Fixed Deposit Interest Rates Of Banks In Nigeria

Read my post on the fixed deposit interest rates of banks in Nigeria.

Most people right now want to save for the future, so to do this you should endeavor to put your money in a fixed deposit account. You earn a certain interest for doing so.

What is Fixed Deposit?

Fixed deposit is a large sum of money kept with a bank for a set period of time (usually a long time) in exchange for interest. It’s just storing your money in the bank for a certain period of time so that it accumulates a certain percentage of interest.

Depending on the agreement you signed, your interest is credited monthly or annually. Plus, you get to determine how long you want your money to be in the care of the bank, usually a minimum of a month and a maximum of five years.

Read my post on top 10 best banks in Nigeria

How It Works

Let’s say you open a fixed deposit account with your bank and they offer 2.5% interest per month.

Once you reach them to open a fixed deposit account for you, you will fill out your application with the necessary documents.

They will then  transfer the sum you instructed from your normal account to your new fixed deposit account. So the 2.5% monthly interest will be credited to your account each month till the agreed date you both signed.

Imagine you deposited N100,000 for 2 years with a 2.5% monthly interest rate; by the end of 30 days you earn an interest of N2,500, which will be added to the N100,000 in your account, thus making it N102,500 and, in 2 years, amounting to a total of N160,000.

Due to a certain difference in banks in Nigeria. Fixed deposit interest rates are not the same as some are high, while some banks’ rates are very low.

Why You Should Put Your Monies In Fixed Deposits

Keeping money in a fixed deposit account has numerous benefits, even though the amount accumulated might not be that much, depending on the sum deposited. It saves you from exorbitant spending. Some of the other benefits include:

–Higher interest rate than a savings account.

–Your interest is certain after the contract ends.

–You can decide to open multiple fixed-deposit accounts just to get interest.

–The period of time the contract will last is determined by you.

Nigerian Banks Fixed Deposit Interest Rates

Since most Nigerian banks offer very low interest rates on fixed deposits, it’s important that you do some checks and balances before choosing any bank.

However, most banks’ interest rates vary, as some offer slightly higher rates, many average, and others very low. In view of this, we decided to educate you on the best options for you to invest your money in.

Sterling Bank Fixed Deposit Interest Rates

Sterling Bank offers the highest interest rates currently. With them, your interest is sure and secure. Plus, they tend to maximize your interest more when compared to other banks.

If you fix your money with them, they will offer you an interest rate of 5% for a period of 30 days, 5.25% for 60 days, and 5.50%  for 90 days.

Read my post on the top 10 richest banks in Nigeria

GTBank Fixed Deposit Interest Rates

GTB offers you up to a 4.5% interest rate if you deposit N500,000 regardless of the period you want to keep your fixed with them. The advantage GTB offers you above others is that your interest is not measured by the period of time.

Access Bank Fixed Deposit Interest Rates

Access banks also offer one of the best rates when compared to other banks. The only issue with them is that, for you to get the best rates from them, you need to deposit high sums of at least a million, half or even more.

When you deposit up to N500, 000 with them, you get an interest rate of 4% for 30 days, 4.35% for 60 days, and 4.50% for 90 days. They have other higher offers too, involving a larger sum than the one we mentioned.

Wema Bank Fixed Deposit Interest Rates

Wema Bank is one of the most recognized and top banks in Nigeria. It is also on our list of top banks with the best interest rates for fixed deposits.

There is an offer on every N500,000 deposited that goes like this; for 30 days you get 3% interest, for 60 days you get 3.25% interest, while for 60 days you will get 3.75 interest rates.

First Bank Fixed Deposit Interest Rates

First Bank has remained one of the most trusted and reliable banks in Nigeria for many

decades now. One thing that’s special about the bank is that you can trust them, even though they don’t offer rates that are even close to the previous banks listed. But with them, you get your money with interest without any excuses immediately after the contract is due.

So, for every N500,000 deposited with them, you get an interest rate of 2.5% for 30 days, 60 days, and 3% for 90 days.

Conclusion

When choosing a bank for a fixed deposit account, you need to look at certain things. Interest rates and minimum deposits should be considered. Some banks offer low interest for low deposits, high interest for high deposits, while some offer average.

The benefits that come with putting your money into fixed deposits are many, even though most banks’ interests are discouraging, but at least you get something for keeping your money safe.

 

 

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