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Posted by Felix Okoli on Tuesday March 10, 2015 at 17:42:47:

When it comes to choosing a bank to deposit their money into, one of the things Nigerian customers tend to look at is the interest rate. Interest rates on savings are a bit different from that for Fixed deposit accounts and that's why going for a fixed deposit account is normally recommended for someone who intends saving money for the long term.

Fixed deposit accounts tend to allow your money earn more income for you while at the bank and it's normally fixed in advance by the time you request for the service from your bank.

I've checked out some of the interest rates on Fixed deposits offered by Nigerian banks based on the CBN report that was published in February and not much has changed since then.

List of Nigerian banks and their interest rates in descending order:
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1. Access Bank 11.56%
2. FCMB 11.50%
3. Heritage bank 11.48%
4. First Bank of Nigeria 11.35%
5. Diamond Bank 10.95%
6. Mainstreet bank 10.90%
7. Fidelity bank 10.50%
8. Standard chartered bank 10.50%
9. Wema bank 10.28%
10. Skye bank 10.26%
11. Ecobank Nigeria 9.97%
12. United Bank for Africa 9.39%
13. Union Bank 9.33%
14. Stanbic IBTC bank 9.04%
15. Zenith bank 9.00%
16. Guaranty Trust bank 8.58%
17. Sterling bank 8.37%
18. Keystone bank 7.88%
19. Enterprise bank ltd 7.13%
20. CitiBank Nigeria 6.23%
21. Unity bank 3.5-11%

From my observation, I've noticed that the top 5 listed banks above have been consistently offering a higher interest rate than others over the past few months.

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Comments:
Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Godswill on Sunday April 26, 2015 at 14:22:16:

pls mr felix educate me more, i realy apreciate your know on this isue. God bless you. Please tell me
a) what is Tbs, how is it been sold, am i the one to sell it if i buy it or the bank where i bought it?
B) what it the minimum anount to by Tb, and what will the intrest be?
C) tell me about share, moltage, Tbs and term deposit which of them is wise to invest in?
thank you.

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Felix Okoli on Sunday April 26, 2015 at 14:22:16:

a. It's sold by banks and you can get it from any bank
b. You need at least N10k to buy but banks can set their limits
c. Shares belong to a company, Tbs belong to the government while term deposits belongs to banks. They all pay some commission to people who own them.

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Tunde on Saturday May 2, 2015 at 16:44:33:

Hi Felix
The problem I have with the term deposit is that the banks wont gice you this quote on interest rate. I currently have N2000000 fixed in GTB with an interest of 8.8% pa. I fixed the money mid March. Now im thinking, am I the dummy or my banker is the thief?

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Felix Okoli on Saturday May 2, 2015 at 16:44:33:

CBN normally publishes their average rates but it's normally good to try them out first to see which ones pay better for you. Banks like FCMB, First bank and Fidelity would definitely offer you a better rate but I guess you love GTB.

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Simon on Monday May 18, 2015 at 11:39:48:

Mr Felix plz which bank do u advice me on FDA and what is there percentage b'coz i want to fixed 1million for six month on friday tanx

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Rogers okolo on Sunday July 5, 2015 at 9:28:37:

Please what is the FDA interest rate for 3 months in first bank and can i apply for a roll-over for another 3 months when the first 3 months tenure expires ?

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Felix Okoli on Sunday July 5, 2015 at 9:28:37:

Yes you can do that

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Okolo wema on Friday July 10, 2015 at 21:27:32:

What about the interest rates of shorter durations like 90 days to 180 days ?

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Magnus on Thursday August 6, 2015 at 10:48:7:

How can one start transacting on Treasury bills? and what is the prospects in TB.

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Felix Okoli on Thursday August 6, 2015 at 10:48:7:

You need money. Just go to your bank and tell them you are interested in buying Treasury bills. They will give you a form to fill. You can start investing with as little as N10,000.

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Peter on Saturday August 8, 2015 at 1:41:31:

Plz sir if i vest(FDA)200,000 in first bank what will be my intrest at d year endeed?

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Felix Okoli on Saturday August 8, 2015 at 1:41:31:

Interest rates change from time to time and let's say it's 7%, then your N200,000 will earn you an interest of per year will be N14,000.

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by prowiz on Wednesday September 23, 2015 at 16:35:43:

Mr. Felix, please wat is the current intrest rate on FDA. Because i went to firstbank today to fix 100k nd i was told 8%p.a; so i want to know how much other banks pay... thank u sir

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Re: Nigerian banks and their interest rates on Fixed Deposits as at February 201 Reply by Felix Okoli on Wednesday September 23, 2015 at 16:35:43:

First bank's own is ok. Other banks may pay lower or a bit higher. Some banks like FCMB and Fidelity may pay up to 10%.

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