withdraw from a GTB Target savings account. 

By mare looking at the title of the post, my first impression was; what in the world is GTB target savings account? I mean what is GTBank targeting this time lols... 
gtbank target savings account

Then i clicked and started reading before coming up with what am about to share with you guys today about this account type from guaranty trust bank called GT Target savings account. So in case you are still in the loop about this hidden treasure that might serve as a soul saver by helping build back your lost saving habit, you might want to ride on with me. But first;

What Is GT Target Savings Account?

This is an account from GTBank put in place to encourage financial discipline through savings. It's designed, to enable you save towards a particle goal/objective until you reach the target amount. For example; weddings, holiday, a new car, higher education, a future investment etc. The idea behind the account is just to help you achieve that.

It is built in such a way that after creating your own GT Target savings account, you can then set up a standing instruction to the bank to fund the GT target account at a chosen frequency. And in that note, you will be required to provide the account which is to be debited for the standing instruction (usually any other account you have with the bank), the amount to be debited and credited to the target account, the frequency (usually 30 days, 3 months etc), start date and end date.

For example, say you want to buy a car in 6 months, and will be needing N600,000 for it, you can set a standing instruction for the bank to transfer 100,000 at a particular time every month from your main account with them (where your salary, income flows) to the GT Target account for 6 months.

Features Of GT target Savings

The features embedded in this target savings account include.
  • Zero account opening balance
  • Mandatory standing order of N5, 000 (minimum) - standing order frequency can be monthly, quarterly, semi-annually
  • Interest rate is pegged at 3.6% per annum
  • Minimum savings period of six months (partial/full withdrawal prior to six months attracts interest forfeiture)
  • 1% bonus interest is awarded when customers commit to the agreed standing order deposit for 1 year
  • Interest accrues on the account daily but the interest is only capitalized after every six months
  • Maximum of 3 sub accounts can be opened for different financial goals and targets
  • Can be opened on our internet banking platform or by walking into any GTBank branch
  • GT Target is non-transactional account

How To Create A GT Target Savings Account

If you've got something you wish to save towards, this kind of account is perfect for you. It's easy to open and apart from helping build back your lost saving habit, it saves you the stress of having to go create another account from another bank in other to separate your real savings money meant for your car, wedding etc from your general savings. So to open one for yourself, you need to meet with the minor requirements listed below.
  • Duly signed and completed GT-Target account opening form
  • Log on to Internet banking and select GT Target from the request menu to open an account, select a suitable standing order amount and select the most preferred savings option (i.e. monthly, quarterly or semi-annually)
  • To own and operate a GT Target Account you must have an existing GTBank Account.

Account Opening Procedure

==>1. Goto GTBank website and sign in to the GTB Internet Banking Platform
==>2. Click on "Self Service" on the side menu and Select "GT Target Account" 
==>3. Follow the instruction given and a GT Target Account number will be generated for you.
==>4. After that, you can then proceed to place your standing order instruction and that's all.

To those who care to know, I just created my own target account and set up the standing instruction already to enable me to acquire my new... SECRET. Go set yours up if you've got a target too. You can check out the terms and conditions of this account here. For questions kindly send them to me through the comment box and I will reply you with the speed of light.

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  2. What if I wish to increase my standing order?

  3. I love your blog.. very nice colors & theme. Didd you make this website yourself or did you hire
    smeone to do it forr you? Plz reply as I'm looking too create
    my own blog andd would like to find oout where u got this from.