Having a bank account in this new age is more of a necessity than an option. Bank accounts are even opened for little kids though kids do not have access until a certain age, but untrue as it seems, some people still don't have any bank accounts.
Types of Bank Accounts in Cameroon
There are different types of bank accounts, so before going into a banking hall looking all confused, without any clue what kind of you need to open, check out the accounts operated by Cameroonian banks.
1. Savings account
A savings account in Cameroon is the most common and basic account most people operate. It is an interest-bearing account though the interest rate is always low.
An account is just for deposits and withdrawals, restricting it to some types of transactions. Little or no cash is required to open a savings account.
Read Also: UBA Current and Savings Account Cost.
2. Current account
A current account would be preferable for business because transactions on this account are limitless, unlike the savings account. A checkbook is also issued after opening a current account.
3. Student Bank Account
Student bank accounts are geared toward students in high schools and universities. They offer banking services at minimal costs. These accounts can either be current or saving accounts. An example is the UBA Student account.
4. Fixed deposit account
Just as the name implies, this account is for a fixed period, a minimum period of 30 days, and a maximum period of 180 days.
The money deposited cannot be withdrawn during this period until the duration elapses. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested.
5. Joint account
A joint account is opened with the name of two or more people who are all signatories to the account. Co-owning the account, no individual can decide on a joint account without informing the other signatory or signatories.
There are two types of joint accounts
A. Joint-tenancy account
Joint-tenancy accounts are operated mainly by married couples
B. Tenants-in-common account
Tenants-in-common accounts are operated mainly by business partners.
6. Corporate account
An account opened by multinational companies and big corporations. The corporate account differs from the person or investment banking account; it is majorly opened for business purposes.
7. Domiciliary account
A domiciliary account is opened for carrying out foreign transactions. The account can transfer money to another country or receive foreign currency from other countries.
8. Non-resident Cameroonian account
A Non-resident Cameroonian account is a bank account designed for Cameroonians living in the diaspora and wanting to operate a Cameroon bank account.
Conclusion
You can walk into any banking hall of your choice today to inquire about the type of bank account that suits you.
Suggested: How to Open a Bank Account in Cameroon?