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Fixed deposit interest rates of banks in Nigeria 2023
Read all about the fixed deposit interest rates of banks in Nigeria.
A fixed deposit is a large amount of money that is deposited with the bank for a specified period of time with the aim of getting interest on your money.
You will need to have an existing account with the bank and then you can proceed to deposit the amount of money you want to save. The interest on your money is usually paid every 30 days.
Each bank has their own interest rates that they pay monthly, and also some certain terms & conditions that you will need to know before you decide to save your money.
In this post, I am going to be writing about the fixed deposit interest rates of banks in Nigeria 2023 and more.
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Let’s get into it then…
Read my post on the best domiciliary accounts in Nigeria
What is a fixed deposit account?
A fixed deposit account allows you to deposit a large amount of money into it, and get interest on your money over a certain period of time, as long as the money is left untouched.
Different banks in Nigeria allow you to operate a fixed deposit account, with each having different interest rates that they give.
Access bank fixed deposit account interest rate
If you deposit 600,000 naira and above in an access bank fixed deposit account, you will be able to get 4% interest after 30 days, and if left untouched will be increased to 4.35% after 60 days.
GTbank fixed deposit account interest rate
GTbank allows you to get a monthly interest of 3% on money that you keep in a fixed deposit account.
First bank of Nigeria fixed deposit account interest rate
First bank of Nigeria allows you to get 2.5% as interest on the money saved for 30 days, and is subject to an increase of 2.7% after 60 days, 3.0% after 90 days.
Wema bank fixed deposit account interest rate
After 30 days of investment, interest rate of 3% is paid into your account and if left untouched for 60 days, an interest rate of 3.25% is paid to you and 3.75% after 90 days.
Sterling bank fixed deposit account interest rate
Read my post on the best digital banks in Nigeria
Sterling bank has the highest interest rate for fixed deposit account. You can get up to 5% interest paid to you after 30 days, 5.25% after 60 days and 5.5% after 90 days.
Fixed account interest rates of banks in Nigeria 2022
| S/N | NAME OF BANK | Demand Deposit | Savings Deposit | Time Deposit |
| Ave. Int Rate | Ave. Int Rate | Ave. Int Rate | ||
| 1 | Access Bank | 0.26 | 1.15 | 6.25 |
| 2 | Citi Bank Nigeria | – | 1.20 | 1.00 |
| 3 | Coronation Merchant Bank | – | – | 9.43 |
| 4 | Ecobank Nigeria | 0.01 | 1.15 | 5.90 |
| 5 | FCMB | 0.27 | 1.15 | 5.00 |
| 6 | Fidelity Bank | 0.50 | 1.15 | 5.50 |
| 7 | First Bank of Nigeria | 1.15 | – | 3.85 |
| 8 | FBN Merchant Bank | – | – | 4.33 |
| 9 | FSDH | 0.20 | – | 8.57 |
| 10 | Guaranty Trust Bank | 0.32 | 1.15 | 4.83 |
| 11 | Globus Bank Ltd. | 0.01 | 1.15 | 4.00 |
| 12 | Heritage Bank | – | 4.20 | 11.50 |
| 13 | Keystone Bank Ltd | 0.78 | 1.15 | 9.85 |
| 14 | Nova Merchant Bank | – | – | 7.27 |
| 15 | Providus Bank | 1.50 | 0.75 | 5.01 |
| 16 | Rand Merchant Bank Nig. Ltd | 0.68 | – | 6.65 |
| 17 | Polaris Bank | – | 1.15 | 5.00 |
| 18 | Stanbic IBTC Bank | 0.01 | 1.15 | 3.67 |
| 19 | Standard Chartered Bank | 0.00 | 2.16 | 0.60 |
| 20 | Sterling Bank | 0.00 | 1.15 | 8.12 |
| 21 | SunTrust Bank | 0.00 | 4.10 | 9.90 |
| 22 | Titan Trust Bank | 0.00 | 1.15 | 2.85 |
| 23 | Union Bank | 0.23 | 0.85 | 6.33 |
| 24 | United Bank for Africa | 0.02 | 1.15 | 1.00 |
| 25 | Unity Bank | 0.45 | 1.90 | 4.00 |
| 26 | Wema Bank | 0.86 | 1.15 | 4.42 |
| 27 | Zenith Bank | 0.15 | 1.15 | 3.66 |
Conclusion
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