Do We Have Vacation Account in Nigeria? (Answered)

Do we have a vacation account in Nigeria?  We have to answer this question above. What is the vacation savings account itself? We must understand what it means before we proceed to in fact talk about the availability in a specific country. Especially here in Nigeria.

The vacation account is nothing more than a vacation savings fund. It is the savings account you have with a bank dedicated to vacation with a lot of high discipline. You must have heard motivational speakers talking about financial accounts, it is nothing more than a savings account named personally by the one who is intending to start saving in it. The same applies to this vacation savings account.

For this reason, we have a vacation account in Nigeria. This automatically implies that you can open an account with an insurance company in Nigeria, or at Zenith bank dedicated to your traveling or vacation.

Examples of Vacation Accounts in Nigeria

eSaver: This is an online savings account that is well known to encourage clients to save for future financial goals such as travel plans, vacations, and so on. For instance, eSaver makes the provision for students we make want to save for a post-graduate degree, education for kids, home refurbishment, or a long-term goal such as a business trip abroad, this platform is one you cannot avoid.

You may be the type that loves convenience, don’t miss this opportunity to apply for a savings account on this platform to help you actualize your dream.

Features of a Vacation Savings account

  1. There is no cost charged for the use of other channels
  2. There is free internet banking
  3. The transaction is convenient
  4. It offers a high return on investment
  5. The minimum opening balance is 50,000 Naira
  6. You can only make payment with Naira

How to Apply for a Savings account with eSaver

  1. Visit this website and browse through to find the type of account you want to apply for.
  2. Click on the signup now link that will be found below the type of account you want to open to get to the signup page
  3. Check the criteria for eligibility at top of the screen to confirm if you are eligible

Requirements for Opening a Personal Savings and Current Account

  • “Evidence of source of income: staff ID or letter of employment or Form C07” will be provided.
  • “Two suitable references – internal or external on direct” shall be required
  • “1 passport photograph” will be required
  • “Valid International passport, driver’s license, national ID card or voter’s card” is necessary and compulsory
  • “Proof of residential address for authorized signatories: current utility bill (not more than 3 months old) or documented staff visit or signed a tenancy agreement” will be demanded
  • NGN 50 stamp (sign across) will be asked for
  • An initial deposit of 50,000 Naira can’t be escaped
  • Note: All original copies of the required documents to be sighted by an officer of Standard Chartered and the photocopies must be clear

Zenith Individual Savings Account

The Zenith Individual Savings Account is another example of a Vacation Savings Account. It is normally recommended for a customer with a specific saving goal in mind; or if you are intending to set some amount of money aside for a special purpose.

This very account offers interest in your fund no matter the type of goal you pursue.

Benefits of Zenith Individual Savings Account

Here are the beneficial features of the Zenith Individual Account listed below:

  • Zero account opening balance
  • Earn interest at 4.2%
  • MasterCard/Visa/Verve debit card
  • Internet banking
  • Zenith mobile banking app
  • Email and/or SMS alerts

Requirements to Open Zenith Individual Savings Account

  • The account opening form should be duly completed as the case may be
  • One recent passport photograph will be required
  • Identification of signatories (Driver’s License, International Passport,
    National Identity Card or Voter’s Card) are normally demanded and any of them is mandatory
  • A residence permit (where applicable) will be accepted
  • Public Utility Receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, rent
    receipt, telephone bill)
  • Two independent and satisfactory references should you want to deposit cheques over N2,000,000.00

How do I open a vacation account in Nigeria?

The normal way you open your savings account. Go to a nearby bank and open a savings account that should be dedicated to your vacation. The vacation could be monthly, yearly, or quarterly as the case may be.

Normally, the bank account opening does not take much of your time. You will be required to provide your basic information such as Name, Phone number, email, BVN, and one or two passport photographs. Once this is done, you are ready to follow the steps below for successful vacation savings.

How can I save money for a vacation fast?

