By Nume Ekeghe
Stanbic IBTC Bank has introduced a high yield current account product designed to help self-employed business owners to address the perceived challenge with current accounts.
The product is also available to professionals who want to enjoy zero transactional charges as well as maximise investments and returns.
Consideration for the success of SME operators and salary earners underlined introduction of the Stanbic IBTC Bank High Yield Current Account (HYCA) which has two variants, HYCA Platinum and HYCA Gold, both available for High Net worth Individuals and Individuals in the middle class.
As a hybrid accounts, the products offer the unique features of both savings and current accounts which is an opportunity to enjoy zero monthly fees as well as interest earnings paid on credit balances.
According to the Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, the products were introduced to meet the needs of professionals on the go as well as successful business owners who usually shy away from personal current accounts for fear of bank charges.
â€œThese products were introduced with the aim of helping customers achieve their savings and investment objectives as well as enjoy the transactional flexibilities that come with regular current accounts. â€œEmbedded in the products are robust banking services for people and businesses on the move and managed in a manner that allows them to focus on their core areas.
â€œThe advisory services attached to the products also ensure best banking solutions round-the-clock,â€ Okoli said.
She added that the bank also understands the lifestyle of the target market and has included a Lifestyle offering which allows its HYCA Gold customers access over a thousand VIP lounges in airports across the globe using their MasterCard Gold debit cards.
â€œThe cards are enabled on the Lounge Key programme with lounges in almost all International airports and we will continuously explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians.
â€œThe simple fact is that a business owner ought to draw a salary or allowance from the business and this should go to a personal account.
â€œBeyond regular bank/customer relationship, Stanbic IBTC draws from our group expertise to educate our customers on financial wellness and business best practices to ensure they remain in business in the long term,â€Okoli added.