Central Bank of Nigeria Naira fixed deposit rates differs from one bank to the other. Fixed deposit is a large sum
of money deposited with a bank for an agreed period in exchange for interest after investment.
We have listed the best top banks in Nigeria with their various interest rate for you to compare
and make your choice below.
Also be aware that you will need to have an existing account with the bank, and then you deposit
the agreed sum you want to fix into this account. The bank will remove the money to be fixed and
would pay interest monthly (30 days) into your account.
Below is a list of interest rates of 6 top banks in Nigerian fixed deposit account
Fixed Deposit Interest Rates of Banks in Nigeria as approved by Central Bank Of Nigeria
1. First Bank of Nigeria fixed deposit account interest rate
The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. After 60 days, it will increase by 2.7%. Then after 90 days, it would increase by 30%.
2. Stanbic IBTC fixed deposit account interest rate
The interest rate of Stanbic IBTC fixed deposit account after 180 days of investment is 0.5% on N1million as at 10/3/2020. The money will also appreciate if you leave it.
3. Wema Bank fixed deposit account interest rate
For Wema bank, after 30 days of investment with the deposited sum, interest rate of 3% is paid into your account while after 60 days, it will yield 3.25%. If it is left untouched for 90 days, it will appreciate by 3.75%.
4. Access Bank fixed deposit account interest rate
Access bank interest rate for fixed deposit is slightly higher as if you deposit 600,000 Naira into fixed deposit, it will appreciate by 4% after 30 days of investment. If after 60 days, the money isn’t touched, it will increase by 4.35%. Then after 90 days, it will increase by 4.5%.
5. GTBank fixed deposit account interest rate
Fixed deposit in GTBank for 30 days, 60 days or 90 days or any length of time yields 3% interest rate.
6. Sterling Bank fixed deposit account interest rate
This customer friendly bank gives out the highest interest rate in Nigeria as your investment increases by 5% after 30 days, 5.25% interest rate after 60 days and 5.5% after 90 days of investment.
Best Fixed Deposit Interest Rates of Banks in Nigeria 2020
It is an important decision to invest your savings into something. We know that one of the safest options to do this by opening a fixed deposit in one of the Nigerian banks.
What does fixed deposit mean?
A fixed deposit is a kind of bank service also called FD which grants you a guaranteed interest rate which is different from other types of deposits. Since you know exactly how much money you’ll receive in the end, you are expected not to withdraw your funds before the expiration the agreed time of your fixed deposit.
Fixed deposits vary in the length of time. The shortest possible term is a single month, while the longest can go for five years max. What differentiates FD from other kinds of saving investments, is that you do not receive your interest every thirty days, but only once when your contract ends.
Although, there are small interest rates attached, there are also several benefits of this type of investment if you choose to setup a fixed deposit account which include:
- Helps you save money to avoid reckless spending your
- Offers better interest than a normal savings
- You are sure of your interest with no risk
- You determine how long you open your
- You can choose to open several fixed deposits at different banks and reap the interests alone.
Fixed deposit interest rates in Nigeria as approved by central Bank of Nigeria
Let’s say you’ve decided to invest your money in a fixed deposit, but where do you go from here? It’s rather simple. You take a list of the biggest, most reliable banks in the country, and crunch the numbers to see which one of them offers the highest interest rates. Lucky for you, you can find a list of the Top 6 Nigerian banks with the best interest rates below:
6. FD interest rates at First Bank
The First Bank of Nigeria is one of the oldest and most reliable options on the market. Even though they don’t offer the best interest, you can be 100% sure that they will pay you back every last Naira.
For a sum of half a million you can enjoy the following rates:
2.5% for one month 2.7% for two months 3.0% for three months
5. FD interest rates at Stanbic IBTC Bank
The fifth place for goes to Stanbic. If you choose to go with this option, you’ll enjoy marginally better rates, although the numbers still aren’t as impressive as you would expect. For an investment of half a million Naira, you’ll be presented with:
Stambic IBTC Bank pays 0.5% interest on 180 days tenor on N1million as at 10/3/2020
4. FD interest rates at Wema Bank
Just outside of the Top 3, we have the Wema Bank. This is one of the oldest banking establishments in the country, having lived through numerous incarnations and still going strong. For an average deposit of half a million Naira you’ll receive the following:
3% for one month 3.25% for two months 3.75% for three months
3. FD interest rates at Access Bank
The third place goes to the Access Bank, which promises rates almost twice as good as the ones offered by First Bank. For an average deposit of half a million Naira you’ll receive the following:
4% for one month 4.35% for two months 4.5% for three months
2. FD interest rates at GT Bank
For an investment of half a million Naira, you’ll be offered 4.5% interest no matter the period of time you sign up for. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths.
1. FD interest rates at Sterling Bank
The honorary first place goes to Sterling Bank. As of our last available data, Sterling can offer you the best interest rates in Nigeria. If you choose to open a deposit with them, you’ll be offered:
5% for one month 5.25% for two months 5.5% for three months
Now you know everything about fixed deposit interest rate in Nigeria, and know which bank to visit to get the best offer. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. Consider sharing this article with your friends, and good luck with your investment!