You want to save for a future vacation, you are stranded without an idea on how to make it possible, don’t worry, I am going to take care of that shortly. With a few steps, I bet you will enjoy bumping into this great website.

Previously, I have written an article titled “How to Save Money for a Vacation, therefore, you may want to check it too (Please, put the URL as may be concerned).
However, I am still going to come up with different ideas on how to save for your vacation. Let’s follow up as I do exactly what I promised.

How To Save fast for your vacation

1. Start a Quick Job

You may be wondering, how do I mean by ‘start a quick job’? How does it imply savings for a vacation? Yes, truly, it matters when it comes to saving for a vacation. In fact, in leadership, almost everything matters as may be necessary. Saving is also leadership on its own. If you cannot save, you can not achieve it. This is just the truth.

Now, come to think of it, how do you save when you have no source of income? Do you want to steal money? You will not want to try that. Do you want to beg on the street of Lagos, Abuja Lagos, or Niger State just because you want to go for a vacation? Of course, this sounds weird.

If you are realistic about your goal to go for a vacation, start a quick job for it. It could be a per time job, private lessons, content creation job like what I do right now, and many more.

It is through this strategy that you will be able to raise money for your vacation. A goal is achieved by a process because this life equally involves processes. The world is a governmental environment therefore, to survive, you have to do the right thing.

2. Make your Vacation Savings Account Autopilot

How do you do this? Kindly synchronize your salary account with the savings account created for your vacation fund. We call it to fund because it involves fundraising for a specific purpose. Here you go. The autopilot account operates amazingly. I am only going to tell you how it works briefly based on the scope of this very article.

This is how it works. As simple as ABC, every month, once your salary is paid by your employers, automatically, a specific amount stipulated for your vacation fund is deducted and sent to your savings account dedicated to it.

There are many features our bank accounts can display, if you don’t ask, you don’t know. For instance, you can ask your bankers to restrict your savings account from withdrawal for a determined number of seconds, minutes, hours, days, months, and even a year and above. It depends on the reason why you want it so.

The purpose of this autopilot method is to discipline you on how to avoid using the money budgeted for vacation for something else. I will advise you to combine the two methods I just explained in this very step two, i.e. autopilot and restrictions method. This will help a long way to raise your funds.

3. Download A Budget App

There are lots of budget Apps on the Google Play Store, which you can download to guide you on how to manage your finances daily and monthly, and annually.

This will also help a long way for vacation-saving purposes. How important a dream is to you, will determine the extraordinary effort you apply to make it a reality.

Examples of Budget Apps on the Google Play Store

  • IQ Option Broker
  • Branch-Personal Finance Loan
  • 52 Weeks Money Challenge
  • Savings Tracker
  • Cowrywise-Save and Invest Securely
  • Piggyvest

It is not crazy enough to go the extra mile to win the ultimate search. Always think of strategic ways to achieve your goals.

4. What is Your Savings Goal

When you don’t have a plan, automatically, you have planned to fail. Carefully observe this universe; you will realize that it is organized. This is a lesson for you to have an organized plan for your life. No matter how small or big a dream is, always have an organized plan for it.

This is the case of saving for a vacation. You need a saving plan. How do you come about achieving your goal? This is a question that must be answered. We already have an amazing brain, always ready to answer a thought. If you are too lazy to crack your brain for just 30 minutes, no problem, Google can do that for you.

Search for ways to plan for your vacation fundraising online. For instance, one of my points above i.e. to Start a quick job is one of the plans you can adopt for fundraising. You can join contributions groups to raise funds or save some portions of your salary monthly as it may be convenient for you.
If you can do this you will achieve your targeted vacation.

5. Set a time-bound goal

Many don’t know there is a great investment in our time. Time determines whether you will make it in life or not. Just as it is said of it a wise man “Time is a sword”, depending on how you use it, the result is predictable.

Take your time to know the cost of the vacation you are intending to go for. Still, use the same time to plan. Don’t waste time doing unnecessary things that will not help in making your goal a reality. What is your time investment in opening the savings account for the vacation fund?

