Not too long a while, the Central Bank of Nigeria pressurized all available commercial banks to increase the interest rates of savings accounts. Heeding to the command of the Central Bank of Nigeria (CBN), the interest rates have been increased beyond the normal savings interest rates of 1.25% per annum. So this article will give you the outermost information on the list of Nigerian banks with the highest interest for savings accounts today.
Ready to explore the Nigerian banks With the highest interest for savings accounts?
If yes, kindly read on till the very end.
List of Nigerian Banks With The Highest Interest For Savings Accounts
The following are the commercial banks that now have the highest interest for a savings account in Nigeria today:
Access Bank PLC is one of the Nigerian banks with the highest interest for a savings account. They offer competitive interest rates per annum on their customers’ available balance.
This shows the more you save the more interest rates you earn on your savings.
See the estimated interest rates examples below:
- N100,000 or less get 5.25% interest rates per annum
- N100,000 to N4,999,999 interest rates is 5.35% per annum
- N5,000,000 to N49,999,999 comes with interest rates of 5.45% per annum
- N100,000,000 to N249,999,999 will earn you the interest rates of 6.50% per annum
- N250,000,000 and above will earn you the interest rates of 7.00% per annum.
As you can see, the more you save in your savings account the more interest rates you will get.
Fidelity bank is yet another financial institution in Nigeria that is included amongst the Nigerian banks with the highest interest for savings accounts.
The bank currently offers interest rates of 3.3% on their savings, which makes it one of the best banks to save money in Nigeria today.
See the estimated interest rates examples below:
- N99,999 or less get the interest rates of 1.3% per annum
- N100,000 to N999,999 get the interest rates of 2.65%
- N5,000,000 to N49,999,999 get the interest rates of 3.65% per annum
- N50,000,000 to N99,999,999 has the interest rates of 3.15% per annum
- N100,000,000 to N199,999,999 has the interest rates of 3% per annum
- N200,000,000 to N99,999,999,999,999 has the interest rates of 3.3% per annum
UBA is an acronym for United Bank of Africa, they also offer a high-yielding savings account called the “UBA Target Account”.
This financial institution offers its customers the convenience of savings as well as maximizing their investments individually.
This bank has also increased its interest rates as authorized by the CBN but not as high as those of the banks mentioned earlier.
However, below is the estimate of interest rates on UBA savings account:
N50,000 to N99,999 you will get the interest rates of 1.05% per annum
N100,000 to N999,999 you will get the interest rates of 1.10%
N1,000,000 to N4,999,999 you will get the interest rates of 1.15% per annum
N5,000,000 to N999,999,999,999 you’ll get the interest rates of 1.20%
Guarantee Trust Bank (GTBank is yet another commercial bank in Nigeria that has introduced a high yielding savings account to their customers.
The GTBank savings account is called GT- Target.
However, before you can access the GT- Target savings account you must have an existing GTBank account already while the GT-Target will stand as a sub of your main account.
The GT-Target savings account interest rates begin from 1.15, yet it may vary depending on the amount of money saved.
Another Nigerian bank With the highest interest for savings accounts is Zenith Bank.
Zenith Bank is a financial institution and bank that offer high yielding interest rates on their Save4Me, EazySave, Classic Account and EazySave Premium Account following the order given by the central bank of Nigeria CBN.
As a customer, you can open any Zenith Bank savings account and enjoy the interest rates of 1.15% per annum.
Polaris bank also offers a high yielding Polaris Wise savings account, this encourages individuals to save more and earn more interest on their savings.
However, one of the requirements for owning a Polaris Wise Polaris bank account is to have a minimum opening and operating balance of N10,000 only.
Their interest rates range from 1.15% to 2% per annum depending on the money saved.
Standard Chartered Bank
The 7th on the list of Nigerian banks with the highest interest for savings accounts today is Standard Chartered Bank of Nigeria.
The standard chartered bank of Nigeria savings account is known as eSaver Account.
This financial institution offers a high yield savings account that encourages you to save for your present and future financial goals.
When you save money on your eSaver account you’ll enjoy an interest rate which is up to 1.25%.
Frequently Asked Questions On Nigeria Banks With The Highest Interest For Savings Account
The following are questions related to the Nigerian banks with the highest interest for savings account you may want to know:
Is it only these banks that offer high interest rates on their savings account?
No, the majority of them offer high interest rates on their savings account but this article all speaks on seven of them.
How can I open a savings account?
Provided you have or can meet the requirements, you can walk to the bank of your choice and open an account with them.
I don’t have a bank account, which bank should I open account with?
All the financial institutions available in Nigeria are great and may have no reason which may prevent you from banking with any of them.