Sir Phemmie06, we've had this discussion somewhere in one of the threads. Depending on the bank that you are using, it is advisable to have a current account for all E-Dividend mandates. While the migration to NUBAN should facilitate the use of either a Current or a Savings account, it is on record that some registrars/Banks still frustrate customers that uses a Savings account on the E-dividend form. For my bank, I do not pay COT or VAT on the Current account used for E-dividend unless it is used for outflow transactions. It is basically used for E-dividend inflow with possibility of immediate transfer to a Savings account with the same bank.
My wife has Savings account with First Bank and she has filled e-dividend and submitted since. She gets her dividend credited though for now she has only FBNH shares. Which of the banks do you use?. The reason why e-dividend was introduced was because of savings account holders since some banks were refusing to accept dividend warrants being paid into savings.