A Nigerian mother has taken to social media to express her astonishment after discovering the substantial monthly interest that her young daughter's bank account receives. According to the woman, her daughter's bank credits this interest every month, leaving her disheartened as her own bank offers no such benefit.
Interest Payment Details
Amarachi Iwuala, the mother, shared a screenshot on Facebook showing that her daughter's account was credited with N37,088.56 in interest on April 30. She noted that this amount is paid consistently each month. The screenshot also revealed a deduction of N3,708.86 as state withholding tax, which Amarachi questioned, asking why children are subjected to tax payments.
In her post, Amarachi wrote: "My daughter's bank surprises me till date. The interest they give her monthly ehn? See the amount they gave her as interest yesterday? Over 37k just for banking with them, and this comes monthly! My bank doesn't give me interest no matter how much I have there. If they give, it's a laugh compared to what my daughter's bank gives her. Maybe because it's a child's account."
She further added: "I'm really thinking of opening an account for myself in her bank. This interest cannot pass me by. I'm not mentioning the names of banks, before they say one bank paid me to demarket another. I no get strength for detention and court case. But wait o, so children pay tax too? Or what is that State withholding tax that they took a whole 3k plus for?"
Online Reactions
The post attracted numerous comments from Facebook users. Obinna Joy Kandy remarked: "Your daughter doesn't touch the money but you are always withdrawing and spending money. Leave your money for two months and you will receive the interest." Joyce Ifie said: "Na who get millions dey receive this interest not thousands oooo. Make una dey say full gist." Igwe Chinwendu Anyika exclaimed: "Wow.. This is huge." Oge Uzochukwu explained: "All Banks pay interest at the end of the month provided it's a savings account. The clause is that you shouldn't touch the money for the whole 30/31 days." Phebe Molokwu clarified: "Everyone pays WHT, and is charged based on interest received on investments or bank accounts." Afro Hairssentials asked: "Do you withdraw money from the account? I'm asking to confirm why the interest makes plenty sense. According to what I heard, money should not be withdrawn more than maybe 3 or 4 times a month if you want to see interest." Mbah Ogechi Obi shared: "This is Zenith Bank, I receive interest as well monthly from Zenith. The interest depends on how much you have in the account and how many transactions you did in a month. I don't use mine for transactions, so monthly interest is always assured."
Related Stories
In a related development, a lady recently amazed social media users by displaying the interest her bank paid her. Additionally, another individual showed the interest Piggyvest paid after saving for a month, criticizing commercial banks for deducting charges.
