Don't believe interest rates you read on bank websites

Posted by Felix Okoli on Monday December 30, 2013 at 8:49:40:

I've noticed that most banks in Nigeria tend to list interest rates on their websites but in reality, these rates are not constantly updated. What you then have is customers trooping to banks trying to open accounts they feel come with a good interest rate.

This is mostly common among fixed deposit accounts. You'd see that some banks tend to list their Fixed deposit rates on their brochure type websites which are hardly updated.

I noticed this thing at one particular bank which seemed to offer one of the highest rates. However, on going to the bank to make enquiries to open an account, I found out that their actual rates were quite different from what they offered on their websites. The question now is whether banks should be held liable for misleading information on their websites or whether information posted on their website should be taken as a legal offer.

Well, even if your bank tend to publish their interest rates on one platform or another, the best way to actually find out is by calling or visiting the bank in question just to confirm it.

Don't just open a fixed deposit or savings account based on an interest rate that is advertised on their websites or any other media.

Also, when opening a fixed deposit account, ensure you put in writing, the agreed interest rate you expect from your bank so that they don't go ahead to open the account if they were not willing to offer you the rate you were expecting.

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Re: Don't believe interest rates you read on bank websites Reply by Mr Rauh H.I on Monday December 30, 2013 at 20:37:1:

Thanks for the update..I notice this severly with our banks I operate Fixed Deposit with four banks due to lack of update on their Rate..More Grace to ur blessing Mr Felix.




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Re: Don't believe interest rates you read on bank websites Reply by John on Tuesday December 31, 2013 at 7:17:30:

Thanks alot for this information. Happy holidays and God bless




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