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Posted by Felix Okoli on Wednesday June 19, 2013 at 10:31:8:

I read the papers today and noticed the weekly report by CBN on the average deposit and lending rates of banks in the country. This is an extract of the savings and time deposit rates being offered to customers.
You can take advantage of it to know where to invest your money.

Savings
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Access bank = 3.6%
Citi Bank = 3.6%
Diamond bank = 3.15%
Ecobank = 2.42%
Enterprise Bank = 3.6%
FCMB = 1.78%
Fidelity bank = 2.00%
First Bank of Nigeria = 1.00%
Heritage bank = 3.6%
Guaranty Trust Bank = 3.6%
Keystone Bank = 1.45%
Mainstreet Bank = 3.6%
Skye Bank = 0.40%
Stanbic IBTC = 3.45%
Standard chartered = 3.6%
Sterling Bank = 3.6%
Union Bank = 3.6%
United Bank for Africa = 3.6%
Unity Bank = 3.6%
Wema Bank = 2.45%
Zenith Bank = 3.6%

Fixed Deposit
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Access bank = 7.6%9
Citi Bank = 7.69%
Diamond bank = 11.20%
Ecobank = 7.5%
Enterprise Bank = 6.74%
FCMB = 8.5%
Fidelity bank = 10.00%
First Bank of Nigeria = 7.68%
Heritage bank = 10.25%
Guaranty Trust Bank = 7.77%
Keystone Bank = 10.74%
Mainstreet Bank = 7.00%
Skye Bank = 5.37%
Stanbic IBTC = 10.22%
Standard chartered = 9.5%
Sterling Bank = 8.75%
Union Bank = 8.25%
United Bank for Africa = 6.90%
Unity Bank = 8.25%
Wema Bank = 11.80%
Zenith Bank = 7.00%

As you can see, when it comes to savings account, Skye bank offered the lowest rates as just 0.4% while most other banks that offered as high as 3.6%.

For Fixed or time deposit accounts, the bank that offered the lowest rates is still Skye bank at 5.37% while banks like Wema, Diamond, Keystone Heritage, Stanbic and Fidelity offered at least 10.00%.

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Comments:

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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by mr wasiu on Sunday July 7, 2013 at 13:49:16:

please sir,Are they all base on monthly interest rate or per annual?
you can alert me on ++++++ thanks



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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by BIMBO IDOWU on Monday July 8, 2013 at 10:3:6:

Please sir, which banks are now paying highest rate of interest on fixed deposit. You can get back to me through email thank you.




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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Monday July 8, 2013 at 10:3:6:

As at the last time I checked, the following banks offered at least 10%

Diamond bank
Wema bank
Keystone bank
Heritage bank
Stanbic bank
Fidelity bank


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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Tricy Livingstone on Tuesday July 23, 2013 at 10:46:41:

i opened my company current account in Diamond bank, Warri in 2002. in 2003 i left the country and i just got back. the account has been dormant all these years. with the recent changes in banking requirements can this same account be reactivated if i pay money into it? pls reply to my mailbox. thanks.




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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Tuesday July 23, 2013 at 10:46:41:

You can try paying money into it and see what happens. I think dormant accounts can be reactivated that way or also by filling an account reactivation form. I guess the best thing to to is first take the account number to the customer service and tell them you want to deposit before you actually deposit.


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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by oluwaseun on Tuesday August 13, 2013 at 9:3:0:

Good day sir pls what are the steps to be taken to open fixed acount




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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Tuesday August 13, 2013 at 9:3:0:

Just bring your money to the bank and apply through customer service for the account. Inquire of their rates first before filling the application.


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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Victor on Sunday December 22, 2013 at 17:24:37:

Please what bank has the highest interest rate on fixed deposit currently in Nigeria? Plus can i buy government bonds with at least half a million? How? And where? Please reply ASAP. Thanks




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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Adeleke Busayo on Sunday February 16, 2014 at 23:16:0:

I believe fixed deposit rate has to do with the amount one is fixing. Can I known the range or looking at 10million




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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Sunday February 16, 2014 at 23:16:0:

Yes you are right. Some banks offer flexible interest rates depending on the capital. With N10m, you are sure to get up to 10% from most banks. You cna go to Diamond, Fidelity, FCMB or others that value high networth investors.


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Comments:
Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Damilola on Friday August 1, 2014 at 13:57:19:

Please are the fixed deposit account interest on monthly basis or annual basis?

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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Friday August 1, 2014 at 13:57:19:

It's on an annual basis

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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Mayowa Odunnaike on Wednesday December 3, 2014 at 7:30:30:

Please what is the current savings rate and fixed deposit rates in Nigeria following the change of MPR from 12% to 13%?

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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Wednesday December 3, 2014 at 7:30:30:

It will vary from bank to bank but on a general note, it is more likely going to make banks also try to attract more funds by increasing fixed and savings deposit rates.

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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Nnamso on Monday February 2, 2015 at 16:44:5:

opening a fixed deposit account with the sum of 100.000 how much will the individual gain as an interest

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Re: CBN report on Average deposit rates of Nigerian banks as at June14 2013 Reply by Felix Okoli on Monday February 2, 2015 at 16:44:5:

it depends on the interest rate which vary from bank to bank. If the bank for instance offers a 7% interest rate, then the 100k will earn an interest of N7k per year.

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