Union Bank UnionSave — review & details

In Savings & fixed deposits · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

Union Bank's starter savings account, opened from N2,500. The bank's site advertised 7.95% per annum at the time of this review, but the account carries deposit caps that mark it out as an entry tier rather than a main store of savings.

Union Bank UnionSave

Union Bank's starter savings account, opened from N2,500. The bank's site advertised 7.95% per annum at the time of this review, but the account carries deposit caps that mark it out as an entry tier rather than a main store of savings.
★★★★☆
3.9/5 · How we rate
None stated on the product page — confirm before opening
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Students and first-time savers starting with small amounts
Best For
traditional
Type
Pros
  • Advertised 7.95% per annum on Union Bank's site at the time of this review — check the current figure before opening
  • Low N2,500 minimum opening balance, per the bank's page
  • A clear ladder upwards: UnionSave More and UnionSilver lift the caps as your balance grows
Cons
  • Capped: N50,000 maximum single deposit and N300,000 maximum daily cumulative balance, per the bank's page
  • N1,000 daily minimum operating balance must stay in the account
  • Advertised savings rates move with the rate environment — the published figure can lag
Fees, eligibility & documents
Fees
Account opening balanceN2,500 minimum (per Union Bank's page)
Minimum operating balanceN1,000 daily (per Union Bank's page)
Monthly maintenanceNot stated on the product page
Eligibility
  • Individuals, including students and first-time savers
  • Bank Verification Number (BVN) required
Documents needed
  • Duly completed account opening form
  • Passport photographs
  • BVN and valid means of identification
Visit Union Bank

How Union Bank UnionSave compares in savings & fixed deposits

Union Bank UnionSave scores 3.9/5 in our savings & fixed deposits rankings. Our current top pick is Cowrywise (4.3/5). Always compare a few before you decide — see the full savings & fixed deposits comparison.

Union Bank UnionSave
3.9/5 · this page
 Cowrywise
4.3/5
 PiggyVest
4.2/5
Monthly Fee None stated on the product page — confirm before opening — —
Licence CBN-licensed commercial bank (NDIC commercial-bank register) — —
Deposit Safety NDIC-insured — cover up to N5m per depositor (2024 limit) Not NDIC-insured Not NDIC-insured
Best For Students and first-time savers starting with small amounts Mutual funds, naira + dollar, Halal Saving discipline + auto-save
Visit Union Bank → Visit Cowrywise → Visit PiggyVest →

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Details last checked: August 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.