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Take out some of your previously saved money to open a mutual funds account with Investment One, Stanbic IBTC asset management or with any investment bank of your choice. Your money will attract more of a sizeable interest than when it’s sitting pretty in your bank account. Another plus is that the money is not as easily accessible as when it’s in your bank – you lose a good chunk of your interest when you try to withdraw before the maturity date. Win win.
Insurance companies like AXA Mansard, Leadway, etc usually have a platform where your insurance plans can double as a sort of savings platform for you. This is a triple win for you, because you’re insured, your money is not easily accessible and you also get an interest rate better than whatever your bank is offering. The interest rates tend to vary based on CBN policy and you lose out on your interest if try to withdraw before the maturity date.
This is one of the safest investments one can be involved in. Treasury bills are federal government issued securities. They are backed by the federal government, so it is considered to be quite a safe investment. You don’t have to stress yourself on how to buy treasury bills because your bank can buy them for you. At least, most banks do.
Did you find these useful? You can invest in a side hustle that won’t affect your main job. Get some ideas here.
