As part of the plans to expand the retail product line of Bank PHB and Spring Bank Plc, the financial institution today launched a savings product christened No Tension Savings Certificate. Unlike other products in that category, No Tension Savings Certificate is coming to the public not just as a tenured deposit account, but one with high interest yield of up to 10 per cent. It is specially designed to cater for middle and low income earners.
 
Unlike other savings accounts where customers are free to deposit any amount in their accounts, those that will enjoy the many advantages of No Tension Savings Certificate will have to abide by the condition of initial deposit of N50 thousand as well as allowed incremental deposit of N50, 000.00 per tranche. That is not all; the product is also designed with such flexibility that also allows customers who cannot start with N50 thousand option of N25 thousand.
 
With such an arrangement, Mr. Charles E. Ojo, Managing Director/Chief Executive Officer, Spring Bank Plc who on behalf of the two banks presented the product to the media in Lagos said he is optimistic No Tension Savings Certificate will open a new chapter in the culture of savings in the country.  Ojo who emphasised that the launch clearly demonstrates in the synergy between the two financial institutions, and what should be expected after the transition process added that the new product also opens a new window for millions of Nigerians that cannot play in the big league of huge savings.
 
Laying emphasis on the many benefits of the product, Ojo asserted, “No Tension Savings Certificate is targeted at changing the savings and lifestyle of traders and sole proprietors, other small business operators, self employed individuals, professionals and civil servants among other salary earners. For us this is really innovative because the product will enable customers have access to loans through a Naira Credit Card for up to 70 per cent of the deposit. Before now, I don’t know of any other product in the industry that offers as much.”
 
As the first product to be jointly launched since the relationship between Bank PHB and Spring Bank commended last December, No Tension Savings Certificate has been carefully created to provide maximum benefits to customers. It is for that reason that Ojo at the launch in Lagos explained that the new addition will indeed give customers rest of mind.
 
Aside from that, those that will invest in the product apart from enjoying a 10 per cent interest yield and unhindered opportunity to access up to 70 per cent of the deposit, they will have the privilege of using the certificate, which will be issued at the point of opening the account as collateral against a facility. As an added incentive also subscribers to the product and all holders of the account will be issued free credit card, which again is in line with building a cashless system in the country.