Wema Bank Personal Savings — review & details
The traditional-branch savings account from Wema Bank, whose digital arm ALAT is listed separately on this page. Per Wema's own support portal, you keep the month's interest as long as you make no more than four withdrawals in that month.
Wema Bank Personal Savings
★★★★☆
Not published online — confirm with the bank
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Savers who want a long-established bank branch behind a simple savings book
Best For
traditional
Type
Pros
- Interest retained on up to four withdrawals a month, per Wema's support portal
- Long-established commercial bank on the NDIC register
- Goal-based sister products (SmartSave) and a youth account (Purple) under the same roof
Cons
- The headline rate published in Wema's support material is dated and low — confirm the current rate before opening
- Exceeding four withdrawals in a month forfeits that month's interest
- Wema's main site publishes very little product detail — most figures must be confirmed in-app or in-branch
Fees, eligibility & documents
Fees
Monthly maintenanceNot published online — confirm with the bank
Withdrawal ruleInterest forfeited for the month after more than 4 withdrawals (per Wema's support portal)
Eligibility
- Individuals resident in Nigeria
- BVN required
Documents needed
- Duly completed account opening form including signature mandate card
- BVN and one passport photograph
- Valid ID and evidence of residential address
How Wema Bank Personal Savings compares in savings & fixed deposits
| Wema Bank Personal Savings | Cowrywise | PiggyVest | |
|---|---|---|---|
| Monthly Fee | Not published online — confirm with the bank | — | — |
| 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 | Savers who want a long-established bank branch behind a simple savings book | Mutual funds, naira + dollar, Halal | Saving discipline + auto-save |
| Visit Wema Bank → | Visit Cowrywise → | Visit PiggyVest → |
← Compare all savings & fixed deposits
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