CBN report on Average deposit rates of Nigerian banks as at June 2015

Posted by Felix Okoli on Thursday July 23, 2015 at 8:26:55:

This is a brief report on the average deposit rates I got from a CBN publication as at July 2015.

It is basically a breakdown of the average rates used by banks in Nigeria.

Time deposit rates:
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Access Bank: 12.34
Citi Bank Nigeria: 9.73
Diamond Bank: 10.24
Ecobank Nigeria: 9.97
Enterprise Bank Ltd: 9.50
FCMB: 11.25
Fidelity Bank: 10.50
First Bank of Nigeria: 11.35
Heritage Bank: 11.48
Guaranty Trust Bank: 9.78
Keystone Bank Ltd: 8.86
Mainstreet Bank Ltd: 10.70
Skye Bank: 10.48
Stanbic IBTC Bank: 10.45
Standard Chartered Bank: 9.00
Sterling Bank: 8.11
Union Bank: 8.33
United Bank for Africa: 11.85
Unity Bank: 3.5-11.00
Wema Bank: 10.97
Zenith Bank: 9.00

The above shows that Access Bank, Heritage Bank, First Bank and FCMB offered the highest interest rates on Fixed deposits at 12.34, 11.48, 11.35 and 11.25 respectively.

Savings Deposit rates:
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Access Bank: 3.39
Citi Bank Nigeria: 3.90
Diamond Bank: 3.90
Ecobank Nigeria: 3.90
Enterprise Bank Ltd: 3.65
FCMB: 3.60
Fidelity Bank: 3.90
First Bank of Nigeria:
Heritage Bank: 3.99
Guaranty Trust Bank: 3.60
Keystone Bank Ltd: 3.21
Mainstreet Bank Ltd: 3.90
Skye Bank: 3.60
Stanbic IBTC Bank: 3.94
Standard Chartered Bank: 3.90
Sterling Bank: 3.90
Union Bank: 3.90
United Bank for Africa: 3.90
Unity Bank: 3.60
Wema Bank: 3.92
Zenith Bank: 3.60

The above shows that majority of banks offered a flat rate of at least 3.6% on saving accounts. Heritage offered the highest interest at 3.99 while Keystone offered the lowest at 3.21.