Financial products

A deposit account is the simplest way to keep your money safe at a bank. You put money in, the bank keeps it secure, and you can take it out when you need. Some accounts even pay you interest for saving.

✅ 5 Things to Know About Deposit Accounts:

1. You can deposit (put in) and withdraw (take out) money easily.
2. They are safer than cash at home — your money is protected.
3. Some accounts pay interest, so your money grows slowly over time.
4. Fees may apply if you don’t meet minimum balances or usage rules.
5. Great for everyday use, saving goals, or emergency funds.

👉 A deposit account is the foundation of your financial life — simple, safe, and useful.

An overdraft is when your bank lets you spend more than you have in your account. It’s like a short-term loan that kicks in automatically. While convenient, overdrafts can be costly if you don’t manage them carefully.

✅ 5 Things to Know About Overdrafts:

1. The bank covers your payment even if your balance is too low.
2. You’ll pay fees or interest on the borrowed amount.
3. Some banks charge daily until you repay the overdraft.
4. It’s helpful in emergencies but expensive for regular use.
5. Repeated overdrafts can hurt your relationship with your bank

👉 An overdraft is a backup tool — not a main way to borrow.

A personal line of credit works like a mix between a loan and a credit card. You get approved for a set limit and can borrow when you need, repay, and borrow again. It’s flexible, but it also requires discipline.

✅ 5 Things to Know About a Personal Line of Credit:

1. You only pay interest on the amount you actually use, not the full limit.
2. Repaying restores your available credit, like a revolving door.
3. Rates are usually lower than credit cards but higher than personal loans.
4. Best for ongoing or unexpected expenses, not shopping sprees.
5. Overusing it can trap you in long-term debt if you’re not careful.

👉 A line of credit is a safety net — but it’s not free money.

A credit card grace period is the time between the end of your billing cycle and your payment due date. During this period, you can pay off your full balance without paying any interest. It’s one of the best features of credit cards — but it only works if you know how to use it correctly.

✅ 5 Things to Know About Grace Periods:

1. It typically lasts 21 to 25 days after the billing cycle ends. If you pay your balance in full within this time, you won’t be charged interest.
2. You must pay 100% of the balance, not just the minimum payment. Paying only part of it means interest starts building on the remaining amount.
3. If you carry a balance, your next purchases won’t have a grace period — interest applies immediately.
4. Cash advances don’t qualify — they start charging interest right away, no matter what.
5. Treat the grace period as a free loan window — use it smartly and you’ll never pay extra.

👉 A grace period is a gift — but only if you pay your balance on time and in full.

Your credit limit is the maximum amount you’re allowed to borrow on a credit card or line of credit. It may sound simple, but knowing how it works — and how to stay within it — can protect your credit score and your peace of mind.

✅ 5 Key Points About Credit Limits:

1. It’s the cap on how much you can borrow — not how much you should.
2. Using too much of it (over 30%) can lower your credit score.
3. Paying on time and in full can increase your limit over time.
4. Going over your limit may lead to fees, declined purchases, or account freezes.
5. Your income, credit score, and repayment history affect how your limit is set.

👉 A smart borrower doesn’t just stay under the limit — they use credit like a tool, not a trap.

A line of credit is a flexible way to borrow money when you don’t need it all at once. It’s different from a loan – you can borrow, repay, and borrow again, like a financial safety net. Here’s how it works and when it makes sense.

✅ 5 Key Facts About Lines of Credit:

1. You get approved for a maximum amount, but only pay interest on what you actually use.
2. It’s reusable — repay what you used, and the money becomes available again.
3. Interest rates are often lower than credit cards, but higher than personal loans.
4. It’s great for irregular expenses — home repairs, business costs, or school fees.
5. You need good credit to qualify, and repayment discipline is key.

👉 A line of credit gives you borrowing power on standby — just don’t treat it like free money.

• ETF means Exchange-Traded Fund — don’t worry, it’s simple.
• It’s like a basket with many stocks inside, not just one.
• You can buy or sell ETFs on the stock market easily.
• Good way to invest in many things at once with less risk.

👉 An ETF is an easy way to own a piece of many companies.

• A bond is when you lend your money to a company or government.
• They pay you back later — with extra money called interest.
• Bonds are safer than stocks, but they usually grow slower.
• Good for people who want steady and safe income

👉 A bond is a loan you give — and they pay you for it.

An investment account is where your money doesn’t just sit — it works for you. If you’re looking to build wealth over time, this is one of the smartest tools you can use. It’s a type of account where you can buy and hold financial assets like stocks, bonds, mutual funds, or ETFs. Unlike savings accounts, investment accounts aim to grow your money, not just store it.

• Start small.
  Many platforms let you begin with as little as $10 or ₦5,000. You don’t need to be rich to start investing — just consistent.
• Money grows over time.
  Through interest, dividends, or price increases, your money has the chance to multiply. The longer you leave it invested, the better your chances.
• There’s always risk.
  Investments can rise or fall in value. Unlike savings accounts, returns are not guaranteed. Only invest what you can afford to leave untouched for a while.
• Use for long-term goals.
  Investment accounts are great for goals like retirement, buying a house, or your child’s education — not for next month’s rent.
• Types vary.
  Some accounts are managed by professionals, while others are DIY through apps or online brokers. Choose based on your knowledge and risk comfort.
• Know the fees.
  Look out for account charges, trading fees, or management costs. Even small fees can eat into your returns over time.

👉 An investment account is a place to grow your future money. It’s not magic — it’s patience, planning, and smart choices over time.