Interest Rates For Different Banks In Nigeria

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Fixed deposit rates in Nigerian banks differs from one bank to the other. And also, you will need to have an existing account with the bank, and then you will deposit the agreed amount you want to fix into the account. After which, the bank will remove the money to be fixed and would pay interest monthly (30 days) into your account.

Fixed deposits vary in the length of time. But however, the shortest possible term is a single month, while the longest can go for five years max. The thing that 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.

Here Are Benefits Of Fixed Deposit

  • It helps you save money to avoid reckless spending your savings.
  • It offers better interest than a normal savings account.
  • Your interest is assured with no risk involved.
  • Ability to open several fixed deposits at different banks and reap the interests alone.

Here Are Fixed Deposit Interest Rates In Nigeria

Check out the banks below to see which one of them offers the highest interest rates for you.

The FD Interest Rates At First Bank

This bank is one of the oldest and most reliable options on the market. Although first bank don’t offer the best interest, you can be 100% sure that they will pay you back every last Naira.

From half a million, you can enjoy the following rates:

  • A 2.5% rate for one month
  • A 2.7% rate for two months
  • A 3.0% rate for three months

Please note that in some of the banks present here, the percentage rate depends on the amount you are ready to deposit. So the more you invest, the higher the interest.

The FD Interest Rates At Stanbic IBTC Bank

From half a million, you can enjoy the following rates:

  • A 3% rate for one month
  • A 3.25% rate for two months
  • A 3.5% rate for three months

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The FD Interest Rates At Wema Bank

Wema Bank happens to be one of the oldest banking establishments in the country, having lived through numerous incarnations and still doing well.

From half a million, you can enjoy the following rates:

  • A 3% rate for one month
  • A 3.25% rate for two months
  • A 3.75% rate for three months

The FD Interest Rates At Access Bank

For Access Bank, which promises rates almost twice as good as the ones offered by banks such as First Bank.

They offer from half a million, you can enjoy the following rates:

  • A 4% rate for one month
  • A 4.35% rate for two months
  • A 4.5% rate for three months

The FD Interest Rates At GT Bank

Here in GTB, for an investment of half a million Naira, you’ll be offered a 4.5% interest rate no matter the period of time you sign up for. But while GT bank offers the same rates as other bank, it gives an equal opportunity to all deposit lengths.

The FD Interest Rates At Sterling Bank

For Sterling bank, they can offer you the best interest rates in Nigeria.

From half a million, you can enjoy the following rates:

  • A 5% rate for one month
  • A 5.25% rate for two months
  • A 5.5% rate for three months

Today you have known everything about fixed deposit interest rate in Nigeria, and also, you have known which bank to visit to get the best offer. Please you should be aware that in Nigeria, the banking industry is an ever-changing system, so be on the lookout for any new opportunities.

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