Nigerian banks fixed deposit rates differ from one bank to the other. A fixed deposit is a large sum of money deposited with a bank for an agreed period in exchange for interest after investment.
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.
Fixed Deposit Interest Rates of Banks in Nigeria (2020)
Below is a list of interest rates of 6 top banks in Nigerian fixed deposit account:
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 30 days of investment is 3%. The money will also appreciate by 3.25% if you leave it for up to 60 days and 3.5% after 90 days.
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 4.5% 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.
Disclaimer: All of the data provided here is accurate as of the first half of 2019. Since then, some banks could have changed their rates, because that’s the way they operate. Be sure to double-check this information with a bank representative before committing to a deposit and signing anything.
What is a fixed deposit?
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 of the agreed time of your fixed deposit.
Fixed deposits vary in 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 savings.
- Offers better interest than a normal savings account.
- You are sure of your interest with no risk involved.
- You determine how long you open your deposit.
- You can choose to open several fixed deposits at different banks and reap the interests alone.
Fixed deposit interest rates in 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. First Bank of Nigeria Fixed Deposit Rates
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
Important notice: In some of the banks present on this list, the rate percentage depends on the amount you are ready to deposit. The more you invest – the higher the interest.
5. Stanbic IBTC Bank Fixed Deposit Rates
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:
- 3% for one month
- 3.25% for two months
- 3.5% for three months
4. Wema Bank Fixed Deposit Rates
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. Access Bank Fixed Deposit Rates
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. GTBank Fixed Deposit Rates
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. Sterling Bank Fixed Deposit Rates
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!