Fixed Deposit Investment: Nigerian banks that offer double digit interest rates

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Posted by on Friday April 26, 2013 at 15:2:7:

When it comes to Fixed deposit investment as I have mentioned, it is one of those cool investments you can make in Nigeria and simply get a turnover from without doing any other thing. It is a form of passive investment whereby your money keeps on working for you.

There are lots of Nigerian banks that offer double digit interest rates on your deposit and were are talking in the region of about 10% and over.

This write up is a listing of some of the best banks in Nigeria that pay the highest interest rates on your Fixed deposit account with them.

Before you invest in any Fixed deposit account, one thing I would tell you is to checkout what many banks have to offer rather than just sticking to one bank. At times, staying faithful to your bank may actually be losing you money so it's good to try out other banks and see what they have to offer before making your investment.


I was able to compile a list based on a 2012 publication from the CBN and I guess not much has changed since then and if there are nay changes, it may only be minor and you can always call your bank to confirm.

Average deposit and lending rates of Nigerian banks as at August 10 2012
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Those with Fixed rates
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FCMB 13.75%
Stanbic IBTC Bank 13.26%
Diamond bank 10%

Those with varying rates
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Access bank 3.75% - 14%
Unity bank 3% - 12.75%
Union bank 6.00% - 12.00%
Zenith bank 3.00% to 11.50%
Sterling bank 7.25% - 10.25%

Varying rates means that you are more likely to get the highest rate if you bring in more funds and that is probably in the region of say N1m and above. Access bank for instance offered a flat 14% for N1m.


Now you know which Nigerians banks offer double digit interest rates on your Fixed deposit. They are most likely going to treat you and your money with more respect as long as you continue doing business with them.




Comments:


Comments:
Re: Fixed Deposit Investment: Nigerian banks that offer double digit interest ra Reply by Odion Ebhohon Endurance on Tuesday August 12, 2014 at 15:32:36:

nice one.what is the duration before you can get your money back. calculation please. thanks



Re: Fixed Deposit Investment: Nigerian banks that offer double digit interest ra Reply by Felix Okoli on Tuesday August 12, 2014 at 15:32:36:

It depends on the agreement you made with your bank. It can be for as little as 1 month or as long as 12 months.


Re: Fixed Deposit Investment: Nigerian banks that offer double digit interest ra Reply by Abraham Dominic on Monday March 16, 2015 at 16:22:7:

How much will pèrson earn per month as interest with your stanbic fixed deposit account





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