Heritage Bank vs Unity Bank: A look into interest rates and account fees

As the banking industry in Nigeria is rapidly evolving customers are faced with numerous choices for managing their finances. Two prominent institutions, Heritage Bank and Unity Bank, offer a variety of banking products and services, each with its own set of features, benefits, and costs. 

This blog post contains a comparison of these two banks, focusing specifically on their interest rates and account fees. So, whether you’re considering opening a new account or exploring options for maximizing your returns, this post will provide you with the insights you need to make an informed decision. 

Read on to explore the interest rates and account fees of these banks to help you find the best fit for your financial needs. 

Heritage Bank Overview

Founded in 2012, Heritage Bank has been around for a decade, offering quality services to Nigerians. This hugely underrated financial institution has over 127 branches, making sure every eligible Nigerian has access to secure, fast, and seamless banking operations. 

Unity Bank Overview

Like Heritage, Unity Bank doesn’t get the accolades and recognition it deserves in the Nigerian banking sector. Having been in business for over a decade, it is obvious that the financial institution knows and possesses what it takes to impress and retain its customers. 

It will interest you to know that Unity Bank was founded in 2006 and has its headquarters in Lagos, Nigeria. 

Size and branches

When it comes to size, Unity Bank has more branches, with over 213 business offices. Heritage Bank, on the other hand, isn’t faring too bad. According to its official page, it currently has over 127 branches across the Federation. 

Unity bankHeritage
Size (Branches)213127

Interest rates

Both Banks offer some exciting interest rates on every amount you deposit into your account. However, your account type will determine how much you earn. Check out the types of accounts and the respective interest rates offered by these banks below.

Heritage Bank Interest rates

Account Type Opening AmountOpening AmountInterest
HB BUD saving account₦20002% flat rate  
HB Plus Hybrid account₦100001%
HB Business Account₦20,000Undisclosed 
Individual Current ₦5000Undisclosed 

Unity Bank Interest rates

Account Type Opening AmountInterest
Unity Max Current AccountN1,000 1% p.a
Double Edge Savings N20,000Undisclosed 
Unifi Savings Account 5% on monthly average balances above ₦100,000Undisclosed 
Yanga AccountUndisclosed Undisclosed 

Account fees

Heritage Bank fees

All efforts to obtain sufficient information about their account fees proved abortive. Nonetheless, it was found that Heritage Bank imposes 5% withdrawal fees on transaction amounts in your domiciliary account 

Unity Bank fees

The table below consists of some Unity Bank charges:

Service Charges 
Verve Card Cost ₦2000 (excluding VAT) 
ATM card maintenance Free (sometimes — depending on how often you use the card) 
Intra-bank = Free 
Unity to other banks = ₦50.20k. 

Physical accessibility

The factor of physical accessibility may not be much of an issue as the use of technology in the banking industry has made most banking services remote. However, we can’t downplay the need for physical access — at least, because of some individuals who don’t have access to technology or have low or no digital literacy.

Heritage Bank

Heritage Bank isn’t among the most accessible banks in Nigeria due to its few branches. The bank has only about 127 branches in Nigeria, which means you will find it difficult to access their physical locations everywhere if you need to. 

Unity Bank

Like Heritage, Unity Bank doesn’t have sufficient business offices across the states. At the time of this writing, Unity Bank has 213 branches, which is quite low compared to the number of current and potential customers.

Mobile banking

Thanks to technological advancement, Nigerian banks now offer digital services. While GTbank, Access, and Zenith were the pioneers of the digital banking era, other financial institutions have followed the trend. 

Heritage Bank mobile banking

Heritage has a secure, user-friendly, and responsive app for most of its online products and services. This well-designed bank app lets users complete multiple transactions on the go. 

Alternatively, the USSD option is also available to those without an internet-enabled device. Dial *745# and follow prompt instructions. 

Unity Bank mobile banking

Unity Bank provides easy-to-use Internet banking software to cater to all its online activities. Transfer money, request account statements, create a new account, and receive payment via the app.  

Customer care service

Good customer care service prioritizes users’ comfort and smooth experience. 

Heritage Bank customer care

The bank delivers good customer care services. Based on personal experience, the time it took to get a response from a Heritage Bank customer care representative was fairly okay. You can also reach out via info@hbng.com, complaints@hbng.com, or 0700 HERITAGE. 

Unity Bank customer care

Based on research, Unity Bank’s customer care service isn’t very responsive. While some customers got responses after some days, others never got any response. 

Nonetheless, you can reach out via their customer care numbers — +234 (0) 7057 323 226, +234 (0) 7057 323 229, and 01-2803010 — or email at we_care@unitybankng.com.


Choosing the right bank for your financial needs is a crucial decision that requires careful consideration of various interest rates and account fees.

When it comes to interest rates, Heritage Bank provides transparent details on the rates offered for different account types. This transparency allows customers to make informed decisions based on their savings goals and preferences. 

Unfortunately, unlike Heritage Bank, Unity Bank’s interest rates and charges are not publicly disclosed. But, if you want to give the bank a try, you can walk into any of their physical locations for more information. 











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Anthony Adewuyi

Anthony Adewuyi

Anthony is a Content Writer with MakeMoney.ng. He is passionate about Finance, Business, and Tech related topics. He is a Digital Entrepreneur with vast experience in Data Analytics and Advanced Google Analytics

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