What income is your time bringing into your bank account? Or are you just sitting back, expecting manna’s to fall from heaven?

Time is what you must be careful about. It is a weapon that determines success and failure in life. This is the reason why I decided to include it as part of steps to raising funds for your vacation, after all, a specific time has to be set for the vacation. This is what I referred to as time-bound.

6. Manage your Money

How do you achieve a goal without management skills? You need this wisdom to be able to raise funds for your vacation. As far as I am concerned, everything on this earth needs certain principles to achieve it. The same applies to fundraising of any kind.

How do you spend your money? It is time to look back at how you have spent your money previously. Remember, you were spending higher because there was no special goal to achieve. Now, you have a challenge before you.

This challenge needs your financial attention. Your financial mind has to come to play.
Review how you spend so that it will not affect your savings for vacation. If you can do this, I bet you will be a step closer to your dream.

If you spent 50 Naira previously, now you have to spend less, say 30 Naira, and then save 20 Naira for your fund. The 30 Naira should be okay for food, house rent, and other things not mentioned.

Note: 50 Naira, as mentioned, is for an instance’s sake. You will spend thousands for such purposes in Nigeria.

Yeah! Everyone wants to look fresh, you want people to see you and commend wow! That’s the dream of almost every sane person. However, what is before you is important. This means you have to make a lot of sacrifices. This may affect your monthly food budget.

What has been your monthly food budget? Anyway, whatever amount it may be, kindly learn how to cut it short for a specific period set aside to achieve your vacation dream. It is not going to last forever. I understand you like food but don’t worry, for this purpose alone, just do away with a lot of food.

The amount you cut off from your monthly food budget should be immediately transferred into your vacation fund account. Don’t even hesitate to do that. That’s why I suggested autopiloting your accounts.

7. What Specific Asset do you Have

Most of us have a lot of assets, sacrificing one of them for vacation fundraising is not a bad idea. It may be that you have a spare car, or sometimes, it may be only one and the vacation is very important to you, sell that car to raise your desired fund. Remember, some vacations have an awaiting reward of which you already know about. So, if it is worth giving out your car for sale, you can do so to raise your fund.

A car is not the only asset you have or better put, I wish to use the word liabilities. What is the stuff you possess that is not useful to you but to someone else? Why not evacuate them to raise money for your vacation? Is this not a good idea enough?

8. Create ways to Save

While I was writing on how to save for a trip to Europe, I mentioned various steps to do so. One of which was Joining a local contribution group. This could be formed by a group of people with similar goals. It was explained in detail in the article mentioned above. You help each other by releasing some agreed amount of money to raise a fund.

Is there any Advantage or Disadvantage in Raising a Vacation Savings Account
There is an advantage and disadvantage in all we do in life. The advantage, however, should prevail over the disadvantage.

Talking of vacation savings advantages, I can come up with three major advantages by carefully observing while I write.

Advantages Of saving Money For Vacation

The advantages are classified into 3 majors, namely;

a. Psychological advantage
b. Leadership advantage
c. Financial intelligence advantage

Looking at the disadvantages, let us take a tour of what the advantages stand for. For instance, the psychological advantage. This helps to build your mental attitude towards achieving a goal with faith at a specific time-bound. Mostly, what kills a lot of people faster than death is their negative attitudes towards life affairs.

If you are determined to achieve a goal in life, the first part of you that will grow is your mental neurons. They motivate you because you have a vision of the nearest future hope. This will trigger your excitement to want to achieve it by available means created or borrowed.

The leadership advantage is that, during the process of achieving your vacation dream, you are unconsciously building a leadership skill i.e. following due process. Beginning from the management skills applied down to the patient observed until you finally achieved the goal.
Lastly, the financial intelligence advantage is that you now understand how money works. You don’t spend any money anyhow. It has to be done for a specific reason.

As for the disadvantage, I will say, it is an understatement. What is your loss if you lose 1 to 2kg of your body weight? Smile, it is worth losing your weight for a time set aside for an important achievement in life.