AI agents for business finance: what they can and can't do
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The short answer
V Bank, the app of VFD Microfinance Bank, lists four savings-type products: Target Savings, Crew Savings (saving with a group), a Fixed Deposit Account and a Child Account. V Bank's homepage does not publish rates or say exactly when interest is credited, so the rate, the payment schedule and any penalty for early withdrawal are the terms shown in the app before you commit. Deposits are stated to be NDIC-insured, with MFB cover reported at ₦2 million per depositor in March 2026.
The four products V Bank lists
On vbank.ng, VFD Microfinance Bank groups these products under savings. The homepage names them but gives little detail, so the descriptions below combine what the names and the site say with how such products generally work in Nigeria. Treat the general points as background, and the app's terms as the final word.
| Product | What it is for | Key question to check in the app |
|---|---|---|
| Target Savings | Saving towards a set amount by a set date | Can you withdraw before the target date, and at what cost? |
| Crew Savings | Saving with a group of people | Who controls withdrawals, and what happens if a member stops paying? |
| Fixed Deposit | Placing a lump sum for a fixed period at an agreed rate | What is lost if you break it early? |
| Child Account | Saving on behalf of a child | Who can withdraw, and until what age? |
How interest generally works on these products
Rates are not published on V Bank's homepage, so this article does not quote one. What you can understand in advance is the mechanics, which decide how much a given rate actually earns you.
Annual rate, daily accrual
Nigerian banks usually quote savings and deposit rates per year (per annum). Interest is often calculated daily on your balance and credited at set points, such as monthly or at maturity. Two products with the same annual rate can pay different amounts if one credits interest monthly and lets it earn more interest, and the other pays only at the end.
Fixed deposit: paid at maturity or upfront
With a fixed deposit, the rate is normally agreed when you place the money and stays fixed for the term. Some banks pay the interest at maturity with the principal; some offer it upfront. Ask which applies, because breaking a deposit early can mean losing some or all of the interest.
Withholding tax
Some deposit interest has tax deducted before it reaches you. Tax rules change, so check your statement for any deduction and confirm the current treatment with the Nigeria Revenue Service; this is information, not tax advice.
Worked example (illustrative only)
Example: you place ₦500,000 in a 6-month fixed deposit at an assumed rate of 12% per year, with interest paid at maturity and no tax deducted for simplicity. Interest = ₦500,000 × 12% × 6/12 = ₦30,000. At maturity you receive ₦530,000. If tax were deducted from the interest at an assumed 10%, you would receive ₦30,000 − ₦3,000 = ₦27,000 in interest, ₦527,000 in total. The 12% and 10% are assumptions for the arithmetic, not V Bank's figures.
Example: if instead you saved ₦50,000 a month in Target Savings for 6 months, you would put in ₦300,000. Interest would be smaller than on a ₦500,000 lump sum because the balance builds up gradually; the app's projection screen, if offered, shows the estimate for your plan.
Choosing between the products
The right product depends on how sure you are about when you will need the money.
- Money you might need at short notice, such as an emergency fund, belongs where withdrawal is easy, even if it earns less.
- A goal with a date, such as next term's school fees or a rent renewal, suits Target Savings, provided the early-withdrawal rule is one you can live with.
- A lump sum you will not touch for months suits a fixed deposit, where a known rate is the reward for committing.
- Saving with family or colleagues is what Crew Savings is for; agree the rules in writing, as you would for an ajo or esusu group.
Our guide to ajo and esusu vs a savings app compares group saving methods.
Is V Bank savings money insured?
V Bank states that all deposits are insured by the NDIC. As reported by Voice of Nigeria on 1 March 2026, the NDIC's cover for microfinance bank depositors is ₦2 million per depositor. If your combined balances at VFD MFB, including savings and fixed deposits, would exceed that, think about spreading the money. See is V Bank safe.
Investment offers you may see promoted in the V Bank app, such as share subscriptions, are not deposits. Do not assume deposit insurance applies to them.
What to check before you lock money away
- The annual rate and whether it is fixed or can change.
- When interest is credited: daily, monthly or at maturity.
- Whether withholding tax is deducted.
- The early-withdrawal rule, in writing.
- What happens at maturity: paid to your main account, or rolled over automatically.
- For Crew Savings, the group rules and who can approve withdrawals.
For a wider view, read fixed deposit vs savings account, locked savings: pros and cons and whether your savings beat inflation.
Where Pryme fits
Pryme's Naira Savings Boxes come as Flexible, Fixed, Investment and Interest-free, with rates shown in the app. Investment Box money funds Solid Allianze MFB's lending, so its return depends on that lending and it is held to maturity.
Questions people ask
How does V Bank Target Savings work?
You save towards a set amount by a date. V Bank's homepage does not publish the rate or withdrawal rules, so check those in the app before you start the plan.
What is V Bank fixed deposit interest rate?
V Bank does not publish fixed deposit rates on its homepage (checked October 2026). The app shows the rate for your amount and term before you confirm.
What is V Bank Crew Savings?
V Bank lists Crew Savings as a group savings product. Check who controls withdrawals and the group rules in the app.
Can I break my V Bank fixed deposit?
Check the terms before you place it. Breaking a fixed deposit early commonly means losing some or all of the interest.
Sources
- V Bank (VFD Microfinance Bank): homepage · accessed Oct 2026
- Voice of Nigeria: NDIC pegs depositors' payout at ₦2m, ₦5m (1 Mar 2026) · accessed Oct 2026
- Nigeria Deposit Insurance Corporation: homepage · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.