Polaris Bank Launches “Target Savings Account”

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The management of has launched a “Polaris Target Savings Account”aimed at promoting the saving culture of Nigerians.

Polaris Bank Launches "Target Savings Account"
Polaris Bank Launches “Target Savings Account”

The Group Head, Products and Market Development, Adebimpe Ihekuna, made this known in a statement, stressing that, “The savings culture is gradually going into extinction as people generally spend more than save, hence the launch of the target savings account to help Nigerians save for a better tomorrow.

“We recognise that there is never going to be enough money to save. That is what one must first accept – but the need to develop the habit of savings is as important as life in itself. A salary increase for most people will not necessarily get them to save more.

“Your children finishing school will not get you to save more. A bigger client for your business will not get you to save more. Getting older will not enable you to save more. Paying off your mortgage and other debts, will not get you to save more. All these are excuses not to start SAVING TODAY. If you are not saving with what you have today, chances are you might not save when you have more money,” Ihekuna declared.

“It’s simply because we seem not to have inculcated the culture of savings. One of the definitions we found describes culture, as a way of thinking and behaving in a society. In our own words – Anything done consistently becomes a habit; a habit done over and over, becomes a way of life i.e. culture. If we look at our society, we have a spending culture as opposed to a savings culture.

”This is why most often, a bigger salary means more spending; while we often assume, albeit erroneously, that we will invest or save more when we earn higher income. In ireality, the world is never going to run out of things one can buy. You may think you have the latest asset today, and a month later, another model or upgraded version of it will be there.

“The good news is that it is never too late to start saving. Nigerians who want to take up the challenge and begin to save for specific goals for the future, no matter how small, can now do so with ease, through the Polaris Target Savings account. The product was designed to help customers plan and achieve their set financial targets.”

Mrs Ihekuna said that the Target Savings Account is open to all customers, Polaris and non-Polaris account holders, adding that,“Polaris Target Savings account can be adopted by individuals – men, women, young adults and Children.”

She said that the product offers flexible tenor and competitive interest rate, stating that other benefits include the opportunity to get soft loans against savings, advisory and financial coaching services among others, adding that ”the Polaris Target Savings Account is easy to use; customers can deposit daily, weekly, monthly or quarterly earnings, through online direct deposits, standing order instructions or mobile and internet banking platforms.”

The statement added that the account can be linked to existing Polaris Bank accounts while customers can sign up through the bank’s mobile or internet banking platforms, and at all Polaris Bank branches nationwide.”

”Accessibility is simple and swift. Customers can create their own target savings from their devices by visiting to open an account within a few minutes or visit the Bank’s website for additional information on the product.”

Polaris Bank prides itself as a future-determining bank committed to the delivery of industry-defining products and services across all sectors of the Nigerian economy.

Adelowo Adegboyega
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